Whipping Inflation Now?
Remember Gerald Ford’s “Whip Inflation Now” campaign?
If you don’t, no matter. It was a lame attempt by a lame-duck President to encourage Americans to defeat inflation during the highly inflationary 1970’s.
Precisely how Americans were supposed to do this was not clear, and the plan failed, overwhelmed by Market Forces. Speaking of Market Forces, my morning research is awash with inflationary reports, ranging from the rebound in crude oil prices and a surge in heating oil prices to the fact that the airline industry is running at its fullest capacity in years–crude oil prices notwithstanding–while cement shortages have “spread to most U.S. regions” (according to the Wall Street Journal)–crude oil prices notwithstanding. And demand is so strong–crude oil prices, again, notwithstanding–that the average hotel room-rates are expected to be up 4.3% this year, to an all-time record $89.97. Somebody remind me again why the 10 year is trading below 4%–crude oil, of course, notwithstanding?
Jeff Matthews I Am Not Making This Up