President Carter boycotted the 1980 Summer Olympics in Moscow because the Soviets didn't remove troops.
The boycott mattered to the athletes.
Carter made decisions based on morality and faith, not convenience.
Carter's faith was important, leading to decisions based on his morals.
1980 Winter Olympics and the "Miracle on Ice"
The US competed in the 1980 Winter Olympics, which featured the "Miracle on Ice."
The Soviets participated in the Winter Olympics.
The Olympics were seen as a festival about amateur athletics. The Soviets cheated this rule.
The Soviets had the Red Army team, a professional hockey team.
American athletes were amateurs.
The 1992 Summer Olympics "Dream Team" in basketball was unique because it featured professional American players.
The Soviets team went on an exhibition tour and beat Team USA, except for a loss to the Philadelphia Flyers (Broadstreet Bullies), a physical team.
The speaker jokingly describes Philadelphia fans as having a reputation for bad behavior.
"Miracle on Ice" Details
The game against the Soviets was not the gold medal game. The tournament involved two pools of six teams, with the top two advancing to a round robin.
The US carried a 2-2 tie result with Sweden into the round robin.
The US had to play the Soviets and Finland.
The optometrist for the team later opened Annabel's Ice Cream in Portsmouth, New Hampshire.
Recommendation to visit Annabel's Ice Cream and try the chocolate ice cream soda (chocolate syrup, soda water, cream, chocolate ice cream).
The Creole Creamery in New Orleans also makes a similar drink.
Importance of Avoiding Fights
Getting into a fight would result in ejection from the next game.
Fighting may have been an automatic ejection in international play.
The Game Against Finland
The US had one win and one tie going into the game against Finland.
The Soviets defeated Sweden after their game against the US.
The US needed to win against Finland to secure a medal, potentially gold.
At the end of the second period, The US was losing 2-1.
Coach Brooks's locker room speech: "If you lose this game, you will take this to your f***ing graves."
The US scored three goals in the third period to win.
Reaganomics and the Laffer Curve
To grow the economy, Reagan wanted tax cuts, especially for the wealthy.
Reagan's idea was based on Arthur Laffer's Laffer Curve. The Laffer curve suggests that increasing tax rates beyond a certain point disincentivizes work and investment, reducing tax revenue.
The concept was drawn on a napkin at an Italian restaurant.
Reducing taxes on the rich would encourage investment, creating jobs for the lower and middle classes (trickle-down economics).
Laffer argued that reducing taxes could eliminate the national debt due to increased economic growth.
Reagan's Economic Policies and Outcomes
Reagan inherited substantial inflation.
In 1981 and 1982, The US economy was in recession with high inflation rates.
Reagan told the Federal Reserve to control inflation, leading to increased interest rates.
Mortgage rates in the 1980s were around 18-20%.
The economy started to grow around 1983.
Oil prices collapsed in the 1980s, benefiting The US but hurting Mexico and Nigeria.
Mexico and Nigeria borrowed against oil revenues in the 1970s, based on high oil prices. When prices fell, they faced economic difficulties.
Inflation subsided as oil prices decreased.
Unemployment was low by the end of Reagan's term.
The national debt increased from 1trillion to 3trillion during Reagan's presidency.
Defense spending increased, and tax cuts resulted in less revenue.
The idea that tax cuts would generate more tax revenue did not materialize.
Attempted Assassination of Ronald Reagan
Reagan survived an assassination attempt early in his presidency.
The speaker recalls being at Nature's Classroom when they heard about the incident.
Reagan was shot and taken to George Washington University Hospital.
John Hinckley and Jodie Foster
John Hinckley attempted to assassinate Reagan to impress Jodie Foster.
Hinckley was inspired by the movie Taxi Driver, in which De Niro's character attempts to assassinate a senator.
Hinckley was found not guilty by reason of insanity.
Hinckley was sent to a legal institution.
Aftermath of the Assassination Attempt
Three other people were shot during the assassination attempt.
Presidential Press Secretary James Brady was shot in the head, survived but was paralyzed, and became a gun control advocate.
The Brady Bill, passed in 1993, mandated background checks and a five-day waiting period to purchase guns (now instant background checks).