Setting Things Right> “Economists, proud and powerful in the 1960s, now look like Napoleon’s generals decamping from Moscow. Their past prescriptions —tax tinkering and Government deficit spending to prop up demand, wage and price guidelines to hold down inflation—have been as helpful as snake oil. “Things just do not work now as they used to,” says former Federal Reserve Chairman Arthur Burns, and who can contradict him? The U.S. economy, bloated and immobilized, has been turned topsy-turvy.”—Time, August 27, 1979
If you invested $1,000 in the Dow Jones on the day this issue hit the stands, your investment would have tripled to $3,086 ten years later.
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I love stuff like this! I imagine that during another crisis of confidence, decades from now, people will be using to today’s headlines and commentaries to make these same points.
Keep up the good work.
Very well expressed. Nice job (again!)
@Dylan: I collect these covers and 2008 was a very good year! Now it is just a matter of letting them age a bit.
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