Well, that is true- in 1986 I was in college for a second time. That's why I can spell too!
And being mature has never been important to me, I'd rather have fun!
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
You remember inflation at 20%, but someone said it was intentional on Carter's part to HELP the economy.
No wonder you have such weird ideas, you have no reading comprehension.
I said that high interest rates were allowed to fight the inflation. Which by the way, began under NIXON, not Carter. Also by the way, there was never inflation as bad as 20%, just another thing some of you are more than a little shaky on the history of.
Excuse me, I was wrong, it only hit 18% as if that wasn't terrible.
Led by Volcker, the Federal Reserve raised the discount rate from 10% when Volcker assumed the chairmanship in August 1979 to 12% within two months.[35] The prime rate outstripped the Federal funds rate, reaching 20% in March 1980. Carter then enacted an austerity program by executive order, justifying these measures by observing that inflation had reached a "crisis stage"; both inflation and short-term interest rates reached 18 percent in February and March of 1980.[36] Investments in fixed income (both bonds held by Wall Street and pensions paid to retired people) were becoming less valuable in real terms, and on March 14, 1980, President Carter announced the first credit control measures since World War II.[37]
I recall working in NO in the early 80's and getting 15% interest on certificate of deposits. I also recall oil prices spiking, entry salaries of earth scientist skyrocketing and for those of us already hired, getting some huge raises on successive months. It all meant employment stability and low risk earning potential through savings. I miss that aspect of the 80's and my youth, but not my ignorance.
Nmysys wrote: Excuse me, I was wrong, it only hit 18% as if that wasn't terrible.
Led by Volcker, the Federal Reserve raised the discount rate from 10% when Volcker assumed the chairmanship in August 1979 to 12% within two months.[35] The prime rate outstripped the Federal funds rate, reaching 20% in March 1980. Carter then enacted an austerity program by executive order, justifying these measures by observing that inflation had reached a "crisis stage"; both inflation and short-term interest rates reached 18 percent in February and March of 1980.[36] Investments in fixed income (both bonds held by Wall Street and pensions paid to retired people) were becoming less valuable in real terms, and on March 14, 1980, President Carter announced the first credit control measures since World War II.[37]
Just as I said, interest rates under Carter were deliberately raised to bring inflation under control. The inflation that had been raging since the Nixon administration.
to quote the Eagles ---- "I can't tell you why....."
Come on - this is the decade that Steve Miller Band was singing (gag) disco.
The 80s had to be one of the most shallow decades of music, ever.
I don't have any endless love for that era. I didn't date any women for whom I have a kiss on my list --- and the theme song for the decade was Linda Ronstadt's "Don't know much....."
The 80s aren't an era that I'd like to re-live. With the possible exception of Reagan (ok - I admired him) ---- I'm very happy the deade is dead.
Shallow music? Maybe, but the Smiths, REM, & the Replacements were my college soundtrack and I would spend big money to see them in concert again.
Question:
Which economy was worse to live through, the stagflation/unemployment of the Carter/early Reagan years? Or the current Bush/Obama morass?
I was just a kid when Carter was President so the stagflation didn't seem that bad. I do remember getting 5% on my passbook bank account.
Thomas Sowell: There are no solutions, just trade-offs.
