Monday, June 09, 2008

History Repeating Itself?

As the price of oil escalates and inflation becomes troublesome, the Federal Reserve implements a policy of easy money. A Democratic Congress promotes government spending to try to stimulate economic growth, and a weak President, lacking any alternative program or political will, goes along, with an economic result termed "stagflation."

George Bush in this decade? Jimmy Carter in the 1970's? Well, the above description describes both.

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