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June 25, 2008
NEW YORK — Mark Twain once said that “history doesn't repeat itself, but it does rhyme.” That's worth thinking about when comparing the current economy to the woes of the 1970s.
As they did three decades ago, surging oil prices are exacerbating inflationary pressures, further damaging a weak economy. The question is whether the toxic combination that produced stagflation then, crippling growth for years, is beginning to play out again today.
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