In the past few days, BusinessWeek has released two articles about their concern for the economy. The first article, by the Standard & Poor's, and Action Economics staff, talks about inflation and consumer sentiment. The other article, by Chris Farrell, highlights "Stagflation", which is a term to suggest we're going back to the economy of the late 1970's. Well, I have a brief response. REALLY?
I may be one of the few citizens who remembers $1 per gallon gas in this decade, and housing prices below $200,000. All along, during the pricing increases, I said to myself, "Where is all the money coming from?". I even wrote a few school papers on predatory lending and inflation calculations, but no one seemed to be alarmed by the financial path of this nation.
If you get a chance, please read both articles. There's nothing new in them, if you have been a skeptic all along, but it is interesting. I truly don't get it. Our economy seems to be built on one scam after another.