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Obama quote shortly after election: "We won, you lost. Get over it."
Way to reach across the aisle, Mr. President.
Reagan had some class and leadership ability, two things which the current occupant of the White House can't say. I lived through that period...things were a lot rougher in 1980 than in '08. Inflation was rampant, interest rates were approaching 20%, no business could afford to borrow money to grow. Add to that, the lack of leadership in both Carter's and Nixon's administration left the Soviets with a stronger military than ours. Reagan turned all that around...employment was at very low by the time he left office, the economy was booming and the Soviet Union was finished. He made some mistakes, particularly in terms of the growth in domestic spending-he gave away a lot to get concessions from Dems in congress. Still, an amazing 8 years in the history of the country. One of the highest levels of optimism about the future ever. The threat of nuclear annihilation was finally...if not over, at it's lowest level in 4 decades.
Last edited by Toyman at Jewel Lake; 04-05-2014 at 08:52 PM..
Reagan had some class and leadership ability, two things which the current occupant of the White House can say. I lived through that period...things were a lot rougher in 1980 than in '08. Inflation was rampant, interest rates were approaching 20%, no business could afford to borrow money to grow. Add to that, the lack of leadership in both Carter's and Nixon's administration left the Soviets with a stronger military than ours. Reagan turned all that around...employment was at very low by the time he left office, the economy was booming and the Soviet Union was finished. He made some mistakes, particularly in terms of the growth in domestic spending-he gave away a lot to get concessions from Dems in congress. Still, an amazing 8 years in the history of the country. One of the highest levels of optimism about the future ever. The threat of nuclear annihilation was finally...if not over, at it's lowest level in 4 decades.
Oh yes I remember the 18%-20% interest rates and that is with good credit. It prevented us from buying a home. No way we could afford it with that interest rate. I agree, back in those days it was hard especially if you were just starting out. Then the economy seemed to take off and got a lot better. Then people got out of hand and started living the good life on credit.
This recession is nothing like 1980. There was no collapse in housing prices.
When the prime rate hit 21% and mortgage rates hit 16%, the price of EVERYTHING collapsed--homes, autos, factories, locomotives, airplanes, power plants, EVERYTHING. You do not know what you are talking about.
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