In these days of difficulty getting loans....

[cornermouse]

For those who may be too young to remember or those who may have forgotten the "good" old days of Reagan. :eyes: Yeah. Anyway...

http://en.wikipedia.org/wiki/History_of_the_United_States_(1980%E2%80%931988) Sorry the link doesn't work. This is under subheading of Ronald Reagan and sub-subheading of The Recession of 1982.

"By early 1982, Reagan's economic program was beset with difficulties. The nation had entered the most severe recession since the Great Depression. In the short term, the effect of Reaganomics was a soaring budget deficit. Government borrowing, along with the tightening of the money supply, resulted in sky high interest rates (briefly hovering around 20 percent) and a serious recession with 10-percent unemployment in 1982. Some regions of the "Rust Belt" (the industrial Midwest and Northeast) descended into virtual depression conditions."

And further down the page under Deficit spending, the dollar and trade...

"Following the economic recovery that began in 1983, the medium-term fiscal effect of Reaganomics was a soaring budget deficit as spending continually exceeded revenue due to tax cuts and increased defense spending. Military budgets rose while tax revenues, despite having increased as compared to the stagnant late 1970s and early 1980s, failed to make up for the spiraling cost.

In his first term, Reagan continued to demand increases to the defense budget of up to 10 percent a year. Congressional committees, meanwhile, investigated charges that the $1 trillion of U.S. military spending in Reagan's first term bought surprisingly little, pointing to alleged Pentagon mismanagement. In the 1980s, for example, nearly 50 of the largest U.S. defense contractors came under investigation for overcharges and other criminal malfeasance.

The 1981 tax cuts, the largest in U.S. history, also eroded the revenue base of the federal government in the short-term. The massive increase in military spending (about $1.6 trillion over five years) far exceeded cuts in social spending, despite wrenching impact of such cuts spending geared toward some of the poorest segments of society. Even so, by the end of 1985, funding for domestic programs had been cut nearly as far as Congress could tolerate."

Sound familiar? Keep reading, it gets better. I've been watching George's spending and waiting for the available loan money to dry up. This morning the radio said that even some businesses are finding it difficult to get loans. You all better nail everything down that you can. I think this is gonna get nasty.

[demigoddess]

1. also I remember something reagan did that was really stupid. He gave a pay

raise to the military (campaign promise) but took away allowances that were temporary for temporary hardships. This left the military people about the same amount of take home pay or sometimes even less. However what he did was up the base pay which is what they base the retirement pay on, therefore, reagan spent a lot of money in the future that he and his people were too stupid to understand that they were spending. The military had to go back and recalculate retirement pay.

Also I remember in Bush I' s reign there were alot of men kicked out (they call it riffing) of the military against their will in order to save money, and then came the first gulf war.

[cornermouse]

2. Well, they say that those who don't remember history

are doomed to repeat it. Unfortunately, too many didn't remember and the rest of us are being forced to go along for the ride. :-(

[madrchsod]

3. i did`t find work for almost 8 years

started my own business that got us by. no one would hire me cause i made to much money at the last place i worked.11 dollars an hour in 1980 then the business went down the drain cause of the rust belt depression. ya the good old days....wait a minute who was actually running the government back then? was it george and his friends? i believe it was....

[cornermouse]

4. Yep.

It was. The Reagan years were really bad for us too. I'm really dreading what I know is coming.

[SoCalDem]

5. I remember buying a CD with my husband's profit-sharing

when he left a company he had worked for..Itr was only $12K, but that CD PAID 15.4% interest..that extra interest we earned was what made the difference when we bought this house in '82..

and now?? Our HIGHEST CD interest is 4.55 %..

BIG difference..

and a house we bought in Colorado was 15.8% interest..:scared:..hold tight kiddies :)

People who have some money already , will make out great, but if you NEED money?? well don;t hold your breath