Another company took advantage of inflation and now regrets it

Thanks for the reply, I was going to make some very similar points as Mark, he did an excellent job so I will defer to his post.

As for turning my "ire towards Swiss chocolatier Netle", I really don't know how you came to that conclusion after I posted, "While some companies took advantage to increase their prices to increase their profits, and it worked for them, congrats! Capitalism! Now the consumer says, "Yeah we're done with that". "

I have nothing against Nestle, capitalism, or profits, I was just pointing out that companies took advantage of the situation. A point that our MAGA friends have vehemently denied on this forum. I for one quit buying Lay's potato chips because of the shrinkflation, a product that was not a big deal to me, and I may not buy them ever again because potato chips aren't a big part of my diet. So Lay's may have lost my incremental sales because of a touch of greed by the company. 

I declare myself to be "ire free"! Happy Thanksgiving!

You still aren't very good at this Charles.

The only president who threatened to punish price gouging in the last several years was Donald Trump.

Ah, but it seemed like the whole point of your post was to absolve the Biden administration for the 40 year record inflation that was experfienced during his term.  Instead of blaming Biden's irresponsible spending combined with the Fed's 3 rounds of QE and easy money policy, you seemed to be blaming corporate greed.by citing the Nestle example of a big bad corporate player."taking advantage of the situation". 

In fact that was a perfect example of free, competitive markets punishing a company trying to take advantage of the 'Situation'.  The actual SITUATION was a genral rise in prices caused by a convergence of bad Fiscal and Monetary policy created by our Federal Government under Joe Biden.  I would never claim that businesses don't ry to maximize profits by trying to charge what the market will bare.  Nestle got it wrong and made pricing errors.  The free market punished them.  

The 'ire' comment might have been a little sarcasm for blaming Nestle and corporate America for inflation and Democrat's penchant for price controls to fix the problem when in fact, the real inflation problem was created by Government, not Capitalism.  It always is.     I'm sorry if I didn't understand the point of your post. 

There's a bit of forum history that you may not be familiar with, although I did respond to you with this statement, " I was just pointing out that companies took advantage of the situation. This is a point that our MAGA friends have vehemently denied on this forum. " I thought that was pretty clear.

I wasn't trying to absolve anyone, but I do think it's naive or a completely biased position to think that only Biden's policies caused inflation. Besides the unnecessary stimulus checks, what exactly are the Biden policies that contributed to inflation? The checks certainly made it worse.

By the way, Mark covered all the other things that contributed. Thoughts on his post? Our friend tom, claimed that the Inflation Reduction Act caused inflation, when I ask him how it did, he disappeared as most MAGA do with direct questions

No surprise here.

First let's define our terms.  When I talk about inflation, I'm speaking of a sustained general rise in prices, not a temporary supply disruption..  Did you read the article I linked from Clinton's Secretary of the Treasury and Obama's Directory of the National Economic Council, Larry Summers?  He predicted the Bidenflation and warned the administration on several occasions that their policies would lead to an inflation disaster.  They ignored him and many other noted economists who predicted exactly what would happen.  Here.  Let me help you with that:.   

"Summers argued that the magnitude of today’s federal policy positions are greater than the ones that set off runaway inflation in the late 1960s. And he voiced concern about the stability of the US dollar.

“We are printing money, we are creating government bonds, we are borrowing on unprecedented scales,” Summers said. 

Do you think Larry Summers is 'naive or completely biased'?  Let me assure you he is not.  Just look at the countries that have experienced hyperinflation.. Every one is a study in government mismanagement of fiscal policy and the money supply.  Every one.

As to the Inflation Reduction Act causing inflation, it certainly did not relieve the inflation we experienced under Biden.   It was cynically renamed Inflation Reduction Act from the Build Back Better program at the last minute to make voters think the government was there to help.  It's just another 1.2 trillion dollar spending boondoggle that will further devalue our currency if we continue to borrow to pay for misplaced priorities ripe with waste fraud and abuse..  Now.  Off my soap box.  

But I'll leave you with a few words of wisdom from one of Americas most brilliant economists who helped to revolutionize thinking about the root causes of Inflation and especially the Fed's role in the Great Depression.

“Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.” 

In the case of the Biden Administration's 40 year record high inflation, the driver of the quantity of money was government fiscal policy.  The facilitator of the easy money policy was the Federal Reserve.

.   

It seems to me the temporary supply disruption coincided with the increase in prices. I also will state, once again that Biden is not without some blame.

    Some????  Did you just wake up from a 4 year nap?

Larry is more concerned about Trump's economic policies then he was with Bidens, do you share that concern?

The Trump inflation shock could be worse than the last inflation crisis, Larry Summers warns | CNN Business

"“If he carries through on what he said during his campaign, there will be an inflation shock significantly greater than the one the country suffered in 2021,” Summers told Kate Bolduan on CNN News Central on Wednesday."

With this information and your high regard of Larry Summers, do you oppose the Trump economic plan?

Are you proposing that a 9.1% inflation rate is considered hyperinflation? I would disagree.

Hyperinflation, by Michael K. Salemi: The Concise Encyclopedia of Economics | Library of Economics and Liberty

Hyperinflation is very high inflation. Although the threshold is arbitrary, economists generally reserve the term hyperinflation to describe episodes where the monthly inflation rate is greater than 50 percent