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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (41729)	3/9/2010 1:12:37 AM
From: RMF	Read Replies (3) \| Respond to of 71588

Tim, you have to admit that Reagan's deficits were more "voluntary". We had "stagflation" in 1980 and Reagan let Volcker squeeze the "flation" out with punitive interest rates. But after that, even when the economy was taking off Reagan STILL didn't stop running deficits. Obama has been in a completely different position. There isn't any "magic bullet" scenario where the FED could just "correct" things in 2 years and then we'd be back on the path to economic recovery. We've NEVER seen anything like THIS before. This doesn't even compare to the 30's depression. Back then we had the structural elements for a thriving economy, we just had to get it going again. Today, we don't HAVE that, our economy has become sort of a PONZI scheme.