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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: kollmhn who wrote (150276)	4/28/2011 5:45:02 PM
From: Snowshoe	3 Recommendations Respond to of 206181

As someone who is in over his head, right? They're throwing up everything they can to see what sticks! For the record, Carter put another guy in the Fed chief slot before Volcker. It didn't work out so well. I'll never forget the newspaper cartoon of Carter lashed to a gas gauge needle on empty... ;) G. William Miller en.wikipedia.org Miller succeeded Arthur Burns as Fed Chairman in January 1978. He inherited a high inflation economy, still suffering from the increase in oil prices from OPEC. The change in the Consumer Price Index was 4.9% in 1976 and 6.7% in 1977.[3] Nevertheless, Miller maintained a Keynesian belief that inflation could "prime the pump" of the economy, and would at any rate be self-correcting.[4] He thus pursued a strongly dovish policy and opposed raising interest rates. The effect of this was to send the dollar's value spiraling downward. In November 1978, only 11 months into his term, the dollar had fallen nearly 34% against the German mark and almost 42% against the Japanese yen, prompting the Carter administration to launch a "dollar rescue package" including emergency sales from the U.S. gold stock, borrowing from the International Monetary Fund, and auctions of Treasury securities denominated in foreign currencies.[5][6] This proved only a short-term fix; while temporarily steadying the dollar, it soon resumed its fall.[7] The portmanteau stagflation, the combination of stagnation and inflation, increased in popularity during this time to describe the high rate of inflation that was failing to spur the economy.

To: kollmhn who wrote (150276)	4/28/2011 8:03:30 PM
From: Jacob Snyder	8 Recommendations Read Replies (4) \| Respond to of 206181

Jimmy Carter: Nice guy, very smart, tried real hard, his heart was in the right place, an idealist without a lot of practical management experience. In the end, he was unable to effectively deal with (or even understand) any of the long-term problems the country faced. Things drifted and gradually got worse while he was in charge, and he is on nobody's list of the 10 best Presidents. Obama: ditto. disclosure: I voted for both of them.