Student or Learner
How should I understand ride in "ride the economic cycle" here in the passage below?
Thanks in advance.
Riding the Economic Cycle
Since the birth of the United States, its economy has tended to run in cycles, with periods of somewhere between 10 and 20 years of moderate-to-good times, interspersed with a few years of hard times.
Prior to the rise of capitalism, recessions were usually triggered by a specific external event, such as war, crop failures, or natural disasters. In capitalist economies, however, the causes of hard times are often attributed to the forces of the marketplace: supply and demand, consumer spending and saving, and the vagaries of people’s responses to economic events.
Whatever the cause (and there is ceaseless debate among economists about precisely what causes recessions), the advent of hard times is often preceded by calamities in the banking industry and stock market. Hard times also often come hard on the heels of over-speculation in land or securities. Creditors call in loans, money supplies get tight, and businesses close.
“It has been a history of extravagant expansions in the business of the country, followed by ruinous contractions,” said President James Buchanan in 1857. “At successive intervals the best and most enterprising men have been tempted to their ruin by excessive bank loans of mere paper credit, exciting them to extravagant importations of foreign goods, wild speculations, and ruinous and demoralizing stock gambling.”
But we always seem to get over it.