Though one way to look at it was that Reagan recognized that the regulations put into place during the 1930s were preventing U.S. companies to compete as effectively on the worldwide stage, still when deregulation took place starting in his administration it created the death of most unions and the eventual collapse of the Savings and Loans. It also began the death of the middle class which effectively was in place by the year 2000 and 2001 when real wages of the middle class started buying less and less ongoing all the way to now. Then the Great Recession took about 50% of the wealth of the middle class and blew it into the air-gone.
And unless those middle class people were invested in the stock market in some safe way for them they have not recovered this 50% loss of their investments (usually homes and property) since 2008.
Deregulation was the last straw that collapsed the savings and loan industry. Part of the reason was that accounts were not insured in Savings and Loans consistently across the whole country. Some states were the insurers and I believe some accounts might not have been insured at all.
Deregulation just meant that when South American and Mexican loans financed by the S & Ls defaulted there was nothing for the Savings and Loans left to stay solvent, so many many U.S. citizens lost everything (all their retirement money) and some killed themselves.
I don't worry about the Argentina Bond default because it is not directly tied (that I know of) to the
American banking system except through the Hedge Funds mostly on the East Coast of the United States. However, if some or all of these hedge funds are insured through insurance companies, Treasuries, or credit default swaps, and Argentina isn't able to come to a good agreement regarding all this eventually, then credit default swaps could be a serious thing to deal with like it was during the Great Recession for the world.
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