Farmers here in the late '70s were encouraged to borrow heavily for equipment, partly because the price of equipment was going up fast, and because allegedly the money they paid back would be easier to come by.
Well, that didn't quite work that way, and many of them were stuck by the mid '80s so badly they lost the farm...
Reagan's Fed chairman, Paul Volcker, put the breaks on the expansion of the money supply in 1982.