I remember it very well because--I'm a doctor--the medical group that I was in was under such stress from this recession that it splintered apart, broke up. I found myself on January 1, 1990, beginning a whole new venture as a solo practitioner in obstetrics and gynecology in my town. And quite honestly, I wondered how I would make it. The recession was rough. We didn't have anyone coming down from Washington with a big bag of dollar bills saying, You guys doing all right? You need some more cash? We'll be glad to front it to you. At that time, the bad actors were the savings and loans that had imploded. But real estate markets had fallen, energy prices had fallen, and Texas was certainly upon hard times.
Michael Burgess: “I remember it very well because--I'm a doctor--the medical group that I was in was under such stress from this recession…”
Editor's note · Context
The speaker reflects on personal experiences during a past recession and critiques the current administration's response.
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