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Comment by scotch_drinker | Hacker News Reader

Agree. Carter is the last President who asked his countrymen to actually sacrifice for the good of the country instead of just offering to give them a bunch of free stuff. We didn't want to listen then but someday, we'll probably regret it.

http://www.presidency.ucsb.edu/ws/?pid=32596

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I remember him offering double-digit mortgages, hostages, failed rescues, overall "malaise". The Carter era was a disaster. I respect his charity work and his service in the Navy but he was a terrible president.

He had little impact on mortgages or inflation. Nixon drove most of the stagflation of the 70s with his wage and price controls not to mention taking us off the gold standard. Failed monetary policies exacerbated the problems. Carter inherited all of that and it took the fist of Volcker to fix it.

If a failed rescue of some hostages is what you gauge your views of Presidents on, you must be particularly low on the Bush and Obama war torn years.

http://www.investopedia.com/articles/economics/09/1970s-grea...

Fiat currency has little to do with the eventual housing crisis that resulted. It would be exceedingly rare to find a democrat these days who would prefer the gold standard since it would limit the ability of public bonds to raise money for public works. On the other hand, as noble as the intent might have been, the Community Reinvestment Act had a detrimental effect. It's the same thing that's wrong with student loans today. If you promise Bank's low risk loans, they're naturally going to continue to lend more and more until they end up with bundles of underwater mortgages. If we foolishly bail them out each time, why would they stop?

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