and Prop 13, in some nutty place called California.
On Thu, Feb 19, 2009 at 4:28 PM, Jim Devine <[email protected]> wrote: > My sister asked me: > > What were the Major Economic News Stories 1978-1984? > > My answer: > > 1. The 1979 Iranian revolution, which led to soaring oil prices > afterward, especially when it turned into the Iraq/Iran war. > > 2. This encouraged stagflation in the US, meaning high inflation > combined with rising unemployment. (This added to the pre-existing > stagflation and encouraged Jimmy Carter to talk about a "malaise.") > > 3. The Three Mile Island disaster of March 1979. > > 4. The appointment of Paul Volcker to run the Federal Reserve in > August 1979 led to a new anti-inflationary tilt for policy and started > the movement toward Calvin Coolidge Capitalism ("the business of > America is business") we've seen growing since then. > > 5. There was a short-lived recession in 1980, aimed at fighting > inflation. This was not very successful. When added to the Iran > hostages debacle, it helped chase Carter out of office. > > 6. The bank reform legislation of 1980 (Depository Institutions > Deregulation and Monetary Control Act) and 1982 (Garn-St. Germain) > which allowed the Savings & Loan sector to do a lot of new things, > setting the U.S. up for the S&L debacle of the late 1980s. > > 7. There was a short recovery, followed by the long and deep recession > of July 1981 to November 1982, which got us up to above 10% > unemployment in from September 1982 to June 1983 (peaking at 10.8% in > Nov.-Dec. 1982). As usual, the job situation stayed bad even after the > recession officially ended. > > 8. The Reagan tax cuts, mostly for the rich, during 1981-83. > > 9. There was the beginnings of a recovery, starting about 1984. > > This list is mostly about macroeconomics, but I hope it helps. > ---------------------- > > Can any pen-pals suggest additions to (or subtractions from) this list? > > -- > Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own > way and let people talk.) -- Karl, paraphrasing Dante. > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
