Carter was in office during the inflation of the 70s, it's his fault, he sucked.
(although he appointed Volker to the fed, who finished getting inflation under control a few years later, and setting the stage for a double digit drop in interest rates and the mother of all economic booms)
SO Reagan comes in, presides over this lucky timing, also spending like crazy, even though he lowered taxes (can you say MASSIVE DEFICITS?)
and we have the age of the me generation and "don't worry - be happy."
I keep telling you folks, I was around then. This sucks ass compared to what a horrible horrible president Reagan was.
Amen!
The captain was young then. Ten pound bass hadn't even been caught yet.
Now he's a cranky old man, just recently having gotten through male menopause. This is the biggest factor affecting the difference in his world view between then and now.
But it's irononic that he looks back fondly on Reagan who is the one who started the biggest credit bubble of all time, that we are now dealing with. We have a problem that Reagan started, that probably has no nice solution. Either extreme austerity for a protracted period, causing a severe depression, or inflate our way out of it, with working man's wages not going up as much as prices. Either way, the 99% are SO FUCKED.
