Laffer, 34, a former budget officer for the federal government’s Treasury Department, is the most normal-looking of the bunch.He is a bit pudgy, neatly dressed and has a big smile, but these appearances are obviously deceptive.He loves telling dirty stories and cannot extricate himself, and often has a strange bird perched on his shoulder, which is completely comical.He became such a prominent figure in the 1978 California tax revolt that he often appeared at dinner parties in the press circle.
Mr. Mundell, Mr. Laffer’s teacher, was 42. He was born in Canada and had just arrived at Columbia’s economics department, but was already well known in academic circles.Mondale, though the oldest of them all, was an old-fashioned hippie.With his long hair down, grooming and makeup, he had the air of a rebel, not the air of an academic professor at all.
Curiously, the Canadian professor’s speech is slurred, his words are erratic, and his pronunciation is occasionally mixed with a Canadian accent.He often drank three rounds of wine before using the wine to play, and the bizarre theory frequently came out, and the lively discussion often fell silent, because people often could not understand what he was saying.Supply-side critics like to sneer that Mr Mundell’s theory comes from “alcoholism”.
Mr Mundell was talented, but naturally playful and unpredictable.When Mr Bailey rushed to explain the problems of the international monetary system, Mr Mundell read a passage from a papal poem before using the subject.To be sure, Mondale did not drink this time.
Mundell and Love were friends, teachers and apprentices, and fought together for a lifetime.As a professor of economics, Mundell pursued essence, theory integrity, full of “romantic” revolutionary temperament;Laffer is empiricist, good at data analysis, and more of a scholarly doer.
The Bohemian Wanski had a lot of power in the Wall Street circle.Wannisky introduced Mondale to Wannisky in 1971, when he met Laffer on political notices while Laffer was President Richard Nixon’s budget officer.By the time of the stagflation crisis of 1974, Bailey and Wannisky were eager to invite Mundell, Love and the group of diners to Mike 1
The arrival of these two “heavyweights” gradually attracted a crowd of Wall Street traders and young people to stop by restaurants and listen quietly to professors’ speeches over a glass of whisky.Mondale and Love soon dominated the entire Mike 1.Wannisky acted as master of ceremonies at the party.He greets the diners, orders steaks, pours wine, and has the task of trying to keep Professor Mundell at bay and then translating his “gibberish” to his audience.
But it was the independents, the “disco academics”, the rebels in Washington, Wall Street and the press who rescued America from a decade of stagflation.They were almost all under the age of 40 and gathered spontaneously at Mike 1.
The restaurant, which in 1874 was a second tier dog kennel on Wall Street, no longer exists, was the birthplace of the revolution.
How do these eaters seek political support?And how to save the country from danger?