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07/13/17 03:26 PM
07/13/17 08:39 PM
SKYNET is SELF-AWARE!
WiscBadger95 wrote:cocoapelli wrote:Getting 8% or more on your checking account during the Carter years must have been sweet.I can recall long-term CDs earning as much as 15% or 16%.
cocoapelli wrote:Getting 8% or more on your checking account during the Carter years must have been sweet.
07/13/17 10:54 PM
Kathy Fan 2 wrote:^ I hope you don't really hate Carter. Dude is a saint.
07/13/17 11:10 PM
WiscBadger95 wrote:cocoapelli wrote:Getting 8% or more on your checking account during the Carter years must have been sweet.
I can recall long-term CDs earning as much as 15% or 16%.
07/14/17 02:52 AM
07/14/17 05:46 AM
07/14/17 10:50 AM
cocoapelli wrote:WiscBadger95 wrote:cocoapelli wrote:Getting 8% or more on your checking account during the Carter years must have been sweet.
I can recall long-term CDs earning as much as 15% or 16%.Wow. Just imagine signing up for a 25 yer term on one of those, compounded daily!
07/14/17 10:54 AM
SurvivorLDog93 wrote:WiscBadger95 wrote:cocoapelli wrote:Getting 8% or more on your checking account during the Carter years must have been sweet.I can recall long-term CDs earning as much as 15% or 16%.[S]tatistics on the Carter Administration were nauseating. Automobile prices increased 72%. New house prices went up 67%. In 1979 alone, gasoline prices increased 60%. The inflation rate went from 6.8% in 1977, to 7.6% in 1978, to 11.5% in 1979, to 12.4% in 1980. National productivity declined sharply. . . . Interest rates soared. By the time Carter left office, the prime rate was 21.5% — a new record.[LatkaGravas] What a country! [/LatkaGravas]
07/14/17 10:58 AM
21.50(U.S. Prime Rate record high)(BACK TO TOP | CURRENT RATE)
07/14/17 11:05 AM
07/14/17 11:48 AM
07/14/17 11:56 AM
07/14/17 12:08 PM
07/14/17 12:17 PM
WiscBadger95 wrote:Here's the inflation rate for the U.S. for the last 60 years.http://www.inflation.eu/inflation-rates/united-states/historic-inflation/cpi-inflation-united-states.aspx
07/14/17 01:19 PM
cocoapelli wrote:Well I wouldn't mind getting more than 0.2% interest on my savings account.
07/14/17 01:29 PM
This is the gruesome story of the great inflation of the 1970s, which began in late 1972 and didn't end until the early 1980s. In his book, "Stocks for the Long Run: A Guide for Long-Term Growth" (1994), Professor Jeremy Sigel, called it "the greatest failure of American macroeconomic policy in the postwar period."
The great inflation was blamed on oil prices, currency speculators, greedy businessmen and avaricious union leaders. However, it is clear that monetary policies, which financed massive budget deficits and were supported by political leaders, were the cause. This mess was proof of what Milton Friedman said in "Money Mischief. Episodes in Monetary History" (1994): inflation is always "a monetary phenomenon." The great inflation and the recession that followed wrecked many businesses and hurt countless individuals. Interestingly, John Connolly, the Nixon-installed treasury secretary without formal economics training, later declared personal bankruptcy. (Read more about Friedman's Contributions in Free Market Maven: Milton Friedman.)
Yet these unusually bad economic times were preceded by a period in which the economy boomed, or appeared to boom. Many Americans were awed by the temporarily low unemployment and strong growth numbers of 1972. Therefore, they overwhelmingly re-elected their Republican President Richard Nixon, and their Democratic Congress in 1972; Nixon, the Congress, and the Federal Reserve failed them.
It began in 1969 with a president facing re-election. Nixon inherited a recession from Lyndon Johnson, who had simultaneously spent generously on the Great Society and the Vietnam War. Congress, despite some protests, went along with Nixon and continued to fund the war, and increased social welfare spending. In 1972, for example, both Congress and Nixon agreed to a big expansion of Social Security just in time for the elections.
John Maynard Keynes was an influential British economist of the 1930s and 1940s. He had advocated revolutionary measures: governments should use countercyclical policies in hard times, running deficits in recessions and depressions. Before Keynes, governments in bad times had generally balanced budgets and waited for malinvestments to liquidate, allowing market forces to bring a recovery.
Nixon's other economic volte-face was imposing wage and price controls in 1971. Again, they seemed to work during the following election year. Later on, however, they would fuel the fires of double-digit inflation. Once they were removed, individuals and business tried to make up for lost ground.
Nixon's deficits were also making dollar-holders abroad nervous. There was a run on the dollar, which many foreigners and Americans thought was overvalued. Soon they were proved right. In 1971, Nixon broke the last link to gold, turning the American dollar into a fiat currency. The dollar was devalued, and millions of foreigners holding dollars, including Arab oil barons with tens of millions of petrodollars, saw the value of dollars slashed.
07/14/17 01:35 PM
07/15/17 11:52 AM
No Sports Forum, no peace
cocoapelli wrote:Nixon would be a popular Democrat today.
07/15/17 12:11 PM
07/15/17 04:49 PM
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