Date:   11/26/2008 12:09:11 AM ( 17 y ago)
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URL:   https://www.curezone.org/forums/fm.asp?i=1306027

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HAZELWOOD, MO--Twenty-six years after Ronald Reagan first set his
controversial fiscal policies into motion, the deceased president's
massive tax cuts for the ultrarich at last trickled all the way down
to deliver their bounty, in the form of a $10 bonus, to Hazelwood, MO
car-wash attendant Frank Kellener.

The late President Ronald Reagan clearly had people like present-day
car wash attendant Frank Kellener in mind when articulating his
"trickle-down" economic theory in the early 1980s.

"Back when Reagan was in charge, I didn't think much of him,"
Kellener, 57, said, holding up two five-dollar bills nearly three
decades in the making. "But who would have thought that in 2007 I'd
have this extra $10 in my pocket? He may not have lived to see it, but
I'm sure President Reagan is up in heaven smiling down on me right
now."

Leading economists say Kellener's unexpected windfall provides the
first irrefutable proof of the effectiveness of Reagan's so-called
supply-side economics, and shows that the former president had
"incredible, far-reaching foresight."

"When the tax burden on the upper income brackets is lifted, the rich
and not-rich alike all benefit," said Arthur Laffer, who was a former
member of Reagan's Economic Policy Advisory Board.

"Eventually."

The $10 began its long journey into Kellener's wallet in 1983, when a
beefed-up national defense budget of $210 billion enabled the military
to purchase advanced warhead-delivery systems from aerospace
manufacturer Lockheed. Buoyed by a multimillion-dollar bonus, then-CEO
Martin Lawler bought a house on a 5,000-acre plot in Montana. When a
forest fire destroyed his home in 1986, Lawler took the federal relief
check and invested it in a savings and loan run by a Virginia man
named Michael Webber. After Webber's firm collapsed in 1989, and he
was indicted on fraud and Conspiracy charges, he retained the services
of high- powered law firm Rabin & Levy for his defense. After six
years and $7 million in legal fees, Webber received only a $250,000
fine, and the defense team went out to celebrate at a Washington, D.C.-
area restaurant called Di Forenza. During dinner, lawyer Peter Smith
overheard several investment bankers at an adjoining table discussing
a hot Internet start-up that was about to go public. Smith took a
portion of his earnings from the Webber case and bought several
hundred shares in Gadgets.com, quadrupling his investment before
selling them four months later. Gadgets.com's two founders used the
sudden influx of investment capital to outfit their office with modern
Danish furniture, in a sale brokered by the New York gallery Modern
Now! in 1998. After the ensuing dot-com bust, Modern Now! was forced
out of business, and Sotheby's auction house was put in charge of
liquidating its inventory. The commission from that auction enabled
auctioneer Mary Schafer to retire to the Ozark region of Missouri in
2006. Last month, while passing through Hazelwood, she took her Audi
to Marlin Car Wash, where Kellener was one of the employees who tended
to her car. She was so satisfied with the job that she left a $50 tip,
which the manager divided among the people working that day.

"This money didn't just affect one life," Laffer said. "It affected
five."

Prior to joining Marlin Car Wash in 2005, Kellener worked for nearly
two decades at a local Ford assembly plant that is now defunct.
Before that, he was employed by the FAA as an air traffic controller
until his union went on strike and Reagan fired him, along with nearly
13,000 others. This is the largest tip he has received in his
professional life.

"I thought Reaganomics was nothing more than a mirage that allowed
President Reagan to reward his wealthy support base," Sen. Edward
Kennedy (D-MA) said. "But two generations later I am seeing
Reaganomics in action, and I like what I see. It just took a little
longer than I thought it was supposed to."

The tip has not gone unnoticed by the economic team in the current
administration.

"Had Mr. Kellener received that money in 1981, like the Democrats
wanted, it would only be worth $4.24 today because of inflation,"
Treasury Secretary Henry M. Paulson, Jr. said during an official
announcement of the economic policy's success at a press conference
Monday. "Instead, Kellener has a solid $10 to spend right here and
now. The system works, and our current president intends to keep
making it work."

Kellener, who has cared for his schizophrenic sister ever since her
federally funded mental institution was closed in 1984, said that he
plans to donate the full $10 to the Republican presidential candidate
who best embodies Reagan's legacy.
 

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