Years ago, I was working in Mexico City and enjoying lunch in one of those wonderful “Zona Rosa” restaurants. I was catching up with a couple of Mexican friends who happened to be PAN-istas, or members of the conservative party. (Back then, the PRI was still governing the country, and PAN never thought that they’d elect a president. They did in 2000 and 2006.)
It turned out that President López-Portillo was delivering his “informe,” or the Mexican version of the State of the Union speech, that day.
Let me add some context. Mexico was reeling from a February devaluation and more currency collapses in August. It got so bad that a Mexican delegation was sent to Washington, D.C. for an emergency meeting with President Reagan and then-Treasury Secretary Regan. It was a very bad summer for Mexicans, and capital flight was the order of the day.
López-Portillo’s informe was a boring speech, full of numbers and “I did this” and “I did that.”
At one point, López-Portillo dropped the bomb. He expropriated the Mexican private banking system. He was trying to blame the bankers for the devaluations that his own irresponsible policies had caused.
Read More at American Thinker. By Silvio Canto, Jr.