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Way to pull out one sentence while ignoring the rest of the comment. Inflation had been a problem long before Carter. Neither Nixon (with his disastrous price
by starkd 4y ago
Way to pull out one sentence while ignoring the rest of the comment. Inflation had been a problem long before Carter. Neither Nixon (with his disastrous price controls) nor Ford (with his WIN campaign) was able to solve it. Volcker was appointed in 1979 to the end of Carter's term. He encountered fierce resistance when he jacked up rates the way he did (in full point incremenents), because the economy tanked. He would not have been able to hold the coarse had he not been given the room to do so. It took a good decade before inflation reached anywhere near zero. It was not easy, because the fed fund rates is a coarse instrement to use to bring inflation. It's not a dial that can be dialed up and down. You are merely waving a tribalistic flag while ignoring the details.
- Maursault 4y agoAnd what if President Carter had not appointed Volcker Fed chair? President Carter appointed Paul Volcker specifically to end inflation. That was the entire reason for his appointment. You're suggesting it is just a happy coincidence that Volcker completed the task? What you are obsessing about, the timeline, is entirely irrelevant, except for the fact that Carter likely knew very well it would cost him the White House, and yet he appointed Volcker anyway. So your insistence on fallacy that the timing is paramount only speaks against your argument.