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Politics : Formerly About Advanced Micro Devices

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To: hmaly who wrote (128218)	11/11/2000 3:37:53 PM
From: combjelly	of 1581698

"I guess you do favor Carter's handling of the depression." What ended the recession was Volker's handling of the Fed. The high interest rates and unemployment were needed to bring down the inflation rate. Once inflation was under control, then the economy was in a position to recover. This is the point where the deficits were helping instead of hurting. The tax cut and the deficit spending during the early Reagan administration was actually prolonging the recession. Look, these things are extremely painful and politicians try to avoid them. But by putting off the "medicine", high unemployment and high interest rates, inflation will just keep getting higher and higher until the whole economy breaks down. The politicians kept trying to put off the cure during the '70s and at least Carter had the guts and wit to listen to Volker and make the tough choices. And it is tough, I did my part during that time to get inflation under control. And I assure you that being unemployed during a time like that in a state like Texas is not particularly pleasant. All of this is really basic economics.

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