Seasons Greetings -- including to Mr. Grinch

Here for your holiday listening pleasure is the delightful 1966 song "Mr. Grinch," sung by Thurl Ravenscroft (also the original voice of Tony the Tiger until his death in 2005). Due to its creative metaphors, the song never seems to get old (who can resist "You're a three-decker sauerkraut-and-toadstool sandwich, with arsenic sauce"?).

Lest anyone object that such fare is too light for the season, it should be pointed out that Dr. Seuss's 1957 classic, How the Grinch Stole Christmas, is a sort of modern Christmas Carol, in which the main character experiences a radical change in heart.

Furthermore, with the 3rd quarter GDP down 0.5%, and with the fourth quarter likely to be down 6% or more due to the "grinding halt in the economy that took place in September through November" that we described in the previous post, the grinning Grinch seems an appropriate image this year.

On the financial news stations and in the wider media, pundits are regularly raising the specter of "deflation," while others warn of Argentina-like "hyperinflation" (see the link to the video in the previous post referenced above). It seems that the Grinch is going to be busy this year!

However, as economist Brian Wesbury explains in the "Wesbury 101" video below, entitled "No Deflation, No Hyperinflation," the monetary supply situation may not currently be either deflationary or hyperinflationary:

We believe Mr. Wesbury provides significant evidence to cry "humbug" at the current deflationary chatter in the media. Perhaps there will be an opportunity for a Grinch-like change of heart for some of the pessimists in the future.

In any event, we wish all our readers a very joyous holiday and seasons greetings from all of us at Taylor Frigon Capital Management.

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