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rulemylife -> RE: Carter leaves church-religion repressing women (7/20/2009 8:34:14 AM)
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quote:
ORIGINAL: Jack45
Under Carter the US suffered under STAGFLATION with approx. 16% interest rates.
Stagflation
Despite all this, when Richard Nixon became President in January 1969, inflation was modest - certainly manageable by the standards that were to come in the next fifteen years or so.
In retrospect, it probably would have been better if the Nixon Administration had simply let things be.As it is, we might recall the Shakespearean warning, „In trying to better, oft we mar what‘s good.“
By the summer of 1969, Nixon had already applied or was in process of applying fiscal restraints and in July of that year, the Chairman of the Fed announced a hike in interest rates.
At that point, stagflation, though not yet christened, was born.
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