One of the joys of the Internet is it gives a voice to the little guy – you and me. I found an excellent prequel to the above story. Link here to see an outstanding study of recessionary periods. I would rename them – the 48-49 –the post-Don Henley birth recession; 57-58 Elvis recession where teens only buy T-shirts and Levi’s; 73-75 was not caused by oil prices. In 1973 Richard Nixon froze wages and prices, except I worked in a store where I was increasing prices daily, but I lost that 50 cent raise I was due.
The author of that story missed the recession right after Ronald Reagan left office, where George Bush the first had to sweep up his mess like Carter had to clean up Nixon’s mess. That’s when I bought my house and it was worse than today. In the early ‘90s construction cranes stood still.