Who else remembers waiting in line for gas for hours during the 70's or home mortgages with 21% interest rates?

Why are they calling this the worst economy since the depression?Who else remembers waiting in line for gas for hours during the 70's or home mortgages with 21% interest rates?
i remember the carter years all too well...they say that because all too many voters weren't born at that time and don't care to learn history...the just want to believe democrats are always goodWho else remembers waiting in line for gas for hours during the 70's or home mortgages with 21% interest rates?
I do!





They're calling it the worst economy since the Depression because it started while a Republican was in the White House. It's ALWAYS the worst economy since the Depression when the downturn starts with a Republican in the White House 鈥?they said the same thing when BUSH I was in the White House while the economists said ';Uh, no, it's the MILDEST recession since the Depression.'; Needless to say, the press was just a tad lax reporting that simple fact.
I remember seeing the news about gas lines in major cities but I lived in a rural area and don't remember ever having to wait in lines. There were some times when some of the gas stations ran out of gas though.





I remember the high mortgage interest rates. I bought my first home in the early 80s and the interest rate at the time was considered low at 12% because of how far they had dropped.





I think people call this the worst economy since the depression for two reasons: 1. Many people don't remember the 70s so they believe what the media tells them. 2. The media likes to throw these statements out for effect. I hear a lot of statements like ';worst in 30 years'; but people don't stop and do the math to realize that is the 70s.





I will add to your observations that unemployment was around 12% as a national average.





EDIT: Where I lived, unemployment was so high, businesses were closing or moving so fast, homes were being foreclosed that there was a very popular bumper sticker that said ';LAST ONE OUT OF TOWN, PLEASE TURN OFF THE LIGHTS';.
I remember the 70's. In the 1970's the unemployment rates was only full time employment. Not like today where even being employed part time for a few hours a week counts. A paycheck including minimum wage went a lot further in the 70's. Interest rates were a bit high-true, but a house was a lot cheaper, as were rents. It wasn't just Carter in the 70's there was also Nixon and Ford, and all three of them did better with the economy than Bush did.
Not to mention, when Reagan took office, unemployment was double-digits. Yes, the media does like to spin things when a Rep is President, huh?





I personally am too young to remember those things myself, but having talked to several people who are old enough, I know it existed, and that this is not as bad. The economy itself, though, is pretty bad, according to those same people.
';I'; do, and in spite of that, I still respect Jimmy Carter.


He was the ';Christian'; that little georgie bush claims to be, the big difference is that Jimmy Carter Walked the walk, all bush can do is talk the talk.





As bad as things were back then I did not see banks failing, I do not recall the number of homes being foreclosed.
The economy was bad during the Carter administration.


I remember the runaway inflation and gas lines.


However, the first gas lines were during the Nixon administration.
Because the media has made it their mission to smear Bush no matter what.





Those times I do remember under Carter and we are going for a refresher course under Obama.
Gas lines I remember. I was too young to worry about mortgage rates.
unemployment rates over 11% when they are around 6% now.





Ya... doesn't make sense to me either.








edit: JMB, the reason there wasn't an issue with the banks failing is because credit was not a way of buying food or paying bills with back then, people didn't have as many credit cards to hurt the banks so badly when they didn't pay. And many states did post record amounts of foreclosures in 1979-1980, more than they are at current.