It's 2008 all over again. In 1982, a post-World War II recession rocked the globe. What's credited with stabilizing it?

You thought the recession in 2008 was bad; let's travel back to 1981, when the U.S. experienced its worst economic hit since the Great Depression. With a nearly 11 percent unemployment rate in 1982, construction, manufacturing, and the auto industries were hit the hardest. The recession occurred due to a tightening of monetary policy in order to combat inflation. Anti-inflation economist Paul Volcker became the head of the Fed and is credited with turning things around.

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