Same Song - Different Year - The Recession Of 1974


(Acknowledging coffee as a food group)

In 1974 the argument was whether or not to call it a Recession or a Depression, but without any doubt we had one.

The economic woes of the 1970s extended well into the 1980's, with fits and starts and forays into inflation and deflation and stagflation - a veritable plethora of 'flations confronting the country for the better part of a decade. President Ford initiated the somewhat feeble Whip Inflation Now as gas prices went spiraling up, home values came cascading down and unemployment skyrocketed. Sound familiar?

There was a lot of analysis to be had - one was a panel discussion broadcast by NBC Radio in 1974 and later edited into a one hour documentary called "The Wayward Economy" as part of their Second Sunday series. The panel consisted of various economic "experts" (with heavy emphasis on the Chicago School of Economics) at the time; Pierre Renfret, Peter G. Peterson, Ralph Nader (during his relevancy period), Yale Brozen and Tilford Gaines.

This documentary was aired on September 17, 1974.

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