WHILE GREENSPAN FIDDLES (via AWW):

Prices Drop by Largest Amount in 56 Years (Martin Crutsinger, 12/15/05, AP )

A record plunge in the cost of gasoline pushed consumer prices down by the largest amount in 56 years in November while industrial production posted a solid gain.

The new government reports Thursday provided further evidence that the economy is shaking off the blows delivered by a string of devastating hurricanes.

The Labor Department reported that its closely watched Consumer Price Index dropped by 0.6 percent last month, the biggest decline since a 0.9 percent fall in July 1949. [...]

Outside of the volatile food and energy categories, prices were up 0.2 percent, a modest gain that should help relieve fears that this year's surge in energy costs could evolve into more widespread inflation problems.

Mr. Bernanke can't take over fast enough.

Posted by Orrin Judd at December 15, 2005 10:01 AM