Saturday, April 5, 2014

Bad news, Boom Denialists

The people who experienced the American post-war economy seem to think there was indeed a boom underway in 1946. On August 9 of that year the NY Times carried a story from Washington DC with the headline, Economic Council to Curb 'Boom' First. Reading in part;
President Truman's new Economic Advisory Council began work today with the declaration that the country must not "get into a runaway boom."
On January 24, 1947, Times readers saw this; Economists See No Major Slump [ahead of the current boom]. It was worried about inflation, not slow growth;
Financial and public economists agreed today at the annual forecasting session of the American Economic Association that the United States was in the midst of a very large and important inflation boom.

By December of 1947 the Times headline was Economist Warns of Post-War Boom. 'Business economist' H.B. Arthur is quoted saying "we are in a stage of the boom where vulnerability is great and where some of the sustaining forces are becoming increasingly precarious.'

Fear the boom!

No news of recession though. Sorry Menzie.

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