Booms, Busts and Birth of a Rust Bowl

For some, 1982 was a year to remember; for many more, a year to forget

It was a year of shocks and surprises, and a time when the astonishing and the contradictory became almost routine. Not in almost half a century had the suffering U.S. economy gone through more wrenching changes in a shorter period than during 1982, a year when interest rates at long last slumped but unemployment soared; when bankruptcies ballooned but the stock market roared; when recession spread across the economy like oil on a mud puddle but business boomed for...

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