Re: What was the 80's recession like?

Posted by Dave in Mo on November 21, 2001 at 04:44:52 from (12.13.248.3):

In Reply to: What was the 80's recession like? posted by Poppin' Johnny on November 20, 2001 at 15:20:18:

Those times were really bad for several reasons. Inflation was huge, especially for land and housing. Carter beat Ford in '76 and never was a strong President. Do you remember the Iran Hostage situation? That was an albatross around his neck, wasn't his fault. The failed rescue attempt where the military had to turn back because their helicopters had too many hydraulic failures etc. It was the low point for the Defense Dep't. That also consumed the national news. I remember Carter asked the employers through the US to limit raises to 7% per year to help check inflation-which was running about 15-18% per year. Loans were so expensive no one could borrow. In my 50 plus years, it was the worst time. It's easy to see how Reagan got in beating an incumbant in a straight up fight with that as a backdrop. First thing he did was to resinstate the B1 bomber program that Carter cancelled and then shot down some of Omar (Kahdafee's) MIG's over the coast of Africa.
Those definitely were not the "good ole days".

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