Interest rate declines started in 1984

Delong likes to start the series in 1990:

It is the long, steady decline in safe interest rates at all maturities since 1990


Why does Brad want to exclude half the monetary cycle?  Because Brad does not want to acknowledge the idea that central banking has a monetary cycle.

But, there is the stagnations, debt rising in Congress over the monetary cycle because the central bank bails out bad policy.  This is what Warsh has been arguing, when central banks bail out government, they wander off equilibrium and once a generation we need a restructure to bring it back.

Why do Kanosians care one way or the other?   Because in the 70s they lied, they said Magic Walrus was fact, now they are stuck.