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Non-Tech : Deflation
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To: ahhaha who wrote (165)11/21/2002 3:17:07 AM
From: Maurice Winn  Read Replies (1) of 621
 
<The Reagan tax cuts proved me right.> How did they prove you right? The biggest deal in the early 1980s was the decline in the price of oil from $40 per barrel to $10 a barrel.

The biggest deal in the 1970s was the dramatic increase in oil from $2 a barrel to $40 a barrel when oil was numero uno and cyberspace wasn't even a gleam in $ill Gates' eyes. Even the PC was far from replacing Fortran IV card punch machines.

Now, oil is small change in the economic tides of the world.

How did you separate that stuff and all the other stuff and conclude that Reagan's tax cuts proved much of anything? The stock market boom beginning in the early 1980s was more to do with the reducing OPEC oil tax.

Remember the worries about "recycling the petrodollars"? Well, at the time, it seemed easy enough to me and sure enough, the OPECers soon figured out that spending money is easy. Or, if they put it in the bank, the banks soon loaned it to somebody else.

I should have been an economist! This is easy.

Mqurice
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