Word: darman
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...Richard Darman was an anonymous White House staffer seven years ago, still struggling to make his place among Reaganauts suspicious of his moderate politics, but he knew what job would suit him next. If his ally David Stockman, then the embattled Budget Director, departed, Darman thought himself a natural for the Office of Management and Budget. Word of his ambition seeped out. A newspaper column scoffing at his qualifications got big play in Boston, and his ailing father saw it. The younger Darman seethed, and not only because of the criticism. Later he confided that he was upset partly because...
...then did the Bush team pull off such a miraculous deficit disappearing act? Budget Director Richard Darman came up with a solution so Machiavellian that it had eluded even that past master of cooked books, David Stockman. The Darman doctrine: If the numbers are inconvenient, let someone else add them up. It was a refined version of the same strategy that Bush himself promoted during his campaign with his numbers-fudging talk of a "flexible freeze...
...Bush, cutting capital gains is another miracle-grow elixir for the economy: "This will increase revenue, help savings and create new jobs." In a reprise of the dubious less-is-more assumptions that once undergirded Reaganomics, Darman argues that such a tax reduction would yield $4.8 billion in additional revenue in 1990. The logic: grateful investors would churn their portfolios in a frenzy to take advantage of the more generous tax rate. Although there is no consensus, most respected economic models challenge these assumptions. A study by the Congressional Budget Office, for example, puts the annual loss in the first...
...widespread early complaint was that Administration officials, notably Budget Director Richard Darman, were using sleight of hand to downplay the bailout's true cost. Darman originally seemed to say that the cost to taxpayers would total about $40 billion in the first decade, but that number in fact described only how much the plan would aggravate budget deficits. The actual spending from general revenues would be closer to $60 billion. But purely from an accounting standpoint, its impact will be offset by $20 billion in increased insurance-premium fees to be collected from the banking industry -- even though the funds...
...real legacy of the exchange-rate intervention Baker began is the process itself, a model for the kind of international cooperation the U.S. must replicate if it hopes to retain its leading role in a multipolar world. "The start in building a multilateral system," says Richard Darman, "is a story line that can continue for decades if it is properly nurtured...