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Pastimes : All Clowns Must Be Destroyed
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To: Thomas M. who wrote (41196)6/21/2000 1:38:00 PM
From: pater tenebrarum  Read Replies (1) of 42523
 
well, i do think there was some causality involved...the rise in oil prices in the 70's translated into a big jump in overall inflation, and correspondingly high interest rates, which in turn produced the recession and bear market of 73-74.

remember, in real terms the rise in oil prices in the '70's was much much larger than today's. in today's dollars the second oil shock barrel was at $73.

regards,

hb
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