2011-02-25blogspot.com

Now, what happened after 1979’s Iranian Oil Shock? Like I said: Severe inflation, unemployment, and a Fed that had to raise rates catastrophically, in order to stop an inflation that was spiralling out of control.

But back in 1979, there was no kindling for that inflationary fire. Federal Reserve money policies were fairly responsible. The Federal government’s total debt and liabilities was less than 50% of GDP. Back in 1979, the U-3 unemployment rate was about 5%, compared to over 9% today.

Back in 1979, there was no ZIRP, no QE2, no $1.6 trillion deficit. There weren’t so many freshly-minted dollars sloshing around, looking for yields like army ants looking for dead meat. There wasn’t a total government debt that was bigger than the total gross domestic product of the United States.


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Comments:

catherine at 12:15 2011-02-25 said:
BARRY is crazy carter ON STEROIDS...............

gas lines by the end of the summer...

and if you didn't live thru Carter you have no idea because revisionist history has removed that idiot's stain.

in Libya they are shooting people in the streets from military jets and we are SAYING AND DOING nothing..............NOT EVEN TALKING AGAINST IT............the whole rulebook has changed for us as a nation.......... Permalink

StephenF at 20:33 2011-02-27 said:
The Obama administration offered "any type of assistance" to Libyans seeking to oust the longtime leader.
A day after President Barack Obama branded Gadhafi an illegitimate ruler who must leave power immediately, U.S. Secretary of State Hillary Rodham Clinton kept up pressure for him to step down and "call off the mercenaries" and other troops that remain loyal to him.
The messiah & hillary have spoken...it's a wrap. uprising over, nothing to see here...move along. Sadly the USofA has lost the power of the spoken word. Who really fears the USA anymore? Sad, Sad, Sad...This administration is a joke.

People being shot in the streets by the catalyst of Pan Am 103 and nothing of substance from ole Barack, probably in the war room working out March Madness scenarios :roll: Permalink

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