FACTS on Dubya's great recession

[Dad2three]

Yeah, so? That doesn't make the economy in January, 1981 worse than the economy in January, 2009.

And by the way, the sky-high unemployment rate in January, 1981 was 7.5%. It was 7.8% (and climbing) in January, 2009.

And again, Obama inherited a recession, Reagan did not. There is no way in hell any lucid individual can argue that Reagan inherited an economy worse than what Obama inherited.

I'm not arguing that Reagan's economy was worse.

What I'm saying is that Reagan inherited a difficult mess. Your post implied that he did not because "it wasn't a recession." Simply because it wasn't technically in recession doesn't mean the economy wasn't terrible. It was.

But the mess St Ronnie inherited was created by Nixon and was the same mess Carter inherited. Carter did not make it worse before he passed it to Reagan. Reagan made it the worst recession since the Great Depression completely on his own.

The inflation of the 1970s started in the 1960s under LBJ with war spending and the Great Society, as well as weak policy responses by the Federal Reserve.

Carter inherited a mess but his policy responses were weak, and the economy was in worse shape when he left office than when he took office. But I do give him credit for appointing Paul Volcker, the greatest central banker of the Fed, ever. Volcker gets a lot of credit for the economic growth of the 1980s.

And normally when there is inflation the Fed tightens the money supply, but Nixon insisted on the Fed easing the money supply to guarantee his reelection. And in typical "Tricky Dicky" fashion he manipulated his Fed appointee Burns into easing the money supply even though he was against it. It was Nixon who made the economy worse and sent inflation out of control, not Carter.

More Politics At The Fed National Review Online

The classic case of the Fed subordinating good policy to politics was in 1972. Richard Nixon was acutely aware that Fed tightening in late 1959 brought on a recession that began in April 1960. As the nominee of the incumbent party, Nixon took the blame for slow growth. In his book Six Crises, he complained bitterly that the Fed had, in effect, thrown the election to John F. Kennedy, whose most potent campaign pledge was that he would get the economy moving again.
When Nixon became president in 1968, he vowed that he would not let the Fed do it to him again. At his earliest opportunity, he appointed a trusted aide, Arthur Burns, to the chairmanship of the Federal Reserve. His job was to make sure that money and credit stayed easy through the 1972 election.

However, Nixon did not want to take any chances. He ordered White House staffers to keep an eye on Burns and push him to err on the side of monetary ease. According to William Safire, a White House aide at the time (in his book Before the Fall), when Burns resisted pressure to guarantee full employment in time for the election, negative press stories about Burns were planted in newspapers. A plan to dilute the Federal Reserve Board’s power was also floated. In his book Secrets of the Temple, William Greider says the tactics were crude, but successful.

The problem was inflation. It jumped to 6.2 percent in 1969 after having been in the 1 to 2 percent range for many years. In essence, the inflation rate had tripled in a very short period of time. The recession, which began in December 1969 and ended in November 1970, brought it down only very little — to 5.6 percent in 1970.

Under normal circumstances, the Fed would have tightened monetary policy to bring down inflation. But Nixon wanted to keep monetary policy loose in order to make sure the economy was robust going into the election. This led to the imposition of wage and price controls in August 1971. While everyone knew they would not work for long, the controls reduced inflation enough to keep monetary policy expansive through November 1972, which was all that mattered.

In his book Nixon’s Economy, historian Allen Matusow wrote, “Burns had offered Nixon an implicit bargain. In 1971 Nixon controlled prices, and in 1972 Burns supplied money by the bushel. The policy helped reelect the president but also assured the next cycle of boom and bust.”

That's all true.

However, it started under LBJ, and he did the same thing. At his retreat in Texas, LBJ reportedly confronted the Chairman of the Fed (I forget his name ATM), and demanded he cut rates, saying he needed it because he had kids dying in Vietnam and didn't want a recession. The story has it that LBJ threw the Fed Chair against then pinned him to the wall while he demanded it, though I don't know if that was ever confirmed. Fears of government spending also caused the stock market into a bear market in 1966 as investors were worried that government spending would crowd out private investment.

Inflation doesn't happen over night. It takes a while to build. And it began to build in the 60s under LBJ.

The U.S. economy, which had grown by 5% in 1976, continued to grow at a similar pace during 1977 and 1978. Unemployment declined from 7.5% in January 1977 to 5.6% by May 1979, with over 9 million net new jobs created during that interim, and real median household income grew by 5% from 1976 to 1978. The recovery in business investment in evidence during 1976 strengthened as well. Fixed private investment (machinery and construction) grew by 30% from 1976 to 1979, home sales and construction grew another one third by 1978, and industrial production, motor vehicle output and sales did so by nearly 15%; with the exception of new housing starts, which remained slightly below their 1972 peak, each of these benchmarks reached record levels in 1978 or 1979.

The 1979 energy crisis ended this period of growth, however, and as both inflation and interest rates rose, economic growth, job creation, and consumer confidence declined sharply


The relatively loose monetary policy adopted by Federal Reserve Board Chairman G. William Miller, had already contributed to somewhat higher inflation, rising from 5.8% in 1976 to 7.7% in 1978.

The sudden doubling of crude oil prices by OPEC, the world's leading oil exporting cartel, forced inflation to double-digit levels, averaging 11.3% in 1979 and 13.5% in 1980



Following an August 1979 cabinet shakeup in which Carter asked for the resignations of several cabinet members (see "Malaise speech" above), Carter appointed G. William Miller as Secretary of the Treasury, naming Paul Volcker as Chairman of the Federal Reserve Board. Volcker pursued a tight monetary policy to bring down inflation, which he considered his mandate. Volcker (and Carter) succeeded, but only by first going through an unpleasant phase during which the economy slowed and unemployment rose. Inflation did not return to low single-digit levels until 1982, during a second, more severe recession; President Reagan re-appointed Volcker to the post in 1983.
Presidency of Jimmy Carter - Wikipedia the free encyclopedia

 

[EdwardBaiamonte]

I'm not arguing that Reagan's economy was worse.

What I'm saying is that Reagan inherited a difficult mess. Your post implied that he did not because "it wasn't a recession." Simply because it wasn't technically in recession doesn't mean the economy wasn't terrible. It was.

But the mess St Ronnie inherited was created by Nixon and was the same mess Carter inherited. Carter did not make it worse before he passed it to Reagan. Reagan made it the worst recession since the Great Depression completely on his own.

The inflation of the 1970s started in the 1960s under LBJ with war spending and the Great Society, as well as weak policy responses by the Federal Reserve.

Carter inherited a mess but his policy responses were weak, and the economy was in worse shape when he left office than when he took office. But I do give him credit for appointing Paul Volcker, the greatest central banker of the Fed, ever. Volcker gets a lot of credit for the economic growth of the 1980s.

And normally when there is inflation the Fed tightens the money supply, but Nixon insisted on the Fed easing the money supply to guarantee his reelection. And in typical "Tricky Dicky" fashion he manipulated his Fed appointee Burns into easing the money supply even though he was against it. It was Nixon who made the economy worse and sent inflation out of control, not Carter.

More Politics At The Fed National Review Online

The classic case of the Fed subordinating good policy to politics was in 1972. Richard Nixon was acutely aware that Fed tightening in late 1959 brought on a recession that began in April 1960. As the nominee of the incumbent party, Nixon took the blame for slow growth. In his book Six Crises, he complained bitterly that the Fed had, in effect, thrown the election to John F. Kennedy, whose most potent campaign pledge was that he would get the economy moving again.
When Nixon became president in 1968, he vowed that he would not let the Fed do it to him again. At his earliest opportunity, he appointed a trusted aide, Arthur Burns, to the chairmanship of the Federal Reserve. His job was to make sure that money and credit stayed easy through the 1972 election.

However, Nixon did not want to take any chances. He ordered White House staffers to keep an eye on Burns and push him to err on the side of monetary ease. According to William Safire, a White House aide at the time (in his book Before the Fall), when Burns resisted pressure to guarantee full employment in time for the election, negative press stories about Burns were planted in newspapers. A plan to dilute the Federal Reserve Board’s power was also floated. In his book Secrets of the Temple, William Greider says the tactics were crude, but successful.

The problem was inflation. It jumped to 6.2 percent in 1969 after having been in the 1 to 2 percent range for many years. In essence, the inflation rate had tripled in a very short period of time. The recession, which began in December 1969 and ended in November 1970, brought it down only very little — to 5.6 percent in 1970.

Under normal circumstances, the Fed would have tightened monetary policy to bring down inflation. But Nixon wanted to keep monetary policy loose in order to make sure the economy was robust going into the election. This led to the imposition of wage and price controls in August 1971. While everyone knew they would not work for long, the controls reduced inflation enough to keep monetary policy expansive through November 1972, which was all that mattered.

In his book Nixon’s Economy, historian Allen Matusow wrote, “Burns had offered Nixon an implicit bargain. In 1971 Nixon controlled prices, and in 1972 Burns supplied money by the bushel. The policy helped reelect the president but also assured the next cycle of boom and bust.”

That's all true.

However, it started under LBJ, and he did the same thing. At his retreat in Texas, LBJ reportedly confronted the Chairman of the Fed (I forget his name ATM), and demanded he cut rates, saying he needed it because he had kids dying in Vietnam and didn't want a recession. The story has it that LBJ threw the Fed Chair against then pinned him to the wall while he demanded it, though I don't know if that was ever confirmed. Fears of government spending also caused the stock market into a bear market in 1966 as investors were worried that government spending would crowd out private investment.

Inflation doesn't happen over night. It takes a while to build. And it began to build in the 60s under LBJ.

The U.S. economy, which had grown by 5% in 1976, continued to grow at a similar pace during 1977 and 1978. Unemployment declined from 7.5% in January 1977 to 5.6% by May 1979, with over 9 million net new jobs created during that interim, and real median household income grew by 5% from 1976 to 1978. The recovery in business investment in evidence during 1976 strengthened as well. Fixed private investment (machinery and construction) grew by 30% from 1976 to 1979, home sales and construction grew another one third by 1978, and industrial production, motor vehicle output and sales did so by nearly 15%; with the exception of new housing starts, which remained slightly below their 1972 peak, each of these benchmarks reached record levels in 1978 or 1979.

The 1979 energy crisis ended this period of growth, however, and as both inflation and interest rates rose, economic growth, job creation, and consumer confidence declined sharply


The relatively loose monetary policy adopted by Federal Reserve Board Chairman G. William Miller, had already contributed to somewhat higher inflation, rising from 5.8% in 1976 to 7.7% in 1978.

The sudden doubling of crude oil prices by OPEC, the world's leading oil exporting cartel, forced inflation to double-digit levels, averaging 11.3% in 1979 and 13.5% in 1980



Following an August 1979 cabinet shakeup in which Carter asked for the resignations of several cabinet members (see "Malaise speech" above), Carter appointed G. William Miller as Secretary of the Treasury, naming Paul Volcker as Chairman of the Federal Reserve Board. Volcker pursued a tight monetary policy to bring down inflation, which he considered his mandate. Volcker (and Carter) succeeded, but only by first going through an unpleasant phase during which the economy slowed and unemployment rose. Inflation did not return to low single-digit levels until 1982, during a second, more severe recession; President Reagan re-appointed Volcker to the post in 1983.
Presidency of Jimmy Carter - Wikipedia the free encyclopedia

dumbto3 strikes again with another meaningless cut and paste as if he's the onle one who knows how to cut and paste. Far easier than thinking isn't it?

 

[Dad2three]

Again ... Obama inherited an economy in recession ... Reagan did not. You lost this one, accept it.

There were recessions months before and months after Reagan was sworn in. Even though we weren't technically in a recession when Reagan was sworn in, we had sky-high inflation and unemployment. At the time, the economy was generally agreed to have been in the worst shape since the Depression.

Yeah, so? That doesn't make the economy in January, 1981 worse than the economy in January, 2009.

And by the way, the sky-high unemployment rate in January, 1981 was 7.5%. It was 7.8% (and climbing) in January, 2009.

And again, Obama inherited a recession, Reagan did not. There is no way in hell any lucid individual can argue that Reagan inherited an economy worse than what Obama inherited.

I'm not arguing that Reagan's economy was worse.

What I'm saying is that Reagan inherited a difficult mess. Your post implied that he did not because "it wasn't a recession." Simply because it wasn't technically in recession doesn't mean the economy wasn't terrible. It was.

But the mess St Ronnie inherited was created by Nixon and was the same mess Carter inherited. Carter did not make it worse before he passed it to Reagan. Reagan made it the worst recession since the Great Depression completely on his own.

No, it was Carters policies that drove the interest rates up to the 17% mark. It was impossible for a middle class family to buy a house during those years, EVERYTHING cost more and the sense of malaise was palpable. You're not old enough to remember it but it was a really sucky time for almost everyone. The super rich did great, they could afford to buy things because they didn't need to borrow any money so they were the only buyers out there.

The U.S. economy, which had grown by 5% in 1976, continued to grow at a similar pace during 1977 and 1978. Unemployment declined from 7.5% in January 1977 to 5.6% by May 1979, with over 9 million net new jobs created during that interim, and real median household income grew by 5% from 1976 to 1978. The recovery in business investment in evidence during 1976 strengthened as well. Fixed private investment (machinery and construction) grew by 30% from 1976 to 1979, home sales and construction grew another one third by 1978, and industrial production, motor vehicle output and sales did so by nearly 15%; with the exception of new housing starts, which remained slightly below their 1972 peak, each of these benchmarks reached record levels in 1978 or 1979.

The 1979 energy crisis ended this period of growth, however, and as both inflation and interest rates rose, economic growth, job creation, and consumer confidence declined sharply.

The sudden doubling of crude oil prices by OPEC, the world's leading oil exporting cartel forced inflation to double-digit levels, averaging 11.3% in 1979 and 13.5% in 1980

Presidency of Jimmy Carter - Wikipedia the free encyclopedia

 

[Dad2three]

But the mess St Ronnie inherited was created by Nixon and was the same mess Carter inherited. Carter did not make it worse before he passed it to Reagan. Reagan made it the worst recession since the Great Depression completely on his own.

The inflation of the 1970s started in the 1960s under LBJ with war spending and the Great Society, as well as weak policy responses by the Federal Reserve.

Carter inherited a mess but his policy responses were weak, and the economy was in worse shape when he left office than when he took office. But I do give him credit for appointing Paul Volcker, the greatest central banker of the Fed, ever. Volcker gets a lot of credit for the economic growth of the 1980s.

And normally when there is inflation the Fed tightens the money supply, but Nixon insisted on the Fed easing the money supply to guarantee his reelection. And in typical "Tricky Dicky" fashion he manipulated his Fed appointee Burns into easing the money supply even though he was against it. It was Nixon who made the economy worse and sent inflation out of control, not Carter.

More Politics At The Fed National Review Online

The classic case of the Fed subordinating good policy to politics was in 1972. Richard Nixon was acutely aware that Fed tightening in late 1959 brought on a recession that began in April 1960. As the nominee of the incumbent party, Nixon took the blame for slow growth. In his book Six Crises, he complained bitterly that the Fed had, in effect, thrown the election to John F. Kennedy, whose most potent campaign pledge was that he would get the economy moving again.
When Nixon became president in 1968, he vowed that he would not let the Fed do it to him again. At his earliest opportunity, he appointed a trusted aide, Arthur Burns, to the chairmanship of the Federal Reserve. His job was to make sure that money and credit stayed easy through the 1972 election.

However, Nixon did not want to take any chances. He ordered White House staffers to keep an eye on Burns and push him to err on the side of monetary ease. According to William Safire, a White House aide at the time (in his book Before the Fall), when Burns resisted pressure to guarantee full employment in time for the election, negative press stories about Burns were planted in newspapers. A plan to dilute the Federal Reserve Board’s power was also floated. In his book Secrets of the Temple, William Greider says the tactics were crude, but successful.

The problem was inflation. It jumped to 6.2 percent in 1969 after having been in the 1 to 2 percent range for many years. In essence, the inflation rate had tripled in a very short period of time. The recession, which began in December 1969 and ended in November 1970, brought it down only very little — to 5.6 percent in 1970.

Under normal circumstances, the Fed would have tightened monetary policy to bring down inflation. But Nixon wanted to keep monetary policy loose in order to make sure the economy was robust going into the election. This led to the imposition of wage and price controls in August 1971. While everyone knew they would not work for long, the controls reduced inflation enough to keep monetary policy expansive through November 1972, which was all that mattered.

In his book Nixon’s Economy, historian Allen Matusow wrote, “Burns had offered Nixon an implicit bargain. In 1971 Nixon controlled prices, and in 1972 Burns supplied money by the bushel. The policy helped reelect the president but also assured the next cycle of boom and bust.”

That's all true.

However, it started under LBJ, and he did the same thing. At his retreat in Texas, LBJ reportedly confronted the Chairman of the Fed (I forget his name ATM), and demanded he cut rates, saying he needed it because he had kids dying in Vietnam and didn't want a recession. The story has it that LBJ threw the Fed Chair against then pinned him to the wall while he demanded it, though I don't know if that was ever confirmed. Fears of government spending also caused the stock market into a bear market in 1966 as investors were worried that government spending would crowd out private investment.

Inflation doesn't happen over night. It takes a while to build. And it began to build in the 60s under LBJ.

The U.S. economy, which had grown by 5% in 1976, continued to grow at a similar pace during 1977 and 1978. Unemployment declined from 7.5% in January 1977 to 5.6% by May 1979, with over 9 million net new jobs created during that interim, and real median household income grew by 5% from 1976 to 1978. The recovery in business investment in evidence during 1976 strengthened as well. Fixed private investment (machinery and construction) grew by 30% from 1976 to 1979, home sales and construction grew another one third by 1978, and industrial production, motor vehicle output and sales did so by nearly 15%; with the exception of new housing starts, which remained slightly below their 1972 peak, each of these benchmarks reached record levels in 1978 or 1979.

The 1979 energy crisis ended this period of growth, however, and as both inflation and interest rates rose, economic growth, job creation, and consumer confidence declined sharply


The relatively loose monetary policy adopted by Federal Reserve Board Chairman G. William Miller, had already contributed to somewhat higher inflation, rising from 5.8% in 1976 to 7.7% in 1978.

The sudden doubling of crude oil prices by OPEC, the world's leading oil exporting cartel, forced inflation to double-digit levels, averaging 11.3% in 1979 and 13.5% in 1980



Following an August 1979 cabinet shakeup in which Carter asked for the resignations of several cabinet members (see "Malaise speech" above), Carter appointed G. William Miller as Secretary of the Treasury, naming Paul Volcker as Chairman of the Federal Reserve Board. Volcker pursued a tight monetary policy to bring down inflation, which he considered his mandate. Volcker (and Carter) succeeded, but only by first going through an unpleasant phase during which the economy slowed and unemployment rose. Inflation did not return to low single-digit levels until 1982, during a second, more severe recession; President Reagan re-appointed Volcker to the post in 1983.
Presidency of Jimmy Carter - Wikipedia the free encyclopedia

dumbto3 strikes again with another meaningless cut and paste as if he's the onle one who knows how to cut and paste. Far easier than thinking isn't it?

SAYS THE MORON WHO WROTE THIS

"The simple solution to all the world's economic problems is to make inflation and deficits illegal, and free trade mandatory."

LOL

 

[EdwardBaiamonte]

The sudden doubling of crude oil prices by OPEC, the world's leading oil exporting cartel forced inflation to double-digit levels, averaging 11.3% in 1979 and 13.5% in 1980

Presidency of Jimmy Carter - Wikipedia the free encyclopedia

dear, inflation is 100% impossible without money from the fed. If oil goes up other stuff must go down with fixed supply of money so no inflation is possible.

Econ 101. Sorry to rock your world.

 

[EdwardBaiamonte]

SAYS THE MORON WHO WROTE THIS

"The simple solution to all the world's economic problems is to make inflation and deficits illegal, and free trade mandatory."

LOL

dear, if its moronic please say why or admit to being a liberal without the IQ to defend what you say.

 

[Toro]

Yeah, so? That doesn't make the economy in January, 1981 worse than the economy in January, 2009.

And by the way, the sky-high unemployment rate in January, 1981 was 7.5%. It was 7.8% (and climbing) in January, 2009.

And again, Obama inherited a recession, Reagan did not. There is no way in hell any lucid individual can argue that Reagan inherited an economy worse than what Obama inherited.

I'm not arguing that Reagan's economy was worse.

What I'm saying is that Reagan inherited a difficult mess. Your post implied that he did not because "it wasn't a recession." Simply because it wasn't technically in recession doesn't mean the economy wasn't terrible. It was.

But the mess St Ronnie inherited was created by Nixon and was the same mess Carter inherited. Carter did not make it worse before he passed it to Reagan. Reagan made it the worst recession since the Great Depression completely on his own.

The inflation of the 1970s started in the 1960s under LBJ with war spending and the Great Society, as well as weak policy responses by the Federal Reserve.

Carter inherited a mess but his policy responses were weak, and the economy was in worse shape when he left office than when he took office. But I do give him credit for appointing Paul Volcker, the greatest central banker of the Fed, ever. Volcker gets a lot of credit for the economic growth of the 1980s.

And normally when there is inflation the Fed tightens the money supply, but Nixon insisted on the Fed easing the money supply to guarantee his reelection. And in typical "Tricky Dicky" fashion he manipulated his Fed appointee Burns into easing the money supply even though he was against it. It was Nixon who made the economy worse and sent inflation out of control, not Carter.

More Politics At The Fed National Review Online

The classic case of the Fed subordinating good policy to politics was in 1972. Richard Nixon was acutely aware that Fed tightening in late 1959 brought on a recession that began in April 1960. As the nominee of the incumbent party, Nixon took the blame for slow growth. In his book Six Crises, he complained bitterly that the Fed had, in effect, thrown the election to John F. Kennedy, whose most potent campaign pledge was that he would get the economy moving again.
When Nixon became president in 1968, he vowed that he would not let the Fed do it to him again. At his earliest opportunity, he appointed a trusted aide, Arthur Burns, to the chairmanship of the Federal Reserve. His job was to make sure that money and credit stayed easy through the 1972 election.

However, Nixon did not want to take any chances. He ordered White House staffers to keep an eye on Burns and push him to err on the side of monetary ease. According to William Safire, a White House aide at the time (in his book Before the Fall), when Burns resisted pressure to guarantee full employment in time for the election, negative press stories about Burns were planted in newspapers. A plan to dilute the Federal Reserve Board’s power was also floated. In his book Secrets of the Temple, William Greider says the tactics were crude, but successful.

The problem was inflation. It jumped to 6.2 percent in 1969 after having been in the 1 to 2 percent range for many years. In essence, the inflation rate had tripled in a very short period of time. The recession, which began in December 1969 and ended in November 1970, brought it down only very little — to 5.6 percent in 1970.

Under normal circumstances, the Fed would have tightened monetary policy to bring down inflation. But Nixon wanted to keep monetary policy loose in order to make sure the economy was robust going into the election. This led to the imposition of wage and price controls in August 1971. While everyone knew they would not work for long, the controls reduced inflation enough to keep monetary policy expansive through November 1972, which was all that mattered.

In his book Nixon’s Economy, historian Allen Matusow wrote, “Burns had offered Nixon an implicit bargain. In 1971 Nixon controlled prices, and in 1972 Burns supplied money by the bushel. The policy helped reelect the president but also assured the next cycle of boom and bust.”

That's all true.

However, it started under LBJ, and he did the same thing. At his retreat in Texas, LBJ reportedly confronted the Chairman of the Fed (I forget his name ATM), and demanded he cut rates, saying he needed it because he had kids dying in Vietnam and didn't want a recession. The story has it that LBJ threw the Fed Chair against then pinned him to the wall while he demanded it, though I don't know if that was ever confirmed. Fears of government spending also caused the stock market into a bear market in 1966 as investors were worried that government spending would crowd out private investment.

Inflation doesn't happen over night. It takes a while to build. And it began to build in the 60s under LBJ.

Here is the graph I was looking for. Inflation began to accelerate in the mid-60s, and hit 6% before the OPEC embargo.

 

[Dad2three]

The sudden doubling of crude oil prices by OPEC, the world's leading oil exporting cartel forced inflation to double-digit levels, averaging 11.3% in 1979 and 13.5% in 1980

Presidency of Jimmy Carter - Wikipedia the free encyclopedia

dear, inflation is 100% impossible without money from the fed. If oil goes up other stuff must go down with fixed supply of money so no inflation is possible.

Econ 101. Sorry to rock your world.

Weird, so there was zero inflation before the federal reserve was created in 1913? lol

How about deflation, any of that?

MORON

 

[EdwardBaiamonte]

Weird, so there was zero inflation before the federal reserve was created in 1913? lol

How about deflation, any of that?

dear, there was money before the fed so there was inflation. Get it now?
Econ 101

 

[Dad2three]

Weird, so there was zero inflation before the federal reserve was created in 1913? lol

How about deflation, any of that?

dear, there was money before the fed so there was inflation. Get it now?
Econ 101

Wait, YOU just wrote this Bubba

"dear, inflation is 100% impossible without money from the fed."

lol

 

[EdwardBaiamonte]

Weird, so there was zero inflation before the federal reserve was created in 1913? lol

How about deflation, any of that?

dear, there was money before the fed so there was inflation. Get it now?
Econ 101

Wait, YOU just wrote this Bubba

"dear, inflation is 100% impossible without money from the fed."

lol

too stupid I was talking in todays environment, not the 19th century!!

If you don't know economics why do you try to talk about it?

 

[Dad2three]

Weird, so there was zero inflation before the federal reserve was created in 1913? lol

How about deflation, any of that?

dear, there was money before the fed so there was inflation. Get it now?
Econ 101

Wait, YOU just wrote this Bubba

"dear, inflation is 100% impossible without money from the fed."

lol

too stupid I was talking in todays environment, not the 19th century!!

If you don't know economics why do you try to talk about it?

No, YOUR posit WAS that inflation was IMPOSSIBLE without a federal reserve? lol

OK, Had enough fun showing how the low informed conservative/libertarian doesn't live in reality

 

[gipper]

How stupid must one be to blame W for our economic problems, when he left office nearly six years ago? There is much to blame him for, but this is just dumb and clearly an effort to relieve BO of responsibilty.

 

[edthecynic]

And yet, the economy Obama inherited was far worse than what Reagan inherited. Hell, we weren't even in a recession when Reagan became president.

No it wasn't.

The economy suffered a meltdown, but has recovered. Obama notwithstanding.

If Obama had had Reagan's interest rates, it's not clear we would have survived.

Obama is fast becoming a pariah in his own party. Nobody seems to want him around when they campaign.

Go sell stupid elsewhere.

The leading indicator of the economy is GDP

GDP:
Q4-1980: +7.6
Q4-2008: -8.3

The second leading indicator of the economy is unemployment
U3 UE:
01/1981: 7.5%
01/2009: 7.8% (and rising)

And lastly, the economy Bush handed Obama was in recession; the economy Carter handed Reagan was not.

You bet.....

Things were rocking and rolling when Reagan took over for a first time Carter (IOW....we threw his ass out).

His own misery index was used to crush him.

Obama got handed a constipated credit system.

Reagan suffered from very high interest rates (which had to go higher to stem so many of the issues Carter had generated).

Sell stupid ?

You mean you buy stupid ?

Thought so.

BTW: If Dudpeepee reads this, I know you are posting based on the thread history, but you are on ignore....so I am sure you are posting your usual three pages of crap....keep it up. Maybe someone else will read it and care if you are still breathing tomorrow.

Again ... Obama inherited an economy in recession ... Reagan did not. You lost this one, accept it.

actually Reagan inherited 20% interest rates and inflation. Then, The Fed caused a recession to combat the liberal inflation. As a president, having to start by causing a recession is the worst of all possible worlds in which to start your administration . Stupid liberals try to take advantage not knowing that the president is not the government.

Come on, you just make this shit up! St Ronnie drove interest rates up from 13% to 20% and inflation never even reached 15% under Carter.

 

[edthecynic]

How stupid must one be to blame W for our economic problems, when he left office nearly six years ago? There is much to blame him for, but this is just dumb and clearly an effort to relieve BO of responsibilty.

The same people who say you can't blame Bush for anything happening today because he's been out of office for 6 years were blaming Carter for what happened under Bush even though Carter was out of office for 25 years. In fact they say you can't blame Bush for what happened anytime during his 2 terms for anything. It was either Carter's fault, or Clinton's fault, the CIA's or Congress' fault, but never Bush's

 

[Dad2three]

How stupid must one be to blame W for our economic problems, when he left office nearly six years ago? There is much to blame him for, but this is just dumb and clearly an effort to relieve BO of responsibilty.

Weird how conservatives blame Carter still???


You have amnesia 2001-2009 huh?

Dec 2007 (PRE Dubya's great recession)


The Economic Consequences of Mr. Bush

The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup.
The Economic Consequences of Mr. Bush Vanity Fair


MAYBE DUBYA ALLOWING THE US HOUSEHOLD DEBT TO DOUBLE IN THE FIRST 7 YEARS, WHILE HE GUTTED US REVENUES AS HE WENT TO 2 UNFUNDED WARS AND GAVE US A MEDICARE EXPANSION (UNFUNDED OF COURSE), WASN'T SUCH A GOOD IDEA?

 

[Faun]

Weird, so there was zero inflation before the federal reserve was created in 1913? lol

How about deflation, any of that?

dear, there was money before the fed so there was inflation. Get it now?
Econ 101

Wait, YOU just wrote this Bubba

"dear, inflation is 100% impossible without money from the fed."

lol

too stupid I was talking in todays environment, not the 19th century!!

If you don't know economics why do you try to talk about it?

No, YOUR posit WAS that inflation was IMPOSSIBLE without a federal reserve? lol

OK, Had enough fun showing how the low informed conservative/libertarian doesn't live in reality

You know you're trying to have a rational discussion with a psychotic, right?

 

[Listening]

Again ... Obama inherited an economy in recession ... Reagan did not. You lost this one, accept it.

There were recessions months before and months after Reagan was sworn in. Even though we weren't technically in a recession when Reagan was sworn in, we had sky-high inflation and unemployment. At the time, the economy was generally agreed to have been in the worst shape since the Depression.

Yeah, so? That doesn't make the economy in January, 1981 worse than the economy in January, 2009.

And by the way, the sky-high unemployment rate in January, 1981 was 7.5%. It was 7.8% (and climbing) in January, 2009.

And again, Obama inherited a recession, Reagan did not. There is no way in hell any lucid individual can argue that Reagan inherited an economy worse than what Obama inherited.

I'm not arguing that Reagan's economy was worse.

What I'm saying is that Reagan inherited a difficult mess. Your post implied that he did not because "it wasn't a recession." Simply because it wasn't technically in recession doesn't mean the economy wasn't terrible. It was.

But the mess St Ronnie inherited was created by Nixon and was the same mess Carter inherited. Carter did not make it worse before he passed it to Reagan. Reagan made it the worst recession since the Great Depression completely on his own.

This kind of post only shows you why debating partisan morons on either side is a waste of time.

Anyone who knows anything about what happened back then knows that what happened under Reagan was already in the pipeline.

Then again, they seem to forget just how appreciated Reagan was by the time 1984 hit.

 

[Dad2three]

Again ... Obama inherited an economy in recession ... Reagan did not. You lost this one, accept it.

There were recessions months before and months after Reagan was sworn in. Even though we weren't technically in a recession when Reagan was sworn in, we had sky-high inflation and unemployment. At the time, the economy was generally agreed to have been in the worst shape since the Depression.

Yeah, so? That doesn't make the economy in January, 1981 worse than the economy in January, 2009.

And by the way, the sky-high unemployment rate in January, 1981 was 7.5%. It was 7.8% (and climbing) in January, 2009.

And again, Obama inherited a recession, Reagan did not. There is no way in hell any lucid individual can argue that Reagan inherited an economy worse than what Obama inherited.

I'm not arguing that Reagan's economy was worse.

What I'm saying is that Reagan inherited a difficult mess. Your post implied that he did not because "it wasn't a recession." Simply because it wasn't technically in recession doesn't mean the economy wasn't terrible. It was.

But the mess St Ronnie inherited was created by Nixon and was the same mess Carter inherited. Carter did not make it worse before he passed it to Reagan. Reagan made it the worst recession since the Great Depression completely on his own.

This kind of post only shows you why debating partisan morons on either side is a waste of time.

Anyone who knows anything about what happened back then knows that what happened under Reagan was already in the pipeline.

Then again, they seem to forget just how appreciated Reagan was by the time 1984 hit.

So Reagan having a top tax rate over 20% higher than the socialist Obama for 6 years meant what?

Ronnie top rate 50% for first 6 years

Obama top rate 40%

And EVERYTHING that happened under Obama his first year when over 4+ million jobs were lost and the deficit was $1.2+ trillion?

Appreciated? Oh right, Mondale *shaking head*

 

[EdwardBaiamonte]

And EVERYTHING that happened under Obama his first year when over 4+ million jobs were lost and the deficit was $1.2+ trillion?

yes horrible performance as anyone would expect from a socialist. Ever heard of the USSR? East Germany? Red China? Cuba? France?