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U.S. economy hit by surging inflation

edition.cnn.com — Wholesale inflation soared in July, leaving U.S. prices rising at the fastest pace in nearly three decades. While recent declines in oil and other commodity prices raise hopes inflation may have peaked, some economists worry about the widespread nature of the July price surge and caution it will take more time for that pressure to ease on Wall St.

Who dugg this? Made popular Aug 20, 2008

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  • zinc6471, on 08/20/2008, -8/+48but bush said that the economy was still good and there was actually an increase in jobs


    (rollseyes)
  • thedsack, on 08/20/2008, -3/+38Henry Ford once said, “It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
  • Totz83, on 08/20/2008, -8/+39All economies are cyclic, if a recession is on the cards it's not the end of the world
  • inactive, on 08/20/2008, -7/+37With the economy the way it is, we can’t afford to vote for another evangelical, trigger-happy, president we would like to have a beer with. John McCain is simply not affordable at this time.
  • 2T0ne, on 08/20/2008, -1/+31Inflation is just a disguised tax. The government spends too much money and has to pay off its debt, but instead of taxing the people, they go to the federal reserve and ask for the money they need to be printed. The result: they pay the debt with the freshly-printed cash and the value of the dollar goes down, and the people, literally, have to pay the price.
  • benroy, on 08/20/2008, -3/+30I've already started to grow my own vegetables. When I saw a head of iceberg lettuce for nearly two dollars recently, I knew it was time to start being more self sufficient.
    It's a shame that keeping chickens inside city limits is illegal, or else I'd have some back yard free-range chicken also.
  • 5xSTUN, on 08/20/2008, -2/+26Inflation has gotten so bad in the USA that tennis is now called elevennis.
  • sockpuppets, on 08/20/2008, -3/+24Having chickens running around your house is popular with the ladies.
  • matthewinDRO, on 08/20/2008, -11/+30Remember when we invaded Iraq and all the neocons promised we would get cheap Iraqi oil, where the hell is it?
  • kiwiboyus, on 08/20/2008, -5/+23All those Bush supporters must be brimming with pride over how well their boy has done. Who would have thought he had enough ability to ruin a country like America in only 8 years. I wonder if all the loyal McCain supporters here on Digg would be willing to come out and tell the rest of us who they voted for the last 2 elections? Come on, show your pride and own up to it.
  • sockpuppets, on 08/20/2008, -1/+17Are you standing on a giant pile of money?
  • sockpuppets, on 08/20/2008, -1/+16Because cars run on the souls of starving african children. Duh.
  • ColonelJessup, on 08/20/2008, -10/+23Here we go again with the digg.com economic professors..................
  • krusader3z, on 08/21/2008, -0/+12England is in bad shape right now, kiddo.
  • inactive, on 08/20/2008, -5/+17And yet people continue to go to sporting events, build golf courses, drive luxury cars and eat out at restaurants. Look folks, I am just making ends meet, but let's not go crazy.

    America is still the place to be which is why people flock here. Really, we just have a slight chance of devolving into a police state or going bankrupt. Don't worry - just vote for another Republicrat and grab yourself a beer and double-fried-deep-dish-pizza-taco-with-extra-cheese.
  • 1ncu3us, on 08/20/2008, -2/+14Woo! Come on up! .. only 1 rule, be friendly to everyone
  • jerrycan, on 08/20/2008, -2/+13BRING SOME LOUISIANA BAR-B-Q!!!!!! I LOVE THAT!!!! Throw an NFL team under your arm too please!
  • ramzavala, on 08/20/2008, -1/+12How is that our fault?
  • rowjimmy, on 08/21/2008, -2/+12i don't see what's so insane about growing your own vegetables/getting eggs from a small chicken coop in your backyard. it's not like he went into the reptilian plot to raise the price on vegetables to prime the public for the switch to Synthetically Produced Pseudo-Vegetable Extract Supplements from Prescott Pharmaceuticals - he was just stating that a lot of produce is more expensive than it would cost to grow personal amounts oneself...
  • SubjectiveC, on 08/20/2008, -0/+10Harrison Ford once said: "I hate nazis".
  • ramzavala, on 08/20/2008, -0/+9cool, my car runs on baby pandas
  • inactive, on 08/21/2008, -0/+9Don't mod him down, he's 100% right. It has almost zero nutrients. About all it's good for is roughage.

    If you're going to eat leafy greens, spend a nickel more and get romaine lettuce, raw spinach, or something with vitamins in it.
  • inactive, on 08/21/2008, -2/+11lol @ iceberg lettuce. That stuff is garbage.
  • Table16, on 08/20/2008, -7/+16I'm moving to Canada.
  • hockeyplayer66, on 08/21/2008, -1/+10Yea, its interesting how many have been completely ignoring the devaluation of the dollar (to euro-1.2 Jan 02 to .65ish today 53%) and the setup for inflation while bitching about the price of oil because we aren't drilling enough or the housing market crisis because the banks made bad loans. Now we can't raise interest rates to combat inflation because it will hurt anybody with an Adjustable Rate Mortgage (they signed up for it) and tank the stock market.

    The main problem is nobody has publicly questioned or examined the fiscal and monetary policies which have led us here. Its like buying an air conditioner to combat global warming.

    Of course, its too complicated for the idiots in the media. And the Dow went up. And football season is starting too. I guess its easier to spew out the talking points of your favorite cable TV host.

    I do know its gone up the past few weeks but not even (.1) yet.
  • kevvvy1, on 08/20/2008, -2/+10Do you know how serious this is? I mean...how are we going to afford all the stuff we don't need in the first place?!
  • ewagnerjr2000, on 08/20/2008, -1/+9we need a candidate who will cut spending, neither of them show any promise in doing that.
  • tulizx, on 08/20/2008, -3/+10That was the plan, It didn't work.
  • paulvq, on 08/21/2008, -1/+8Yeah, because growing vegetables in your garden to save money is completely psycho.
  • WilliamDavis, on 08/21/2008, -3/+10Need I say it again? Ronn Paullllll..... !?!? I guess americans will get the government and economy they deserve for the most part. So sad. They had one chance and blew it.
  • zombieball, on 08/20/2008, -3/+10I wish I could digg this comment more than once, you are absolutely correct. Problem is everyone wants to live during an economic boom though!
  • FTWmovin2canada, on 08/20/2008, -0/+7Me too.
  • MikeFallopian, on 08/20/2008, -3/+10Absolutely correct. The only way to beat inflation and rescue the economy is to raise income taxes on the people who invest and spend the most, double the capital gains tax, and put upcoming free trade agreements on hold. Then we can place a windfall profits tax on oil companies - that'll work wonders in lowering the price of oil.
  • publiclurker, on 08/20/2008, -0/+7Try going with your mom to the store sometime. It's at least as bad as they claim.
  • ewagnerjr2000, on 08/20/2008, -0/+6You mean good as in we are still growing? Well we are still growing...
  • publiclurker, on 08/21/2008, -1/+7Can you go with rabbits? they are fairly easy to raise, although you can only collect their eggs one day a year.
  • OneLife33, on 08/21/2008, -0/+6The true definition of inflation is that the money supply has been inflated. The result is an increase in prices. Inflation is really unfair to Americans.
  • rocko_stazetti, on 08/20/2008, -2/+8Henry Ford was a racist and a very smart man.
  • inactive, on 08/20/2008, -2/+8Yes, let us instead worry about real threats, like drugs and terrorists. Tyranny is just a myth, it wouldn't EVER happen to America! It is just liberals who WANT America to lose.
  • m0llusk, on 08/21/2008, -0/+6Housing is deflating like crazy and wage inflation, the key to the whole inflation cycle, has yet to show up. It is also a big question just how well these artfully constructed indexes reflect actual economic conditions. The CPI numbers are arguably way off as discussed on many sites.
  • BadseedJR, on 08/20/2008, -0/+5After inflation, can someone lend me a 100 spot?
  • inactive, on 08/21/2008, -0/+5you say that every time...as if you know better. LOL
  • EatSleepJeep, on 08/20/2008, -2/+7find it your damn self. try google for starters.
  • publiclurker, on 08/21/2008, -1/+6Right, it was real hard to turn that budgetary surplus into debt. drag us into an immoral and illegal war, defile our reputation throughout the world, decimate the economy, etc.

    Are you actually ignorant enough to believe anything you write, or just so morally bankrupt that you're willing to whore for anyone rather than admit that you are responsible for this disaster of an administration?
  • temporaryholder, on 08/20/2008, -0/+5Yeah we did. Now let's go see what's on TV
  • inactive, on 08/21/2008, -0/+4http://www.ft.com/cms/s/0/2c0566d4-6e50-11dd-b5df- ...

    They need sources or they'll bury you...

    =)

    If we go down we will hurt a lot of countries.
  • SubjectiveC, on 08/20/2008, -2/+6Remember, guys. Obama is PRO-inflation (of tires). Keep wrist strong.
  • BESTenemy, on 08/21/2008, -1/+5Glad to find at least one economically literate response.

    The reason M3 went up in first place was because businesses were tapping the lines of credit at the start of current credit crisis, and parking the money in institutional money funds fearing they'd not be able to do it later.

    We are in a deflation and have been for at least half a year. There were no wage increases associated with monetary inflation. The unemployment has been on the rise for 7 months straight. We're in an unreported contraction. If the stimulus cheques and the military spending were not counted to put a positive spin on the statistical data, the real GDP would've been negative for a year and the recession would've been official.

    We're in a deflationary recession about to turn into a depression. Once the assets are valued to market, the printing press isn't going to stop running, that's when the inflation will hit and the deficits will spiral out of control. Today the credit contraction is counter-balancing the liquidity injections. Unless the rates go up into double digits very soon, the effects will be devastating... well... they'll be devastating even if they don't.

    Good luck.
  • inactive, on 08/21/2008, -0/+4Well its that or the digg conspiracy-tards that are about 14-17 years old ( or maturity equivalent) that want to point the finger at someone that doesn't agree with their political view.
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