Starting with the collapse of Silicon Valley Bank, bank failures have been all over the news lately,

and the Fed is still battling high inflation. Its latest move was another interest rate hike,

the ninth in just over a year, but behind all the economic jargon, what does this mean for the

average person? This week, we're looking back at inflationary crises of the past for some clarity.

With an episode we made last summer, when inflation was just starting to heat up.

It's outrageous. I mean if I was to fill my truck up, which I'm not, and this transfer tank,

that's over $600. It's a hot day in July, and people are lining up at the Food for Less gas station

in Lemming Grove, California, a small city just east of San Diego to fuel up.

That's William Ransby. He's filling up three five gallon gas cans for his work equipment. He's a

contractor. Today he feels like he's getting a deal. At 579 a gallon, that's just under the

California average, which was still a little over $6 when we met up with William.

His company is footing the bill today. He can't afford to put gas in his personal car.

I just use enough fuel to get me to and from work, and I stay at home.

And when he does put gas in his own car, he's dipping into money he doesn't have.

I use a combination of credit cards and cash. You know if I don't have enough cash,

and I'll use my credit card, but I prefer to use cash. That way I'm not going into debt any further.

You know, that's the toughest thing to stay in out of debt.

That's scary. It's very scary.

June Pahela, a stockroom worker, also getting gas, knows all about that.

As prices rise, her paycheck just isn't getting her as far as it used to, and she's worried.

I see people in their 70s and 80s having to go back to work after they've been retired for 10-15 years.

You know, I wanted to retire at 62 now, and then I said, well, alright, 65.

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