Remembering Nixon’s Wage and Price Controls \ stacker news ~econ

Remembering Nixon’s Wage and Price Controls www.cato.org/commentary/remembering-nixons-wage-price-controls

918 sats \ 29 comments \ @siggy47 18 Aug econ

People seem to forget this part of the Nixon shock. He was a Republican!

Much similar to this has happened in india in 1984 emergency imposed by Indira Gandhi.

They are both part of the same Cabal. Wrong is wrong no matter how you slice it. "Those who don't remember the past are condemn to repeat it" - Santayana

21 sats \ 0 replies \ @siggy47 OP 18 Aug

Yep

74 sats \ 4 replies \ @Satosora 18 Aug

"As President George W. Bush put it in 2008, sometimes you have to “abandon free-market principles to save the free-market system.”" Its funny how they impose these on the people under them, especially when as a president there is no wage increase.

51 sats \ 3 replies \ @siggy47 OP 19 Aug

I'll never forget the fall of 2008, watching the president from the supposed free market party socialize our economy in the span of a few weeks.

74 sats \ 0 replies \ @Satosora 19 Aug

They werent the only people to panic, though. Everyone was busy unloading everything they could.

63 sats \ 1 reply \ @Bell_curve 19 Aug

Any wonder why the Tea Party formed after 2008 financial crisis? Why populism became popular after 2009?

21 sats \ 0 replies \ @nichro 19 Aug

Tea Party on the right Occupy Wall Street on the left

Edit: and Bitcoin quietly gestating outside it all. How could I forget.

74 sats \ 2 replies \ @SatsMate 18 Aug

On paper it looks like a great idea, just like socialism. Everything devolves when we face price controls and handouts.

64 sats \ 0 replies \ @DEADBEEF 19 Aug

Many things look good on paper but in practice they are terrible. So many people fail to take into account that we live in an imperfect world when designing their “utopias” on paper.

0 sats \ 0 replies \ @Bell_curve 19 Aug

They don’t look good on paper. They sound good on television.

Appeals to emotion and compassion

Sentiment cannot be the basis of public policy

64 sats \ 0 replies \ @kepford 18 Aug

Yup

64 sats \ 4 replies \ @StillStackinAfterAllTheseYears 18 Aug

The party lines were so odd back then -- I don't know if you remember Bill Green, the Republican Representative from NYC, but he was way further to the left than probably at least half the Dems back then.

42 sats \ 3 replies \ @siggy47 OP 18 Aug

I kind of remember the name. NYC Mayor Lindsay was pretty far left too. In New York those guys were called Rockefeller Republicans.

64 sats \ 2 replies \ @StillStackinAfterAllTheseYears 18 Aug

Oh yeah, Lindsay was a bit before me, but I remember reading about him. And yeah, I remember Rockefeller Republicans. Pretty sure it's been a long time since that term could be applied to anyone.

43 sats \ 1 reply \ @Bell_curve 18 Aug

John Rockefeller was a regular Republican not a Rockefeller Republican like his grandson

21 sats \ 0 replies \ @siggy47 OP 19 Aug

That's for sure!

64 sats \ 2 replies \ @grayruby 18 Aug

I just found this out recently.

71 sats \ 1 reply \ @siggy47 OP 18 Aug

I'm so old I remember watching the announcement on TV with my dad. He was a free market capitalist, but he also loved Nixon. He just assumed Tricky Dick knew what he was doing