Re: [Pen-l] economics events list, 1978-84

[Max Sawicky <maxbsawicky@xxxxxxxxx>]

I'll take Afghani anti-Soviet insurgency for $200, Alex.

On Thu, Feb 19, 2009 at 4:50 PM, Max Sawicky <maxbsawicky@xxxxxxxxx> wrote:
> and Prop 13, in some nutty place called California.
>
>
>
> On Thu, Feb 19, 2009 at 4:28 PM, Jim Devine <jdevine03@xxxxxxxxx> 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.
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>
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