This morning Joe Scarborough pooh-poohed the economic situation, claiming that Reagan had much more trouble when he took over from Carter: 9.5% unemployment, 11% inflation, a 21% interest rate. In fact, as John Williams shows, we are worse off in inflation and unemployment rates, honestly figured. However, the interest rate should be 21%, to encourage saving and discourage borrowing. Instead, we have exactly the wrong Fed policy of super-easy money, and discouragement of thrift.