"Karma, Interrupted"

I just read that former Reagan Budget Director David Stockman has been charged with securities fraud and cooking the books.

From the AP- The indictment said the crimes occurred as Stockman served on the board of directors of Collins & Aikman- one of the world's largest auto parts companies- from 2000 through May 2005. He was chairman of the board from August 2003 until May 2005.

Here comes the irony. You might recall that Stockman was the one who came up with the whole "supply-side economics" theory that said you could increase tax revenues by cutting taxes because the economy would then spring into action and with more economic activity, there would be more tax revenue that would surpass the revenue generated by the older tax rates.

Important historical note here. The plan was thought up in a bar and written on a cocktail napkin, so right there, there was cause for skepticism. Even then-presidential candidate Bush Sr called it "voodoo economics", although the joke was on him because we know he ended up being Reagan's VP and forced to go along with the scam.

And the numbers? The deficit went through the roof, even to the point where Stockman quit in horror at the damage wrought by Supply Side Economics.

He hasn't been heard from in recent years. But now, he's back in the news and at long last, Karma seems to be paying Mr Stockman a little visit. It's just a pity that Reagan isn't around to see and share in the party.