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Yeah, that'd definitely be the Reagan administration you're thinking of. The UK was doing something similar at roughly the same time under Thatcher, or so I've

Yeah, that'd definitely be the Reagan administration you're thinking of. The UK was doing something similar at roughly the same time under Thatcher, or so I've heard. That era was famous for its very-indebted Yuppies (and the origin of the idea of "Yuppies" as we think of them.) Some of this can't be blamed on the politicians. Easy credit and the rise of credit cards generally did a lot for this. But politicians did get to decide how credit regulations worked. It took awhile to outlaw live (not pre-approved -- you could pick them up and just use them!) credit cards arriving at people's houses, for instance. You could literally steal one out of somebody's mailbox and go rack up money in their name. Not any more, obviously. But they lasted longer than you'd think. Credit was pushed very hard at consumers, and politicians do control the extent to which that's legal, even if they're not really to blame for it being possible.

jsprogrammer 11y ago
>Credit was pushed very hard at consumers, and politicians do control the extent to which that's legal, even if they're not really to blame for it being possible. Credit must be pushed hard. Credit is the origin of money, under these systems. Credit must expand so that the periodical interest obligations can be met by those with existing credit obligations. When credit no longer expands at a sufficient rate, the systems enter contractions, which will quickly end the system, unless credit expands enough to save the system for a while longer.
ckinnan 11y ago
Incorrect. Reagan's 1986 tax reform actually eliminated the tax deductibility of credit card debt. While U.S. household debt did increase in the 1980s, it grew much more rapidly during the 1990s and first half of 2000s.
- angelbob 11y ago
  Not sure which bit you're saying "incorrect" to. But okay. Are you arguing with "the era was famous for indebted Yuppies", then?

jsprogrammer 11y ago

>Credit was pushed very hard at consumers, and politicians do control the extent to which that's legal, even if they're not really to blame for it being possible. Credit must be pushed hard. Credit is the origin of money, under these systems. Credit must expand so that the periodical interest obligations can be met by those with existing credit obligations. When credit no longer expands at a sufficient rate, the systems enter contractions, which will quickly end the system, unless credit expands enough to save the system for a while longer.

ckinnan 11y ago

Incorrect. Reagan's 1986 tax reform actually eliminated the tax deductibility of credit card debt. While U.S. household debt did increase in the 1980s, it grew much more rapidly during the 1990s and first half of 2000s.

angelbob 11y ago
Not sure which bit you're saying "incorrect" to. But okay. Are you arguing with "the era was famous for indebted Yuppies", then?