Just prior to my middle age spread, a long time ago there used to be a thing said in whispers called rubber band economics. Now those who have no idea what rubber band economics was, let me try to explain.
During the 50s and early 60s the economy would expand and then if being held by a rubber band it would contract ( We'd call it a recession). Then it would expand again, but we had gotten a bigger rubber band and the economy would expand a little bit more and not contract as much. This gave rise to the idea maybe it would be a good idea that we should get a humongous rubber band, this gave way to the economy going all over the place. Those supposedly quite bright thought it would be a good idea to eliminate the rubber band all together.
Just think, in the 40's, 50's and early 60's we had steady and slow growth with minor contractions.
One might say this was the height of Keynesian economics, though as I recall, it's not totally what Keynes had written.
This was also the height of regulation.
This was also the time that the economy ran at it's best.
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