President Barack Obama, like Ronald Reagan, has decided to keep a Federal Reserve chairman after what at the time was the longest recession since the 1930s. Unlike Reagan, Obama probably won’t get a strong recovery, or the political boost that it brings.
Under Fed Chairman Paul Volcker, the economy grew at a more than 7 percent annual rate for five straight quarters following the 1981-82 recession. Reagan, after reappointing Volcker in 1983 and declaring “it’s morning again in America,” won 49 of 50 states in the following year’s election.
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