Jonathan Alter

So in 1979, Jimmy Carter was facing this horrible inflation, which, as you correctly say, mostly came out of the 1973 Arab oil embargo. which was not on Carter's watch, and then was worsened by the Iranian revolution, which, contrary to what Henry Kissinger and some others maintain, and I argued with Kissinger about this, I think, fairly successfully.

So in 1979, Jimmy Carter was facing this horrible inflation, which, as you correctly say, mostly came out of the 1973 Arab oil embargo. which was not on Carter's watch, and then was worsened by the Iranian revolution, which, contrary to what Henry Kissinger and some others maintain, and I argued with Kissinger about this, I think, fairly successfully.

There really is not any evidence that Jimmy Carter could have prevented the Iranian revolution. But these things, these external events, cause this ruinous inflation, double-digit inflation. And Carter appoints Volcker to be chair of the Federal Reserve. Volcker jacks up interest rates. At one point, they go as high as 19%. Try getting reelected. when you have 19% interest rates.

There really is not any evidence that Jimmy Carter could have prevented the Iranian revolution. But these things, these external events, cause this ruinous inflation, double-digit inflation. And Carter appoints Volcker to be chair of the Federal Reserve. Volcker jacks up interest rates. At one point, they go as high as 19%. Try getting reelected. when you have 19% interest rates.

There really is not any evidence that Jimmy Carter could have prevented the Iranian revolution. But these things, these external events, cause this ruinous inflation, double-digit inflation. And Carter appoints Volcker to be chair of the Federal Reserve. Volcker jacks up interest rates. At one point, they go as high as 19%. Try getting reelected. when you have 19% interest rates.

And this is very, very harsh medicine that Volcker, who told me at the end of his life that he was a big admirer of Jimmy Carter, So he applies this really harsh medicine. It doesn't start working until Reagan is president. So what do we have?

And this is very, very harsh medicine that Volcker, who told me at the end of his life that he was a big admirer of Jimmy Carter, So he applies this really harsh medicine. It doesn't start working until Reagan is president. So what do we have?

And this is very, very harsh medicine that Volcker, who told me at the end of his life that he was a big admirer of Jimmy Carter, So he applies this really harsh medicine. It doesn't start working until Reagan is president. So what do we have?

We have, because of these interest rates and other policies at the Fed, you have a short, extremely steep recession in 1982 when Reagan is in the second year of his presidency. And then after that recession ends, no inflation until 2020. It had been completely wrung out of the economy. And Reagan goes on to get reelected thanks to Volcker's policy.

We have, because of these interest rates and other policies at the Fed, you have a short, extremely steep recession in 1982 when Reagan is in the second year of his presidency. And then after that recession ends, no inflation until 2020. It had been completely wrung out of the economy. And Reagan goes on to get reelected thanks to Volcker's policy.

We have, because of these interest rates and other policies at the Fed, you have a short, extremely steep recession in 1982 when Reagan is in the second year of his presidency. And then after that recession ends, no inflation until 2020. It had been completely wrung out of the economy. And Reagan goes on to get reelected thanks to Volcker's policy.

I asked Volcker, you know, people say that you cost Jimmy Carter the presidency and you elected Reagan twice. And he said, you know, I've heard that. And he said, I met Carter at a fishing lodge after his presidency. We were both into fly fishing. And I went up to him and I said, President Carter, you know, I'm sorry if some of my policies cost you the presidency.

I asked Volcker, you know, people say that you cost Jimmy Carter the presidency and you elected Reagan twice. And he said, you know, I've heard that. And he said, I met Carter at a fishing lodge after his presidency. We were both into fly fishing. And I went up to him and I said, President Carter, you know, I'm sorry if some of my policies cost you the presidency.

I asked Volcker, you know, people say that you cost Jimmy Carter the presidency and you elected Reagan twice. And he said, you know, I've heard that. And he said, I met Carter at a fishing lodge after his presidency. We were both into fly fishing. And I went up to him and I said, President Carter, you know, I'm sorry if some of my policies cost you the presidency.

And he looked at me and he smiled. And I could tell that it was actually one of Carter's genuine smiles, not one of his fake ones. And he said, Paul, there were many factors. And I think Carter was right about that.

And he looked at me and he smiled. And I could tell that it was actually one of Carter's genuine smiles, not one of his fake ones. And he said, Paul, there were many factors. And I think Carter was right about that.

And he looked at me and he smiled. And I could tell that it was actually one of Carter's genuine smiles, not one of his fake ones. And he said, Paul, there were many factors. And I think Carter was right about that.

Well, first, it was a decision that Carter made, which was arguably the worst of his presidency, that precipitated the seizing of the hostages. Just days before, Carter had agreed to let the Shah of Iran, who had left the peacock throne and was being treated for cancer in Mexico, to come into the United States. And what happened was

Well, first, it was a decision that Carter made, which was arguably the worst of his presidency, that precipitated the seizing of the hostages. Just days before, Carter had agreed to let the Shah of Iran, who had left the peacock throne and was being treated for cancer in Mexico, to come into the United States. And what happened was

Well, first, it was a decision that Carter made, which was arguably the worst of his presidency, that precipitated the seizing of the hostages. Just days before, Carter had agreed to let the Shah of Iran, who had left the peacock throne and was being treated for cancer in Mexico, to come into the United States. And what happened was