A HISTORY OF RECESSION IN THE UNITED STATES 1950 TO 2008

[mikekohr]

A HISTORY OF RECESSION IN THE UNITED STATES 1950 TO 2008
Written by: mike kohr 2/12/2008

There is a pattern here that is plain to all but the most partisan. Ten of the last eleven recessions have occurred under the direction of Republican economic policy. And history does repeat itself. Look at the three greatest slowdowns in US economic history, 1929*, 1982, 2008, all three were attributed to poor economic and tight credit policy, all three featured deregulation and lack of oversight of the financial markets, and all three were presided over by a Republican President.

Recession/Depression of 2008 George W. Bush(R) Greatest downturn since 1929, blamed on lack of regulation of financial markets and collapse of credit markets

Recession of 2001 George W. Bush(R) Began in April of 2001, marked the beginning of greatest deficit spending in all of recorded human history

Recession of 1990-1991 George H.W. Bush(R) Deregulation of Savings and Loan industry led to a collapse and panic, which led to election of Bill Clinton, who produced the greatest increase in jobs and wealth in all of recorded human history

Recession of 1981-1982 Ronald Reagan(R) At the time, the most severe contraction of economy since the Great Depression, massive deficit spending/deregulation of markets, and tight fiscal policy in an effort to kill inflation were blamed for this downturn **

Recession of 1980 2nd & 3rd quarters Jimmy Carter (D) Shortest and least severe slow down, generally attributed to Iranian Revolution and increase in oil prices, led to the election of Ronald Reagan

Recession of 1973-1975 Richard M Nixon(R) OPEC’s increase in oil prices and massive spending in the escalation of war in Vietnam led to stagflation, the second economic crash of Nixon’s administration

Recession of 1969-1970 Richard M. Nixon(R) Credited to Nixon’s escalation of and massive spending in Vietnam War and OPEC’s increase in price of oil

Recession of 1960 -1961 Dwight D. Eisenhower(R) Noted for high unemployment, low GDP, high inflation JFK ended the recession by stimulating the economy 10 days after taking office

Recession of 1957-1958 Dwight D. Eisenhower(R) Eisenhower achieved the dubious distinction of achieving a second economic downturn on his watch, a record later matched by Richard M. Nixon, and George W. Bush

Recession of 1953 Dwight D. Eisenhower(R) Increased outlays to National defense and restrictive credit policies blamed for this downturn
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*The Great Depression of 1929 Herbert Hoover(R) Lasted for 10 years, blamed on Hoover’s economic policy and lack of regulation of financial markets

**“The Reagan Recession” which ran from the 4th quarter of 1981 thru the 1st quarter of 1982 is often categorized as starting under Carter’s watch during the 2nd & 3rd quarters of 1980. By the end of the 3rd quarter of 1980 that brief recession had rebounded. Starting in the 4th quarter of 1980, 3 of the next 4 quarters produced increased GDP. Reagan’s tight fiscal policy and massive deficit spending contracted the economy again in late 1981, producing unemployment of 10.8% and prime interest rates that hovered between 15% and 20.5%

http://recession.org/history
http://en.wikipedia.org/wiki/List_of_recessions
http://www.sjsu.edu/faculty/watkins/rec1980.htm
http://en.wikipedia.org/wiki/Economic_history_of_the_United_States#Deregulation:_1974.E2.80.931992

[BlooInBloo]

1. Alternatively, one can read the classic piece of economic history: Manias, Panics, and Crashes....

http://www.amazon.com/Manias-Panics-Crashes-Financial-Investment/dp/0471467146/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1234718067&sr=8-1

[Kurt_and_Hunter]

2. In fairness, the Recession of 1990-1991 was caused primarily by Iraq's invasion of Kuwait

[mikekohr]

4. A contributing factor yes, but

more importantly yet another recession that was caused IN part by our overdependence on foreign oil (see also 2008, 1980, 73-'75," '69-'70).

Our dependence on a steady, uninterrupted, cheap supply of energy threatens not just our National security but our economic stability as well. Of course there is also the issue of the greatest transfer of wealth in human history. It is not sustainable over the long run.

Obama's move to US energy Independence is 40 years over due.

mike kohr

[Kurt_and_Hunter]

6. Yes, if Iraq wasn't 15% of the oil supply at the time there would have been no global shock

[Tommy_J]

3. Rec # 1

[Numba6]

5. & the obstructionist all said at each time NO .NO .NO .NO .NO .NO .NO .NO .NO .NO .NO .NO .NO .NO .&

tax cuts, of course...

But A Tax Cut Won't Educate Your Child