Not all recessions are alike. The current downturn, for instance, stirs a memory in Charles Mulford of how different the situation was 35 years ago.
It was 1974, the first year of a two-year recession sparked by the Federal Reserve’s tight-money policy. Mulford, now an accounting professor at Georgia Tech who directs the university’s Financial Analysis Lab, recalls the scene as he flew into the Tampa airport to begin a new job at an accounting firm. “They had all these fields fenced off next to the airport. There were acres and acres of cars —new cars— just lined up,” he says.
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