The Lesson of Reykjavik

Bill Weckesser
President Reagan's experience at Reykjavik contains a good lesson for today's conservatives -- patience.  Those 1986 talks began with Mikhail Gorbachev offering amazing cuts in nuclear weapons.  Reagan and his team were stunned and excited.  But the talks collapsed when Gorbachev demanded that in return the U.S. would discontinue Reagan's Strategic Defense Initiative.  Reagan refused and the talks ended.  But a year later, progress on nuclear weapons treaties was made and eventually, well, you know the story.  In retrospect, President Reagan refused to make a fundamentally bad deal and so he walked out.  A couple of Wall Street Journal commentaries seem to be opening up the doors to the debt negotiations at the White House, and they reveal a much larger issue than the debt, and the reason why Senator McConnell's proposal might look like Reagan at Reykjavik in retrospect. Daniel Henninger introduces us to 1995 Nobel Prize winning economist Robert...(Read Full Post)