by John Darer CLU ChFC MSSC CeFT RSP CLTC
We celebrate 41 yeasr of Donkey Kong, the hugely popular video game introduced by Nintendo July 9, 1981. Donkey Kong was created by Shigeru Miyamoto, a Japanese video game designer, producer and game director at Nintendo. Widely regarded as one of the most accomplished and influential designers in the history of video games, he is the creator of some of the most acclaimed and best-selling game franchises of all time, including Mario, The Legend of Zelda, Donkey Kong, Star Fox and Pikminn. Source: Wikipedia
A Tempest in a Twitterpot
At 830am EDT this morning the June 2022 Consumer Price Index (CPI) was released and the number was 9.1%, the CPI’s highest since Donkey Kong was introduced.
In the lead-up, certain news media and the Twitterverse went wild over “a curious incident on the way to the closing bell: an alleged false report ‘leaked’ tomorrow morning’s Consumer Price Index (CPI) — supposedly higher than last month’s +8.6% year-over-year headline, though let’s not dignify the fake data by repeating it here.” (While ironically doing just that.)
Highest since 1981. Well, well, well…
Looking Back on 1981
- Year End Close Dow Jones 875
- Interest Rates Year End Federal Reserve 15.75%
- Average Cost of new house $78,200
- Median Price Of and Existing Home – $66,400 –
- Average Income per year $21,050.00
- Average Monthly Rent $315.00
- Cost of a gallon of Gas $1.25
- Tandy TRS 80 PC1 $149.95 (personal computer)
- 19 inch Color TV $399.95
- Under Counter Dishwasher $249.95
- Plums per lb 39 Cents
- Miracle Whip $1.27
- Turkey per lb 55 cents
- Star Wars Figure Set $29.99
- Mens Leather Jacket $129.99
Interesting Read on Inflation
How Fed Ended Last Great American Inflation and How Much it Hurt
A picture of the late Paul Volcker, the legendary Federal Reserve Chairman from 1979 to 1987, shows him at a congressional hearing, cigar in hand. The Jersey Boy didn’t just hold a cigar—he torched inflation like a pro.