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Just said he was the father of financial deregulation didn't blame him for everything bad that ever happened, planted the seeds for S&L and some other bank misery. The 1st Reagan Recession was the 2nd biggest recession since the great depression (just a fact didn't even say worst since the great depression but it was until the latest). It wasn't going to be the worst until he got his hands on it (until Volcker got his hands on it actually), it had nothing to do with the business cycle (or almost nothing). Thanks for the business cycle reminder but I hadn't forgotten that they exist. I'm a big fan of Schumpeter, so the business cycle is near and dear to my heart.