As you may recall, at that time, I characterized the economy as trying to advance in the face of fifty-mile-an-hour headwinds. The severe credit restraint was only grudgingly responsive to the extended efforts of the Federal Reserve to ease monetary conditions. Similarly, the dramatic rise of inflation and of inflation expectations in the 1970s was key in shaping the cyclical patterns of that period.
Even as we did this, there were some who corrosively questioned why the Central Bank was supporting Ramleela.