Profile picture for blackmetal

Bernanke Doesn't See Return of '70s Woes

  • February 28 2008 - US
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Answers (12)

Profile picture for caliguy

Do you believe Bernanke any less now than when he said subprime wouldn't hurt the economy and that they were contained?

  • February 28 2008
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Profile picture for blackmetal

no I didn't believe him then. But the man has a very good understanding of the situation at this point so I am not worried.

  • February 28 2008
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Profile picture for sheepskate

Greenspan didsn't see a housing bubble, and suggested that homeowners refinance into Adjustable Rate Mortgages as recently as 2005....

 

 

  • February 28 2008
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Profile picture for Painless

hmmm....

Increasing unemployment… Check
slowing growth …..Check
Increasing prices.....Check
Higher energy costs......Check
Bad music on the radio.....Check

Seems like the late 70s to me. All I need is a Polyester Leisure suite for the stagflation party.

  • February 28 2008
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Profile picture for klarek the realist

LOLlllllLLLLlll

  • February 28 2008
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Profile picture for dunmoved

Painless, please tell me I'm not going to have to drive that POS Dodge truck again I had in the late 70's...

  • February 28 2008
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Profile picture for Painless

I remember as a little kid not more than 4, that my mom would have the radio on all the time, and I had to listen to Hotel California 20 times/day. I am still traumatized by it.
Curse you baby-boomers and your late 70’s FM adult Contemporary!

P.S. Still hates the Eagles

P.P.S. What was up with those variety shows? Who decided that putting Tony Orlando on TV was a good idea?

P.P.P.S. I Also blame boomers for death of American Auto Industry (The AMC Pacer… are you F*ing kidding me?) no wonder I drive a Japanese car.



// Can be found with the Dude listening to Credence and generally Abiding

  • February 28 2008
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Profile picture for mrfnuts

Oh my darlin!
knock three times on the ceiling if you want me
twice on the pipe if the answer is no...

  • February 28 2008
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Profile picture for Painless

DO NOT get me started on Starland vocal band or whatever they are called; I'll be banned for sure!

  • February 28 2008
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Profile picture for Painless

Oh no that was afternoon delight.......  knock three times is TO and Dawn......  I can't decide which is worse.

  • February 28 2008
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Afternoon Delight - hands down.  Has to be the stupidest song ever written.  (In my humble opinion of course.)  8*P

  • February 28 2008
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Profile picture for Painless

OK, since I’ve hijacked this thread I’ll now return it to its original owner. I can’t see how not to have stagflation at this point. We have slowing growth and rising unemployment. I think most people agree on the Stag- The question becomes will we have classic contraction or inflation.

I think we have to have inflation. Lack of faith in the US dollar will continue to drive it down causing inflationary pressure on imported oil and imports for the US even if it if effects no one else. You couple that with the fact that the push for ethanol is driving up corn prices and you have the stage setup for inflation.

I heard a great story on NPR a month ago about how corn is basically in almost every product in your home in some form. Foods, paints, plastics et. You couple price inflation of the materials to make the product with inflation of the costs too transport the product, and I don’t see how stagflation can be avoided. Not as bad as the 70’s, since we have the correction of that period to use as an example to fix this problem, but it will be a while before the Fed wakes up and gets draconian with the money supply.

  • February 28 2008
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