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Reagan launched a challenge against gerald ford in 76 but was short. they elected jimmy carter as president. maleas marked by economic crisis at home soviet adventurism abroad and a humiliating hostage crisis in iran. conservatives regrouped and in 1980 reagan crushed carter in a landslide. like that everything seemed to change. iran would free the hostages 20 minutes after reagan delivered his inaugural address an address that focused almost exclusively on reagan s first order of business fixing the nation s damaged economy. these united states are confronted with an economic affliction of great proportions. idol industries cast workers into one employment, human misery and personal indignity. when we took office january 20th, 1981 the prime interest rate was 21 and a half percent. ....