I think Carter was underrated as a president; his life was so different than corrupt DC. I generally agree with what you have, except I think the Dept of Education has been a complete waste, as test results prove. It's just given DC some control and teachers more debt-funded cash. Carter was a great human being and a patriot. Contrast him to what we now have and will soon get.
Ford started deregulation, not Carter. See Ford, Carter, and Deregulation in the 1970s by Andrew Crain.
For more on Carter- Volcker see William Greider's Secrets of the Temple How the Federal Reserve Runs the County: Carter did not have a strong grasp of monetary policy but used some terminology to make it appear that he did. Appointing Volcker: "the choice had occurred by accident, driven by political panic and financial distress. . . the President was implicitly surrendering control to him. The Fed would steer the steer the national government's economic policy now. . . what was not understood was that this crucial transaction occurred with an enfeebled President's acquiescence, but not with his approval."
For perspectives that give better insights into Carter, see Jimmy Carter in Context by Russell Motter and the Carter Administration's "Crisis of Confidence" by Michael Link and Betty Glad.
Gene's column reminds me of Jude Wanniski's 'Two Santas' fable.... how tax cuts became the Republican answer to Great Society spending. BTW, did Volcker "raise" interests so dramatically high, or did the banks bid up the price of reserves to nosebleed levels at a time when the Fed refused to accommodate their demands?
I think Carter was underrated as a president; his life was so different than corrupt DC. I generally agree with what you have, except I think the Dept of Education has been a complete waste, as test results prove. It's just given DC some control and teachers more debt-funded cash. Carter was a great human being and a patriot. Contrast him to what we now have and will soon get.
Ford started deregulation, not Carter. See Ford, Carter, and Deregulation in the 1970s by Andrew Crain.
For more on Carter- Volcker see William Greider's Secrets of the Temple How the Federal Reserve Runs the County: Carter did not have a strong grasp of monetary policy but used some terminology to make it appear that he did. Appointing Volcker: "the choice had occurred by accident, driven by political panic and financial distress. . . the President was implicitly surrendering control to him. The Fed would steer the steer the national government's economic policy now. . . what was not understood was that this crucial transaction occurred with an enfeebled President's acquiescence, but not with his approval."
For perspectives that give better insights into Carter, see Jimmy Carter in Context by Russell Motter and the Carter Administration's "Crisis of Confidence" by Michael Link and Betty Glad.
Great piece. Want to share it in my own newsletter if I can figure out how (not on substack).
Gene's column reminds me of Jude Wanniski's 'Two Santas' fable.... how tax cuts became the Republican answer to Great Society spending. BTW, did Volcker "raise" interests so dramatically high, or did the banks bid up the price of reserves to nosebleed levels at a time when the Fed refused to accommodate their demands?
Thank you for this very helpful commentary.