1990, redux

While the financial markets took a hit today on news of unstable giants Freddie and Fannie, food prices took a leap. The interesting part of this news is that both discuss the worst conditions seen in the past 18 years (are you listening, class of 2012?). I remember 1990. Not really interested in going back to those days. August 21 update: The four-week average, a less volatile measure, rose to the highest level in almost seven years. . . . Sales at U.S. retailers dropped 0.1 percent in July, the first decrease in five months, according to figures from the Commerce Department. Inflation concerns are high following three reports from the Labor Department this month. Consumer, producer and import prices were all higher than forecast. Add to that today's news that "The index of leading U.S. economic indicators fell in July by the most in almost a year, reinforcing the darkening outlook for growth." and it all brings on a serious case of deja vu.