Flashback 53 years ago today August 15,1971 Nixon in a nationally televised address announced wage and price freezes to fight inflation.

Nixon imposes wage-price freeze (youtube.com) (https://www.youtube.com/watch?v=Wv4gpyfLF3s&t=12s)

In the same address he jacked up tariffs and took us off the gold standard . He was calling the Dems bluff . They had passed a bill authorizing him to act ;never expecting him to do so . They would use his failure to act as a campaign issue. But surprise !!! he did and it was a disaster .

The price controls were for a total of 90 days . Then prices would be decided by a price czar . I think Nixon knew it would be ;but politics is politics . He was reelected and in January 1973 he ended the program . The damage was done. The stock market promptly plummeted and the rate of inflation exploded. Artificial prices caused shortages as businesses tend to not put products on the market for a loss. This increased demand which created more market distortions . When he tried it again with beef ;ranchers rebelled they did not send their cows for slaughter and beef disappeared from the shelves.


Inflation plagued the US and the economy was a wreck for the decade . (Inflation was due to the US waging war and putting it in a credit card ) .

Nixon tried it again in 1973 in the height of Watergate . But by then Americans realized it was a bad idea. Combined with the oil crisis' of the decade The economy did not begin to recover until 1983 .


Tomorrow Kam the Sham will announce a policy of price controls to be implemented if she is elected .

Kamala Harris Plans Historic Federal Ban On 'Corporate Price-Gouging' In Food And Grocery Industries (yahoo.com) (https://finance.yahoo.com/news/kamala-harris-plans-historic-federal-203136689.html)

Harris Will Back Federal Ban on Price Gouging, Campaign Says - The New York Times (nytimes.com) (https://www.nytimes.com/2024/08/14/business/kamala-harris-price-gouging-inflation.html)



In a statement released late Wednesday night, the Harris campaign said that if elected, she would push for the “first-ever federal ban” on food price hikes, with sweeping new powers for federal authorities.

Harris to propose economic policy focused on lowering food, housing prices - The Washington Post (https://www.washingtonpost.com/business/2024/08/15/kamala-harris-economic-policy-2024/)

Her address will be full of Dem boiler plates like corporate greed and price gouging. But in the end she will propose more government controls of the economy that have proven in the past to be ineffectual and harmful.

Price gouging is not really defined . But let me take try. Price gouging is profits from corporations that did not donate to the Dems.

It is even worse than Ithought.

She will propose giving 1st time home buyers $25,000 in down payment support and other tax credits to first time home buyers. Normally there are 1.8 million 1st time buyers annually. So these programs will add $45 billion in monopoly bucks spending.

Then on top of that ;she plans to make some shovel ready jobs by building 3 million new housing units at a cost of $40 billion monopoly bucks.(that's if they could be built within budget (that would be 1st for a government program) .

Even the Compost warns her that when she is being called a Commie ;she should not propose Commie like price controls .

Opinion | Kamala Harris’s price gouging proposal is a terrible idea - The Washington Post (https://www.washingtonpost.com/opinions/2024/08/15/kamala-harris-price-gouging-groceries/)



When your opponent calls you ‘communist,’ maybe don’t propose price controls?


It’s hard to exaggerate how bad Kamala Harris’s price-gouging proposal is.

Kam speech today

We all know that prices went up during the pandemic when the supply chains shut down and failed, but our supply chains have now improved and prices are still too high. A lo- — a loaf of bread costs 50 percent more today than it did before the pandemic. Ground beef is up almost 50 percent.

Remarks by Vice President Harris at a Campaign Event in Raleigh, NC | The White House (https://www.whitehouse.gov/briefing-room/speeches-remarks/2024/08/16/remarks-by-vice-president-harris-at-a-campaign-event-in-raleigh-nc/)


"I'm Donald Trump and I approve this message "

I guess it would be far too much to hope for that she proposed an increase in taxes to pay for her proposed spending programs.

BAM !!!!!



Vice President Kamala Harris, this week’s presidential front-runner, is doing her part to stop “price gouging” and “greedflation” in the grocery store.
By … er … dishing out some free baloney.

That would be the claim that a conspiracy of Big Food companies is artificially driving up the prices of groceries, taking advantage of consumers to boost their bottom line.

My question is: If this claim is true, why aren’t these companies doing better? Most of their stock performances stink. Their profit margins stink. Their net income stinks. Some conspiracy.
Shareholders in Tyson Foods — aka Big Chicken — have earned 3% total since the start of the COVID-19 crisis in March 2020. That’s including dividends.
Three percent. In four years. Booyah!
Campbell Soup shareholders, over the same period, have earned 25%, again including dividends. ConAgra Foods which makes everything from Chef Boyardee to Vlasic pickles: 33%. J.M. Smucker : 32%.
Meanwhile, the S&P 500 SPY is up 100%.
If there’s one thing I hate more than a greedy, profiteering, price-gouging conspiracy, it’s a greedy, profiteering, price-gouging conspiracy that doesn’t make any money.


Baloney in aisle seven as Kamala Harris takes on ‘Big Grocery’ (msn.com) (https://www.msn.com/en-us/money/companies/baloney-in-aisle-seven-as-kamala-harris-takes-on-big-grocery/ar-AA1oWj3S?ocid=msedgntp&pc=HCTS&cvid=1b06667cead84676bc17a0cdcbc68e1f&ei=35)

If you want to stump a lib ,ask them 'how will you pay for it ?'


In Kam's case the word salad flows .

DavidH on X: "You wonder why they won’t usually let her take questions. Good lord." / X (https://x.com/DHeaton_47/status/1825311335066005681?ref_src=twsrc%5Etfw%7Ctwcamp%5 Etweetembed%7Ctwterm%5E1825311335066005681%7Ctwgr% 5E23cb64f53b35f2e6b7089fc3952ac3573a0dc3c5%7Ctwcon %5Es1_&ref_url=https%3A%2F%2Fthedailybs.com%2F2024%2F08%2 F19%2Fpress-finally-hits-kamala-with-how-will-you-pay-for-this-question-and-you-wont-believe-her-answer%2F)

The best I can figure is that she would pay for all her gimmees with a "return of investment " and the child tax credit gimmee.

Kam uses the typical pablum blaming greed for all ills ;including price inflation.

Today we learned of talk show talking head Phil Donahue's passing . While reading about his life I came across an interview with economist Milton Friedman .

Milton Friedman on Donahue Show: Greed, Markets, and Government - YouTube (https://www.youtube.com/watch?v=2BI7VpU3Ccw)

Why did greedy corporations wait until 2021 to start gouging ?