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Comment by epups | Hacker News Reader

Nixon's economic measures were a disaster that led to inflation and crisis. You can see that directly in your link btw.

That was not my point, but thanks for pointing out a paragraph in the source that I provided. I do notice a few 'citations needed' in the relevant clauses. Even so, if Nixon's policies resulted in failure that's not a reason for politicians today to just throw their hands in the air and declare that nothing can be done politically because "market dictates".

When you noodle around in the market "to do what's right", you end up creating a new set of problems down the road when the expectation of getting bailed out becomes part of the market's future calculations.

See: FED keeping rates low for over a decade leading to complacency at banks who assume if things get really bad, FED will pivot rate hikes and they'll get bailed out again.

Well, if the one measure you point out as what the government could do today led to worse outcomes, then I do think they should abstain from that kind of interference in the future. I don't think price controls have worked anywhere.

So what's the plan now? Let this thing run its course until there are food riots in the USA?

Ironically, price controls are more likely to get us in that scenario, as they typically preclude shortages.

You are very confident in your knowledge about a lot of things.

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