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Business Movers

Driving Chrysler Through Inflation | Author David Bahnsen Takes on Mis-Inflation | 5

Business Movers

Wondery

History, Entrepreneurship, Business

4.71.6K Ratings

🗓️ 27 October 2022

⏱️ 46 minutes

🧾️ Download transcript

Summary

In this interview episode, economist and author David Bahnsen separates fact from fiction when it comes to one of the most pressing economic challenges of the day: inflation.


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Transcript

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0:00.0

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0:23.0

It's June 23rd, 1979, in Levittown, residential suburb of Philadelphia.

0:29.0

A young police sergeant slows his squad car as it approaches the back of an unmoving traffic jam.

0:35.0

The policeman stops and climbs out of his car.

0:38.0

There's a major intersection ahead, one of the busiest in the area.

0:42.0

But it's blocked by convoy of trucks decked in American flags.

0:46.0

A growing crowd of locals has gathered to watch too.

0:49.0

The young police sergeant, the first uniformed officer on the scene,

0:53.0

strides between rows of backed up cars and they're confused and angry drivers on his way to the intersection.

0:59.0

The officer knows what this is all about.

1:01.0

The truckers are protesting gas shortages and high prices.

1:05.0

There are four gas stations around this intersection,

1:08.0

and several are closed with spray-painted signs propped up outside declaring sorry no gas.

1:14.0

It's a familiar sight to the police sergeant.

1:17.0

Five months have passed since the Iranian Revolution sent oil prices skyrocketing around the world.

1:23.0

In America, the cost of gas has reached record levels,

1:26.0

inflicting damage on the entire economy.

1:28.0

Inflation, which has been high in the United States for years,

1:31.0

has spiked to almost 11 percent.

1:34.0

With the price of just about everything going up,

1:36.0

Americans are discovering their dollars don't stretch as far as they used to.

1:40.0

And many, like these truckers protesting today, are angry.

...

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