Warnings by Paul Volcker and William E. Simon

The foreword to former Treasury Secretary William E. Simon's "A Time for Truth" dedicates the book to his children so that they "can never say that they were not warned".  This book was written in the late 70's and was followed by "A Time for Action" as Ronald Reagan entered the presidency.  .

Around the time that the Reagan team was taking shape, then Federal Reserve Chairman Paul Volcker described the election and electoral mandate to right the nation's economic house as a "rare opportunity that does not come along too often".

Though a Democratic President, Bill Clinton, presided over four years of budget surpluses during the 90's, the warnings uttered by William Simon and "rare opportunity" described by Paul Volcker were neither heeded nor seized.

Let's hope that there is another opportunity in the horizon.