Woo-hoo, I'm gonna get on out and get me some disco glad rags - it's time to party 1970's style!
* Unpopular and weak US President stuck in malaise
* War with Iran looms
* US loses all credibility
* Scared and confused Fed chairman loses control
* Inflation roars
* Gold soars ($710 right now!)
* Dollar tanks
* Market falters
So get out your baby blue bell bottom pants, your Whip Inflation Now buttons, put on the Saturday Night Fever soundtrack, and forget those depressing headlines - party like it's 1977!
May 10, 2006
The Fed, Inflation, Gold, the White House and the Dollar are now out of control - 70's style!
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16 comments:
Jimmy who?
you forgot about chasing the grocery clerk to the check-out counter before he stamps a higher price on the peanut butter!!. . .every few hours!!!!!
If we had listened to Jimmy Carter, we'd have much better fuel and energy efficiency and diversity of sources.
We'd be able to get out from mideast entanglements and let Iran wallow in its whatever.
"We'd be able to get out from mideast entanglements and let Iran wallow in its whatever"
Uhh you obviously don't know what kind of petrodollar whore Carter is...
what kind?
if we exprience 1970s again, IMHO, the middle-class America will be wiped out entirely, followed by anguish of people and resource wars between the US and emergying powers of Asia. if history can be of any guide, America will lose to the emergying powers, and the world will be ruled war lords. we and our children/grandchildren are all phucked.
Astute observation. The 70s are back, overseas quagmire, and all. Only now the inflation indices have been rigged to deny most inflation and the employment numbers are counting all the low wage service industry (and temporary housing bubble related) jobs created. If we get real jobs back, we're headed to hyperinflation. If we don't, we'll probably just have low double digit inflation due to the recent commodity prices working through the system. Real interest rates (rate minus inflation) are probably close to zero or still negative. There will have to be a spike in interest rates, but probably not until after the dollar goes into free fall. Housing is toast.
Fat assed, television watching Homer Simpsons, sitting idly by as illegal aliens swamp their nation...sorry, I don't think that the "middle class" deserves anything good.
SORRY FOLKS...THIS AIN'T THE SEVENTIES!!!
BIG DIFFERENCES!!!!!
THE '70S- COLD WAR: USSR VS.THE USA/ FREE WORLD VS.COMMUNIST WORLD/ NATO VS.THE WARSAW PACT.
RED CHINA WAS STILL ISOLATED
THE USA DID NOT HAVE TRILLIONS OF DOLLARS OF LIFE THREATENING DEBT.
THE USA STILL HAD A POWERFUL MANUFACTURING BASE AND A ROBUST UNION-BACKED MIDDLE CLASS.
THE GREAT DEPRESSION/WORLD WAR 2 GENERATION WAS IN POWER AND HAD BETTER ETHICS THAN THE CURRENT BABY BOOM GENERATION IN POWER.
REPUBLICANS AND DEMOCRATS BELIEVED IN "COUNTRY FIRST" RATHER THAN PARTISAN BICKERING.
THE MAINSTREAM MEDIA BACK THEN (CBS NEWS WITH WALTER CRONKITE, NBC NEWS WITH JOHN CHANCELLOR/DAVID BRINKLEY, ABC NEWS WITH HARRY REASONER/HOWARD K. SMITH,THE WASHINGTON POST ,AND THE NEW YORK TIMES) COULD BE DEPENDED UPON TO HOLD GOVERNMENT ACCOUNTABLE.
uknow - inflation is roaring. not the number the government reports (old discussion - using rental cost vs. ownership cost), but the number you're paying out of your wallet
And coming up right after "That 70's Show"... "That 80's Recession"!
SORRY FOLKS...THIS AIN'T THE SEVENTIES!!!
You are right on the money!
That would be a nightmare for the FBs who have to adjust their housing debt, have maxed out credit card debt, and poor job skills (besides the easy job of selling and financing flipper houses).
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