Reply #178: Thhe media was also complicit in elevating Ray Gun's "heroic"status. [View All]

[Joe Fields]

Regan has been given credit, time and time again, for lifting the country out of Carter's recession. But, the truth of the matter was that, during Carter's last year in office, Paul Volcker severely restricted the money supply, which actually was the reason for bringing us out of the recession and, as a result, interest rates began to tumble from the double digits that we experienced. Reagan got the credit though.

The irony of it all was that Reagan was so out of touch with what was going on, that, during the entire time that Donald Regan was the Treasury Secretary, "President" Reagan NEVER had a one on one meeting with him.