On Sat, 10 Jan 2009 22:21:28 -0500, BAR wrote:

Vic Smith wrote:
On Sat, 10 Jan 2009 17:47:12 -0500, "Eisboch"
wrote:


No, I don't think he's correct at all. We are in for some tough times over
the next 2-3 years, but we will recover nicely. As bad as it is, it has
been worse before. Don't your remember the late Carter years, 20% interest
rates, inflation and 11 percent unemployment?

I was ok then. 8% mortgage.
What I remember most is getting laid off my first IT job in 1982.
Along with plenty of others.
Ronald Reagan.
The highest unemployment rate since the great depression.
That's what I remember.
You know what say about when your neighbor gets laid off....

During the Carter years (in 78, 79 and 80) the Ag credit union was
paying 12% on 6 month CDs.

I was working for the government in 1980 while Carter was President and
I voted for Reagan. I knew Reagan was going to clean up the Federal
government but, it was better for the country to get a handle on the
government spending than to protect your own job. Besides, IT was
ascending and private industry jobs were paying 30 to 40 percent better
than government jobs.

Reagan increased the federal payroll. I voted for him because I
figured he would nuke the Iranians.
That's apparently what the Iranians thought too, so it worked out
well.

--Vic