Ahahaahha, Contary to your revisionist view of history, which you can learn from me, not from text books, the price of oil started falling early in the 1980s. Before 1986, half the drop was done. Here's one of many sources: wtrg.com
As you can see, your memory is wrong: <My comment: <The biggest deal in the early 1980s was the decline in the price of oil from $40 per barrel to $10 a barrel.>
Yours: Falling oil price which actually didn't start falling meaningfully until 1986 never was a big deal. From '79 to '86 crude fell from $40 to $30. >
Perhaps you've forgotten all the drama over oil and oil prices of the 1970s and how big a part oil played in the USA economy of 1973 and more so after the price rises.
Inflation in the 1970s and the long flat stock market were not surprising given the oil price increases. Similarly, the reduction of inflation during the 1980s and the economic improvement and stock market bull were not surprising.
Reagan had the wind behind him. It's easy to look good in those circumstances. Bill Clinton presided over the best economic and technological progress ever, but he had the wind at his back too. King George II has got a bust to deal with, higher oil prices and some terrorist mayhem.
But he also has continuing globalisation and global economic development helping him along.
Get Truth in History Here,
Mqurice |
