The Great Inflation Of The 1970s | Investopedia

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The Great Inflation Of The 1970s | Investopedia

"Still, President Nixon's primary concern was not dollar holders or deficits or even inflation. He feared another recession. He and others that were running for re-election wanted the economy to boom. The way to do that, Nixon reasoned, was to pressure the Fed for low-interest rates."

"Nixon fired Fed Chairman William McChesney Martin and installed presidential counselor Arthur Burns as Martin's successor in early 1971. Although the Fed is supposed to be solely dedicated to money creation policies that promote growth without excessive inflation, Burns was quickly taught the political facts of life. Nixon wanted cheap money: low-interest rates that would promote growth in the short-term and make the economy seem strong as voters were casting ballots."

October 5, 2018 Morning

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Good morning! Yeah, it’s Friday! Mostly sunny and 47 degrees in North Syracuse. There is a north-northeast breeze at 5 mph. 🍃. Today is a pretty nice, crisp autumn day. Hoping to get out hiking later in the day, maybe laying back in the hammock for a bit too.💤

Today will be mostly sunny 🌞, with a high of 60 degrees at 3pm. Three degrees below normal. Northeast wind 3 to 5 mph. A year ago, we had mostly cloudy skies, clearing in the afternoon. The high last year was 76 degrees. We might get that warm next week. The record high of 91 was set in 1941.

Looking forward to getting out of the office and spending a few hours poking around in the wilderness. 🏞 Not too far away, probably just Jones Hill. I am going to pack my hammock and maybe take a nap, then watch the sun go down. Should be a nice afternoon.

The sun will set at 6:37 pm with dusk around 7:06 pm, which is one minute and 45 seconds earlier than yesterday. 🌇 At sunset, look for partly cloudy skies ⛅ and 58 degrees. There will be a northeast breeze at 5 mph. Today will have 11 hours and 30 minutes of daytime, an decrease of 2 minutes and 55 seconds over yesterday. Days are getting shorter quickly.

Tonight will be mostly cloudy ☁, with a low of 50 degrees at 12am. Seven degrees above normal. East wind 3 to 6 mph. In 2017, we had partly cloudy skies. It got down to 48 degrees. The record low of 24 occurred back in 1965.

Looking ahead, there are 7 weeks until Buy Nothing Day 🛍️ when the sun will be setting at 4:34 pm with dusk at 5:05 pm (Standard Time). On that day in 2017, we had mostly cloudy skies and temperatures between 37 and 27 degrees. Typically, the high temperature is 45 degrees. We hit a record high of 72 back in 1931.