Apr 30th, 2010, 09:59 PM
The 70's was the worst. Worse than the internet bubble, worse than the first few years of the Reagan Years (where deficit spending became a cottage industry for the gonvernment), and, yes, Coolinator, worse than the house of derivative paper cards that drove the financial houses to their bailout.
Can you even comprehend 21% inflation? People were getting 15% raises and losing money. People were getting 12% interest in their savings accounts and they were losing money. People were getting laid off in droves - my father among them. There was rationing, there was a wage-price freeze. Look it up if you don't believe me - I lived through those times.
Those years sucked worse from an economic standpoint than anything you've experienced in your lifetime.
But it wasn't a depression.
That would be even worse.
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