The right-wing cure for human misery: More pain - How the World Works - Salon.com
http://www.salon.com/technology/how_the_world_works/2010/08/30/robert_barro_on_unemployment
The primary factor behind the 1982 recession was Federal Reserve Chairman Paul Volcker's decision to raise interest rates enormously high, as part of his war against inflation. In other words, it was a completely different animal compared to the current downturn, which was precipitated by a financial crisis and a housing bust greater than anything the United States has experienced since the 1930s. A crisis that is still ongoing.
(via Instapaper)
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