The ruling class hated the 1970s because it thought it was in danger of losing the class war, or at least failing to win. That was the reason for Volcker and the recession of 1980-82.
Brian Dauth:
When you have a moment, could you expand on these tantalizing, but cryptic (to me) sentences?
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In addition to Doug's analysis, I strongly recommend David Harvey's "A Brief History of Neoliberalism" --
http://makeashorterlink.com/?G5A5252FB
in which this topic is addressed at some length, in a very accessible fashion, in chapter 2: 'The Construction of Consent'.
.d.