4 ms·
I think people forget just how bad the early 80s recession was, possibly because most of the people affected then are dead or senior citizens now. Nationwide w
by nostrademons 5y ago
I think people forget just how bad the early 80s recession was, possibly because most of the people affected then are dead or senior citizens now. Nationwide was 10% (on par with the 2009 recession), and in some cities it went up to 25%. Farmers drove their tractors into Washington DC and blockaded the Eccles building. Car dealers sent coffins containing the keys of unsold vehicles. Construction workers sent 2x4s to Volcker because nobody needed them for home construction. The Treasury Secretary publicly undermined him, and the House Majority Leader called for his resignation.
- coldcode 5y agoI owned a house shortly after that period, I knew people with 18% mortgages who just walked away from the house when rates went down again.
- abdabab 5y ago> Car dealers sent coffins containing the keys of unsold vehicles This sounded so strange that I had to look it up and found this article https://www.federalreservehistory.org/essays/anti-inflation-measures https://www.federalreservehistory.org/essays/anti-inflation-...