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1 hour ago, The Frankish Reich said:

Absolutely true. It was during COVID, and was meant to protect US oil producers, so you can argue about whether or not it was a good idea, but you can't argue about the fact that it happened. 

 

Of course he did, and we have discussed this before.

OPEC and the Saudis in particular, were interested in allowing the price to fall so far that US producers would be unable to sustain operations.

The result of that would have been a dramatic supply crunch when things returned to some level of normal economic activity, and a huge increase in OPEC market share with the US out of the picture.

 

It was a sensible thing to do.

 

Keep in mind that Saudi production costs per barrel are around $10.

US production costs per barrel is a bit over $50.

 

Trump, sensibly, did not want to see the US energy production capacity crushed.

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23 minutes ago, Tiberius said:

 

Reagan had a lot of inflation in his first term 

 

Totally inherited from the Carter disaster.

Remember the "misery index?"

 

Depending on severity, it takes a bit of time to get inflation under control unless there is a shock to the economy.

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2 hours ago, Tommy Callahan said:

 

 

Dang, 80% means a good number of Dems in there.  

 

2 hours ago, Pokebball said:

yeah, but, something something about going out for 4 steak dinners at a nice restaurant

 

Good old credit cards.  Gonna be hitting $2T before you know it...

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20 hours ago, sherpa said:

 

Totally inherited from the Carter disaster.

Remember the "misery index?"

 

Depending on severity, it takes a bit of time to get inflation under control unless there is a shock to the economy.

Carter inherited inflation from the Nixon-Ford years, and it is interesting to note that Reagan used Carter's solution to end the inflation with Paul Volker's interest rates rise. 

 

If you think Carter was a disaster, what can you say about Nixon? Carter was a vast improvement. 

 

Heck, looking at how many Nixon and Reagan officials were sent to prison, Carter's administrtaion stands out as an oasis of good government 

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4 hours ago, Tiberius said:

Carter inherited inflation from the Nixon-Ford years, and it is interesting to note that Reagan used Carter's solution to end the inflation with Paul Volker's interest rates rise. 

 

If you think Carter was a disaster, what can you say about Nixon? Carter was a vast improvement. 

 

Heck, looking at how many Nixon and Reagan officials were sent to prison, Carter's administrtaion stands out as an oasis of good government 

 

Cater was a disaster in every sense. To claim it was an "oasis" is insanity.

 

Inflation was becoming a problem during the Ford years, but nothing like what happened during the Carter term.

His solution to an unnecessary energy crisis was to turn down thermostats.

Absolutely no leadership.

 

Left the military in shambles, leading to massive retention problems  and very dangerous readiness issues.

He was despised by the officer corps.

He was also a rude, arrogant phony, who put the US at risk by not allowing the "football," the nuc codes to be brought into Plains when he was there.

 

The reason he got demolished in his reelection campaign was certainly not because he was "an oasis of good government."

Even the Dems despised him, resulting in a challenge from Kennedy. 

 

By the way, the Federal Reserve is an independent entity. 

 

 

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