What’s going on here? Only a year ago, the economy was racing along at the fastest clip in more than 30 years. Personal income was up, inflation was down, and to many Americans, if seemed positively churlish to deny that President Reagan had succeeded in "laying the foundations for a decade of supply-side growth." Administration supporters claimed that as long as Federal Reserve chairman Paul Volcker was kept from sabotaging "the Reagan recovery" through an overtight money policy, the future looked bright. Long-term interest rates would gradually settle down to a more reasonable level.