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Discussion in 'Politics' started by oxrageous, Jun 9, 2018.
Trump is building a lot of things and dragging the lily-livered weak-kneed Republicans along with him!
He called it a Reagan recession. It was hardly that, either the one Reagan inherited when he took office or the short one in 1981-1982 that was a hangover from the earlier one. They were Carter recessions. But like to fool he is, he'll try arguing on the basis of a technicality. Well, it was a recession on Reagan's watch, correct? I win. Look at me. Jeremy Foley was the one who handed the contract to Meyer to sign, therefore he is the one gets the credit for the hire. That's how this tool thinks.
Maybe so, but calling him names doesn't strengthen your position much, either. Stick to your facts, let those prove a fool. Technicalities will be exposed for what they are, weak points.
He's earned it.
Can't say I agree or not (again, not a student of the 'facts') but I admire your position and determination.
I did not contradict anything. You said there was no recession during Reagan not me. You just don't know what you are talking about. The president can appoint the new Fed chairman and if Reagan wanted immediate low rates he could have pressured for it. He was smart politically to postpone the recovery and use recession influenced by high interest rates to bring inflation under control after Carter's departure. When Carter was president Wallstreet brought in Rockefeller's man Paul Volcker as Fed chairman to address the inflation problem. Volcker initially jacked up rates until Carter told him to stop when he saw what it did to the economy and Carter's election prospects so Volcker backed off. When Reagan came in he had Volcker finish the job on inflation and jack up rates again which killed the economy during Reagan's initial years until Volcker later lowered rates for years and the economy took off. I gave you the interest rate chart.
Sure as usual anything good that happens today are a direct result of those great Obama policies, any negatives are Trump messing up. Note I don't believe this at all.
Good take on the Carter economy, Jason, but it goes a little deeper. The Fed in the '60s changed to an expansionist monetary policy, siding with lower unemployment over low inflation. Rather than hire more workers, businesses chose simply to raise prices. Boom -- inflation, but over time with lower and lower economic growth. By the time Carter took office, we had entered a period described by economists as stagflation -- low growth with high inflation. The '79 oil shock made it all the worse. Reagan inherited Carter's stagflation and Volcker's uber-hawkish views on inflation, which ultimately defeated it, and he added a twist. One by one he eliminated government regulation, and esp Nixon-era price controls on oil and gas as well as an oil windfall tax The effect was to reinvigorate drilling and production, slash the price at the pump and put more cash in consumers' pockets. COMBINED with lower taxes and Volcker moving to an expansionist monetary policy in '83, the economy took off. Disposable income for Americans grew sharply from '83 to '90. Of course, the market moved with it. Stop and think about many of the moves taken by Trump compared to Reagan. Not all, but a lot of them. Reagan cut non-defense spending but grew the deficit sharply. Trump is on the same trajectory. Will it yield the same result? Time will tell.
Wrong. At least now you admit there was a recession during the first part of Reagan (a fact). You said there was not one during Reagan. Of course Carter had a recession but if you look at the interest rate chart you see Volcker took his foot of of the interest rate gas pedal before Reagan took office. Reagan told Volcker to finish the job and hit the interest rate gas pedal again at the beginning of Reagan. Smart politically as you want the economy looking good come your Presidential re election time not immediately following your election. Because debt was so low then you could do that. Not an option for Trump with the huge global debt levels. They asked Volcker what would be the first thing he would do if he was Fed chairman again. He said resign. With debt this high your options are limited. If you look at the interest rate chart you would understand .
Defending your nursing home lover again Eyore? I contradicted what your lover said which is verifiably not true. Did not contradict myself. You two just make stuff up that you have no idea whether it is true or not.
Just like you incorrectly said Foley did not hire Meyer you incorrectly said there was no recession during Reagan. Reagan's policies (like Carter's) did have influence in the recession during the early part of Reagan's term as the President can appoint the Fed chairman who can influence interest rates. You are correct that there was stagflation during Carter. Reagan made the smart move taking the inflation/stagflation medicine early
Every time I just get to the point of tolerating this guy, he does it again.
You guys engaged me not visa versa. Just be accurate Donkey. If I am wrong on something give me proof and it will be gladly accepted. I was not even talking to 78 and he tried to contradict me with something that is not true. I was just being accurate about Trump's available tools versus Reagan's available tools. Reagan is one of Trump's heroes but they were dealt very different hands.
I never said there wasn't a recession during Reagan's terms. Unlike you, I was careful to distinguish between recession he inherited and which came about as a result of his policies. He inherited a recession from Carter, who contrary to your claim did not ask Volcker to suspend his fight of inflation for political gain. The Fed chairman acts independent of the president. Volcker was no exception. "It was the right decision," said Carter of the decision to bring Volcker on board, "but the right one." Under Volcker and with Carter as president, the Fed Funds rate rose from 11% in August 1979 to 20% in January 1981. http://fortune.com/2015/10/31/paul-volcker-jimmy-carter-donald-trump/ Note the misery index (unemployment rate plus inflation) got lower nearing the end of Carter's term, but with unemployment on the rise and inflation getting lower. Further evidence that Volcker was not a political shill as you say. http://www.miseryindex.us/indexbymonth.aspx
Woah....hold on there, pardner. You are starting to misfire on more points than I can count. 1. I never said anything about who had a recession when. Quote me and you'll be right, but since there isn't, you're wrong. 2. I quoted you where in a single post you said "there was no recession during Reagan" and ended with "out of the initial Reagan recession". You're words, contradicting themselves as I pointed out. Not my words, as I didn't say anyone had a recession. Would you like to take a breath and reconsider who knows what they are talking about? Or at least WHO you are speaking to with your statements?
Byrd doesn’t know that you are Arthur Laffer.
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