In his much-anticipated annual policy speech at Jackson Hole, Wyoming, Powell affirmed that the Fed will "use our tools forcefully" to attack inflation that is still running near its highest level in more than 40 years.
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"We are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%," he said. Looking into the future, the central bank leader added that "restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy."
Powell noted that the Fed's failure to act forcefully in the 1970s caused a perpetuation of high inflation expectations that led to the draconian rate hikes of the early 1980s. In that case, then-Fed Chairman Paul Volcker pulled the economy into recession to tame inflation.
And yet, as Galbraith noted, the Affluent Society had fundamental flaws. The new consumer economy that lifted millions of Americans into its burgeoning middle class also reproduced existing inequalities. Women struggled to claim equal rights as full participants in American society. The poor struggled to win access to good schools, good healthcare, and good jobs. The same suburbs that gave middle-class Americans new space left cities withering in spirals of poverty and crime and caused irreversible ecological disruptions. The Jim Crow South tenaciously defended segregation, and Black Americans and other minorities suffered discrimination all across the country.
The postwar construction boom fed into countless industries. As manufacturers converted from war materials back to consumer goods, and as the suburbs developed, appliance and automobile sales rose dramatically. Flush with rising wages and wartime savings, homeowners also used newly created installment plans to buy new consumer goods at once instead of saving for years to make major purchases. Credit cards, first issued in 1950, further increased access to credit. No longer stymied by the Depression or wartime restrictions, consumers bought countless washers, dryers, refrigerators, freezers, and, suddenly, televisions. The percentage of Americans that owned at least one television increased from 12 percent in 1950 to more than 87 percent in 1960. This new suburban economy also led to increased demand for automobiles. The percentage of American families owning cars increased from 54 percent in 1948 to 74 percent in 1959. Motor fuel consumption rose from some twenty-two million gallons in 1945 to around fifty-nine million gallons in 1958.7
Though remembered as just one lawsuit, Brown v. Board of Education consolidated five separate cases that had originated in the southeastern United States: Briggs v. Elliott (South Carolina), Davis v. County School Board of Prince Edward County (Virginia), Beulah v. Belton (Delaware), Bolling v. Sharpe (Washington, D.C.), and Brown v. Board of Education (Kansas). Working with local activists already involved in desegregation fights, the NAACP purposely chose cases with a diverse set of local backgrounds to show that segregation was not just an issue in the Deep South, and that a sweeping judgment on the fundamental constitutionality of Plessy was needed.
The original Point Place gang are reuniting for Netflix's "That '90s Show," a sequel to the hit comedy "That '70s Show." The streamer finally shared the first teaser trailer for the upcoming series on Nov. 29, taking us right back to our favorite basement in Wisconsin with "That '70s Show" originals Kitty (Debra Jo Rupp) and Red Forman (Kurtwood Smith). While the clip introduces some new faces, the show clearly aims to restore that old nostalgic feeling viewers fell in love with in the late '90s.
Meanwhile, real-life married couple Kunis and Kutcher's characters, Jackie and Kelso, are also still together in the spinoff. However, Kunis said she doesn't totally think that's realistic. "My husband and I are together in [the new show], which is weird 'cause we shouldn't have been," she told Access Hollywood on Sept. 26. "You know what, I called BS. I was like, 'My character would be with Fez.' I think that I ended up with Wilmer [Valderrama]'s character. And I was like, 'Why are you and I together?' And also, he was married when ''70s' ended, to Shannon Elizabeth's character, I think."
Christopher Sarson tells NPR two forces influenced his vision for Zoom. While watching TV with his children in the early 1970s, he found shows like The Partridge Family "were all false. None of them was real life." He also observed how his children behaved with peers they didn't know. They were eager to make friends but afraid of being laughed at. Sarson set out to make a program that would deal "with personalities ... and the interaction of people rather than with any particular storyline."
Paris, herself a fan of the show when she was a little girl, was struck by "how connected kids felt to the show" as well as the individual cast members. According to Paris, it was the adults who were reading those letters, not the young Zoomers. She says that was intentional so that "young cast members wouldn't feel that they were anything other than ordinary kids."
Paris believes Zoom was "quietly influential in the sense that it encouraged children to be creative, to think that what they were doing was important ... that their ideas had value ... and part of why it's remained a very nostalgic show for children of the 1970s."
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