Who remembers price controls (wages, recession, inflation)

[Rakin]

After the oil embargo in the 70's and high inflation in the 80's the US Govt instituted price controls for a period of time. Trying to recall was this on all products and could it happen again ?

[Mircea]

Originally Posted by Rakin

After the oil embargo in the 70's and high inflation in the 80's the US Govt instituted price controls for a period of time. Trying to recall was this on all products and could it happen again ?

It was actually long before the oil embargo, around 1971. It was a 90 day "cooling off" period.

Higher wages were driving higher prices (Wage Inflation). The inflation rate due to Wage Inflation wasn't bad (not even double digits) but people were wigged out.

[texdav]

I remember that ;alot worse than now and the same doomday forcasters for the future as now.This is a cake walk compared to the 70's recession.