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Politics : Formerly About Advanced Micro Devices
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To: combjelly who wrote (698245)2/10/2013 7:53:06 PM
From: i-node1 Recommendation  Read Replies (1) of 1574104
 
>>
Why was the economy so bad? Because Volcker had jacked up the interest rates. Why did he do that? To break the back of inflation. All that was needed was an easing of interest rates. But, that could not be done too soon or inflation would come roaring back.

Your standard excuse for the Carter economic disaster. It must feel great to be the only person in the country who still hasn't acknowledged what a disaster it was.

And it was because of lousy policy. Lousy tax policy, lousy foreign policy, incompetent mismanagement of energy policy, etc.

It is pretty much the same old incompetent bullshit we're seeing now; just different variants.

Reagan solved the problem -- in part by allowing Volcker to continue what he was doing but also by deploying reasonable tax policy, the most important tool politicians have at their disposal.

At some point, you really have to question why we got in the mess we were in when Volcker took over in '79. At least, those of us who understand the subject do.
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