Reagan’s presidency in 1981-1989 typified massive greed and corruption. It was also a time of rampant individualism. Politicians, investors and officials seized, manipulated and squandered public resources to benefit themselves. The era was one where accumulating wealth became an obsession for the nation. In the past, people were more interested in their own personal needs and rights than they were about civic duty or individual rights. The power of individualism was such that every citizen felt compelled to live in solitude. Reagan’s contempt of government and his promotion of self interest led to all of this. Officials prioritized personal gain over the interest of the public (Boyer, 980, p.404). Gluttony and opportunities overshadowed federal obligations. By the time Reagan left office, 138 government officials were convicted of corruption.
The era was characterized by a drive to get rich fast. This led to corporate takeovers and highly leveraged purchases. Millionaires who made their fortunes through junk bonds were sent behind bars after they were convicted of white-collar crime. Sterner speculated that this era was marked by the selfishness of the American generation. Deceptive pricing, increased military expenditure, inflated labour costs and pentagon-procurement violations were among the major concerns. Federal agencies such as Department of Housing and Urban Development, (HUD), are so corrupted that their top officials have awarded fraudulent contracts totaling millions of pounds to a group of ‘politically linked’ contractors and builders. Wedtech Company was one example. It won $250,000,000 in no bid minority contracts. However, its insiders had been involved in several scandals and the company collapsed. Edwin Meese also faces charges for accepting bribes and faking income tax return.
Investments are also hampered by individualism. Wall Street was ruled over by Wall Street’s high flying dealmakers. Riders were involved in hostile takeovers during the merger flurry. In the late 1970s, high interest rates compelled S&Ls raise their prices in order to attract deposits despite having capital tied up in mortgages with low-interest. It’s clear that Reagan’s legacy was corrupted by individualism.
