patrick.net

Somebody take that old dog out the back.

Total Establishment pundit, a clueless, insulated, elitist ideologue.

"No one saw the 1973 slowdown coming"

I wonder why? Inflation was already heating up by 1969 with massive Great Society spending--wage and prices controls were set up in 1971. They were working so badly during 1972 that they went to Phase II with no improvement. They were removed at the end of 1973, but pent up pressures caused by distortions and the OPEC embargo caused prices to explode throughout 1974 at double digit rates--'73-'75 was the worst recession since World War II. When people rhapsodize about the Great Society, I ilke to remind them that the impulses that drove the Great Society were the same ones that drove our involvement in Vietnam, both of which were a disaster by 1975.