I’m appreciating this recent book by Nick Timiraos of the Wall Street Journal. He writes about the response to the pandemic. Timiraos goes back into history. There were tensions between the Fed and President Truman. Truman, you’ll recall, had had some rough experiences in business prior to becoming President and didn't quite grasp why the Fed would want to raise interest rates to cool off an inflationary environment. As Mark Twain remarked, “History doesn’t repeat itself…but it rhymes.”