It's February 1982, Ronald Reagan has logged one year in office and his treasury secretary is former Merrill Lynch CEO Donald Regan. Six months before the birth of the bull market, the economy is still hamstrung by slow growth, high interest rates and inflation. The president grants an interview to Registered Rep.
What could make things better?
“The brokerage community can aid us by continuing its innovation in the marketing of financial products…. In the past, competition in the financial community has been constrained by burdensome and unnecessary restrictions. One of the goals of this administration is to give relief from federal regulatory burdens. Increased competition will lead to even more productive capital flows and will open further opportunities for the brokerage community.”