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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Sedohr Nod who wrote (67909)	7/5/2009 10:17:55 AM
From: Kenneth E. Phillipps	Read Replies (2) \| Respond to of 224755

The recession was solved by Paul Volker - Carter's appointee - who raised interest rates to an all time high during Reagan's term. This broke the inflation cycle.

To: Sedohr Nod who wrote (67909)	7/5/2009 10:22:35 AM
From: Kenneth E. Phillipps	Respond to of 224755

Paul Volcker, a Democrat[5], was appointed Chairman of the Federal Reserve in August 1979 by President Jimmy Carter and reappointed in 1983 by President Ronald Reagan.[6] Volcker's Fed is widely credited with ending the United States' stagflation crisis of the 1970s. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2% by 1983. The federal funds rate, which had averaged 11.2% in 1979, was raised by Volcker to a peak of 20% in June 1981. The prime rate rose to 21.5% in '81 as well. [7] These changes in policy contributed to the significant recession the U.S. economy experienced in the early 1980s, which included the highest unemployment levels since the Great Depression. Volcker's Fed also elicited the strongest political attacks and most wide-spread protests in the history of the Federal Reserve (unlike any protests experienced since 1922), due to the effects of the high interest rates on the construction and farming sectors, culminating in indebted farmers driving their tractors onto C Street NW and blockading the Eccles Building.[8] en.wikipedia.org