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This Is a Hitchcock Horror
The Compound and Friends
Are We Going to Buy the New iPhone?
A lot of our financial system is based on the premise that this is not going to happen again. So- You are not buying the new iPhone if we get a real recession, you're just going to wait. The analog now is labor markets. Oil goes from $1 a barrel to $40 a barrel from 1970-1979 in an economy that was very energy intensive. It created a ton of inflation. Vocal comes in, says, OK, not on my watch, raises rates, watches the money supply and forces inflation lower. That gives oil producers enough time to catch up and produce and keep that oil price low.
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