BRYAN CAPLAN
May 7, 2013
Keynesian Bets: What's Out There
May 6, 2013
Keynesian Bets Bleg
May 6, 2013
The Pyramid of Macroeconomic Insight and Virtue
May 2, 2013
A Natalist Provision
May 1, 2013
I Was a Teenage Misanthrope
DAVID HENDERSON
May 5, 2013
John Thacker on Vaccinations and the Sequester
May 3, 2013
Chef Rudy's Virtues Project
May 2, 2013
My take on Reinhart and Rogoff
May 1, 2013
Medicare Kills a Program
SHARE
Wasn't Carter the one who started deregulation of the oil market, Reagan basically just came in after they were already ending?
I thought that was for airline and trucking dereg, not oil. Anyone?
Carter carried out the transportation deregs. Reagan was responsible for the oil.
"The Jimmy Carter administration began a phased deregulation of oil prices on April 5, 1979, when the average price of crude oil was US$15.85 per barrel (42 US gallons). Over the next 12 months the price of crude oil rose to $39.50 per barrel (its all time highest real price until March 7, 2008.)"
http://en.wikipedia.org/wiki/1979_energy_crisis
That must really sting.
I think people should avoid analogies which both sound like witty cocktail party discussion and show their politics. It usually ends badly.
Oil...
Nixon: problem
Carter: solution, blame
Housing...
Clinton: problem
Bush: problem, blame
Obama: blame (solution???)
Isn't it really?:
Clinton/Bush/Obama:Nixon :: ???:Carter/Reagan
I agree with others and think Nixon instead of Carter would work better in the analogy.
Obama: Ford :: ??? : Carter
No No no.
???: Volcker
It probably means a really painful readjustment. At this point the government is doing everything in its power to stop recalculation from happening.
A quote from the Wikipedia article cited above that gets to the Nixon/Carter/Reagan roles:
"Carter proposed removing price controls that had been imposed in the administration of Richard Nixon before the 1973 crisis. Carter agreed to remove price controls in phases; they were finally dismantled in 1981 under Reagan."
Eleven days after he took office, Reagan ordered immediate decontrol of oil prices. The action ended the Nixon-era price controls eight months ahead of the schedule set during Carter's administration.