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1970.

I was just out of college and Richard Dixon was the president of the United States and it

along comes the Economic Stabilization Act of 1970 and acted August 15th, 1970.

A United States law that authorized the President of the United States to stabilize

prices, rents, wages, salaries, interest rates, dividends, and similar transfers as part of a general program of price controls.

I welcome Varenique to receive the Mercator Center writing about price controls.

Verenique, I remember vaguely that summer,

but I didn't see what happened afterwards

except for I know Richard Nixon later on after he left office and he was a senior states person

comment that in all the years he was in politics that was the worst decision he ever made. Why is that?

Why does price controls not work?

Good evening to you.

Good evening, John.

Well, we have a lot of economic research that have to study price control over the years.

I mean price control has been with us for a long time.

...