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Politics : Stockman Scott's Political Debate Porch

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To: Lizzie Tudor who wrote (24867)	8/9/2003 12:23:56 PM
From: Rarebird	Read Replies (1) of 89467

The bigger the economic imbalances caused by the previous credit-induced borrowing binge, the deeper and more protracted the slowdown always is. The higher interest rates discourage uneconomic investment, reward thrift, rebuild genuine capital savings, and clear the way for a restart. The problem arises when the level of the previous excesses are so grotesque that the brakes cannot be slammed on without putting the entire financial system and the currency at risk. That is what the US is facing now. And with that in mind, it is a good time to revisit the last era when the US faced a similar (although vastly smaller in comparative magnitude) problem. That era was the second half of the 1970s. Date M1 $Billion Gold 1/2/76 296.0 $139 8/30/76 306.50 $102 3/18/77 316.4 $150 7/28/78 349.3 $200 2/7/79 360.2 $250 7/18/79 373.1 $300 9/17/79 376.9 $350 10/1/79 377.8 $400 12/13/79 379.1 $450 12/27/79 381.7 $500 1/2/80 382.50 $550 1/3/80 382.50 $600 1/14/80 383.60 $650 1/16/80 383.60 $700 1/16/80 383.60 $750 1/18/80 383.60 $800 1/21/80 383.60 $850 Aren't you interested in making money?

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