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I believe Goldenboy is missing the point, we have 140 million working Americans today that are better off than the working Americans were in 1981-82 because of low inflation and low interest rates.
Bull****! First off, you do not even understand the relationship between asset prices and inflation/disinflation. They didn't have to bail out nearly every western financial institution on the plant in 1982. No, that didn't come about until the S&L crisis (which can be directly attributable to the policy objectives of the Reagan administration). There was a reason why adjustable rate mortgages were prohibited.
See the "Garn–St. Germain Depository Institutions Act 1982".
Unemployed are always going to be worse off regardless of the recession severity although their unemployment compensation is going further today than it did in the 81-82 recession. He is missing that reality.
Do you understand the relationship between unemployment and low/disinflation? If not, you are in no position to make such an argument.