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I might say that when the settlement was made the Nixon administration issued what they called a second inflation alert in which the General Motors settlement was branded as being inflationary and bad for the country.

Leonard Woodcock

Being

Country

Inflation

Nixon

You could not buy a house in those days without just assuming that the house was not only a place to live, but it was a good investment, because it was going to keep up with inflation or get ahead of inflation, and it was just - that was America.

When people begin anticipating inflation, it doesn't do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.

Double-digit inflation is a terrible thing - and it got up to 14 or 15 percent on a monthly basis for a while, shortly after I became chairman of the Fed.

Paul A. Volcker

Inflation

It was the biggest inflation and the most sustained inflation that the United States had ever had.

By the time I became chairman and there was more of a feeling of urgency, there was a willingness to accept more forceful measures to try to deal with the inflation.

Currently a level of unemployment of 7 percent or more seems to be required to keep inflation from accelerating, a level quite unacceptable as a permanent situation.

William Vickrey

Inflation

Unemployment

Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.

William Vickrey

Inflation

If unemployment could be brought down to say 2 percent at the cost of an assured steady rate of inflation of 10 percent per year, or even 20 percent, this would be a good bargain.

Agency by agency, we frequently have lost a bit of ground, at least to inflation-but had it not been for the efforts we've made to educate people about the importance of science, technology and advanced education, those predictions very well might have come true.

I would say to my colleague that the misery index, inflation and unemployment, when added together is the lowest it has been in the last series of Presidents, even going back to Jimmy Carter. So I think the Bush administration is doing a good job.

But clearly an economy that's growing and expanding like this one - and it certainly is doing that with high GDP output, employment numbers strong, capacity utilization strong - that's an environment in which the Fed needs to continually be alert to early signs of inflation.

Moderation of oil prices would be very, very welcome. But overall I think we are in a position of stable growth, sustainable growth, and basically with inflation in check.

We have to keep our eye on inflation, but so far inflation remains reasonably in check on the global stage.

John W. Snow

Eye

Inflation

Well, I think the global economy is in the position for continuing good growth with inflation well in check.