You greatly overrate your importance if you think i have any personal animus toward you. I simply find you amusing and disgusting because of your warped partisan views, whether the subject is science, or morality or politics. You continue to ignore that three Presidents--Ford, Carter and Reagan--inherited the fiscal disaster of the Nixon administration. You ignore that inflation and interest rates ran out of control after the price controls of the Nixon administration were lifted, at the same time that the Arab oil embargo subsequent to the Yom Kippur War was imposed. You continue to avoid the issue of the comments by Gerald Ford which i posted here, and for which i linked the source. You ignore the
NYT article which i posted which gives, in language simple enough that even you can understand, an explanation of exactly what Nixon did to make himself look good for the 1972 election, and the consequences of it. You continue to ignore that the prime rate is directly conditioned on the interest rates of the Fed, and that from 1979 to 1987, the Fed was chaired by Paul Volcker, a Carter appointee whose appointment was renewed by Ray-gun.
This is from the Wikipedia article on Volcker:
Quote:Paul Volcker, a Democrat, was appointed Chairman of the Federal Reserve in August 1979 by President Jimmy Carter and reappointed in 1983 by President Ronald Reagan. Volcker's Fed is widely credited with ending the United States' stagflation crisis of the 1970s by limiting the growth of the money supply, abandoning the previous policy of targeting interest rates. Inflation, which peaked at 13.5% in 1981, was successfully lowered to 3.2% by 1983. The change in policy contributed to the significant recession the U.S. economy experienced in the early 1980s, which included the highest unemployment levels since the Great Depression.
However, Volcker's Fed also elicited the strongest political attacks and most wide-spread protests in the history of the Federal Reserve (unlike any protests experienced since 1922) due to the effects of the high interest rates on the construction and farming sectors, culminating in indebted farmers driving their tractors onto C Street and blockading the Eccles Building.
High interest rates were a deliberate policy of the Federal Reserve to end the run-away inflation which began with the end of Nixon's price controls and the oil embargo. Reagan renewed Volcker's tenure at the Fed because the policy was obviously working. This also contradicts your bullshit about the unemployment rate, which peaked in Reagan's administration, not Carter's. Your problem is that you are as wedded to your narrow, partisan political attitude as you are to your goofy, biblically-inspired world view.
Moron.