Posted on 12/07/2011 1:18:00 PM PST by Attention Surplus Disorder
What was the American economy like in the decade prior to the Reagan presidency? The 1970s, for a myriad of reasons, were not a happy time. They featured a combination of stagnation and inflation, which came to be called “stagflation.” The inflation rate peaked at just over 13 percent, and prime interest rates rose as high as 21-and-a-half percent. Although President Jimmy Carter did not use the exact words, a malaise had certainly set in among Americans. Many wondered whether our nation’s time had passed. A Time magazine headline read, “Is the Joyride Over?” Did we really need, as Jimmy Carter told us, to learn to live on less?
(Excerpt) Read more at hillsdale.edu ...
Words cannot describe my reaction to seeing Phil Gramm featured in and on the cover of Imprimis, the newsletter of Hillsdale College. This is the equivalent of having John Corzine or Bernie Madoff on the cover of an investment prospectus. It would be like having Idi Amin making a pitch for "Doctors without Borders".
Gramm is the co-author of the single piece of legislation, Gramm-Leach-Bliley, which enabled the current financial crisis. Together with his wife, Wendy, chairperson of the CFTC at the time, Phil Gramm is arguably the individual most responsible for the financial crisis. That they were the recipients of massive lobbying (ahem) efforts by banking interests is a matter of conjecture. That's my opinion.
The 70’s sucked. I was there. Then came Reagan and the 80’s. Even I was able to buy a Townhouse. We were all computer techs or assemblers and they all bought houses too. Down payments and everything. I have friends that are out of work now, but they paid off their mortgages since then.
The 70’s sucked. I was there. Then came Reagan and the 80’s. Even I was able to buy a Townhouse. We were all computer techs or assemblers and they all bought houses too. Down payments and everything. I have friends that are out of work now, but they paid off their mortgages since then.
Yeah, it's funny the GOP spinmasters like Limbaugh don't bring that one up. They blame everything on the Community Reinvestment Act.
I can’t agree more. The fallacy of ‘too big to fail’ came out of this. It seems that we learned nothing from the Great depression. Our economy is doomed.
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