Quote:
Originally Posted by ADL Colin
"All kinds of dirt"? No, I just pointed out that Paul's prediction of an imminent recession in '83 was - like you said - "dead wrong". It was far off the mark.
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To quote you, you said he said "in a few years" ...
Interesting article here:
http://www.nationmaster.com/encyclop...980s-recession
"
On Black Monday of October 1987 a stock collapse of unprecedented size lopped twenty-five percent off the Dow Jones Industrial Average. The collapse, larger than that of 1929, was handled well by the economy and the stock market began to quickly recover. However the
lumbering savings and loans were beginning to collapse, putting the savings of millions of Americans in jeopardy.
The panic that followed lead to a sharp recession that hit hardest those countries most closely linked to the United States, including Canada, Australia, and the United Kingdom. The economies of Europe and Japan were hurt, but not as badly. The US economy continued to grow as a whole, although certain sectors of the market such as energy and real estate slumped.
The
first burst of the recession was short-lived, as fervent activity by the government leading up to elections in both the United States and Canada created what many economists at the time saw as an economic miracle a growing consumer confidence and increased consumer spending almost single handedly lifted the North American economy out of recession.
It soon turned out that
the quick recovery was illusory, and by
1989 economic malaise had returned. For the next several years high unemployment, massive government deficits, and slow GDP growth affected the United States until 1992 and Canada until 1995. "
Its official, Ron Paul is a fraud, he couldnt give out an exact date and is wrong on a few details... All other great economists are always spot on! Lets praise them and give out a few names can we? lol