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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (46634)	1/23/2008 12:57:11 PM
From: KyrosL	Read Replies (1) \| Respond to of 542139

Steve, the reason for the recession of the early 80's was exactly because the back of the inflation needed to be broken by huge interest rate hikes: that happened under Carter, who appointed Volcker for the job. As I proved to you, all the interest rate hikes that broke the inflation, and incidentally brought about the recession of the early eighties, was done by Volcker under Carter. The reason for the recovery under Reagan was because inflation's back was broken already in the last year of Carter's administration, so the Fed started reducing interest rates and the economy recovered as a result. Reagan was just lucky. He did nothing.