Posted By:
warshawlawIf you are going to call me out, at least have some facts to back your position. The recession that occurred is a fact and no amount of revisionism can change that. Perhaps I can remind you of the facts by quoting from a report by that bastion of left-wing democratic partisanship, the Federal Reserve Board. Per the Fed, the economy reached a peak in July 1981 and a low point in November 1982:
Table C
Business cycle peaks and troughs in monthly IP since 1972
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Peak Trough
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March 1979 (May 1979) July 1980
July 1981 November 1982
September 1990 (April 1989) March 1991
June 2000 December 2001
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http://www.federalreserve.gov/Releases/G17/Revisions/20021205/g17rev.txt>
The table I presented from the Fed also points out that the economy reached a peak in 1979 and another depth in 1980. So, in fact, my revisionist friend, your man Reagan benefited at the ballot box from a slump during the height of the 1980 election campaign, rode the recovery from that dip and crashed the economy all on his own starting 6 months into his term. He presided over a recession so sharp that it was considered the worst since the Great Depression.
Equally as important for our discussions, and totally bypassed by your hysterical screed and the subsequent debate over how you hijacked this thread, is the fact that a ton of cards poured into the Hobby from the late 1970s into the early 1980s. If you want to know why prices dropped dramatically on some cards around that time, look no further than supply meeting and in some cases outstripping demand. In late 1979 I was offered $500 for a near mint 1953 Mays. A year later, I saw dozens of these cards in just one dealer's case at a show here in LA. When the prices went up sharply, the news stories started and the cards poured out of the woodworks, especially the 1950s and 1960s stuff.