Okay John, you personally weren't beaten and depressed then. I always forget how touchy Republicans are; love to dish it out, etc...
But if you remember the inflation of the '70s, then remember the guy who killed it. No, not Carter, and certainly not Reagan (with those deficits, are you kidding?).
It was Paul Voelker, Carter appointee to the Fed, who strangled inflation and damn near killed the US economy in the process. Stagflation was endemic throughout the decade (it started under Nixon). In the late 70s, Voelker decided to deal with it once and for all by raising interest rates as high as they'd go. The result was the worst slump in the economy since the 30s, but it worked. Sort of how Russians clear minefields, by marching through them...
Well, in this instance, you don't remember correctly. The Dow basically went sideways under Carter: up-down-up-down, etc. The big drop was under Ford, hitting the low point in 1974. Nothing since has been anywhere near that bad.
But it's interesting that you take the DJIA as an indicator of Presidential performance. I wouldn't have taken you as being such a fervent admirer of Bill Clinton.
But if you remember the inflation of the '70s, then remember the guy who killed it. No, not Carter, and certainly not Reagan (with those deficits, are you kidding?).
It was Paul Voelker, Carter appointee to the Fed, who strangled inflation and damn near killed the US economy in the process. Stagflation was endemic throughout the decade (it started under Nixon). In the late 70s, Voelker decided to deal with it once and for all by raising interest rates as high as they'd go. The result was the worst slump in the economy since the 30s, but it worked. Sort of how Russians clear minefields, by marching through them...
a DJIA that went from 1,000 in 1972 to (iirc) 550 in 1979?
But it's interesting that you take the DJIA as an indicator of Presidential performance. I wouldn't have taken you as being such a fervent admirer of Bill Clinton.
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