Banks are teetering, the credit crunch continues, gasoline and oil prices are at all-time highs, food prices have skyrocketed, unemployment is soaring and George Bush is clueless. His upbeat pep talk yesterday was as amazingly out of touch as was his February 2008 surprise reaction that gasoline was approaching $4 a gallon. Are you better off than you were eight years ago? How about just one year ago?
Here’s a piece I wrote in May 2007 that bears repeating:
From the archives | Why The Fed Is Wrong About Inflation