Stagflation?
THAT SOUNDS KINDA KINKY, PEOPLE
FITSNews - February 28, 2008 - U.S. Federal Reserve Chairman (and South Carolina native) Ben Bernanke said today that while the American economy is currently sucking pretty bad, it is not headed toward “stagflation.” From Reuters:
“I don’t anticipate stagflation,” Bernanke said under questioning by the Senate Banking Committee. “I don’t think we’re anywhere near the situation that prevailed in the 1970s. I do expect inflation will come down.”
In case you were wondering, “stagflation” is a period in which high inflation is coupled with a stagnant economy (i.e. stuff costs more but you can’t afford to pay more). Is the term circa 1965? And the brainchild of U.K. Chancellor of the Exchequer Iain MacLeod? Check and check, baby.
Anyway, who’s responsible for this crappy economy? Well, seeing as Republicans added $3 trillion to the national debt from 2001-2007, we’re gonna go out on a limb and say “Republicans.”
Comments
By piepton on February 28th, 2008 at 5:02 pm
Iain MacLeod of the clan MacLeod? Remember, there can only be one! I always thought stagflation was when you whipped the guy who shows up to prom without a date.
By Pedro on February 28th, 2008 at 5:41 pm
Come on, if they actually knew he was a product of the Dillon County public school system, do you think that they would still listen to him? The guy’s first job was at South of the Border–and now he is the Fed-chief? What a country. . . .
By did on February 29th, 2008 at 10:05 am
He’s got short little sausage fingers like John McCain’s
By Tim on February 29th, 2008 at 11:17 am
Ron Paul, Ron Paul, people… anybody ever listen to who is always giving Bernanke such a hard time? The Jim Cramer endorsement was pretty badass: http://www.youtube.com/watch?v=Nq7Li1MOF2Y
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