During the 1970s an oil shock produced long lines at gas stations, rationing, 55 MPH federal speed limits, a recession, very little venture capital (about $50 million per year into VC firms), and what President Jimmy Carter—wearing a sweater on TV after turning down the White House heat—called a "malaise." It was in those conditions that two young people without much formal college education, Bill Gates and Steve Jobs, started companies that did quite well
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