NEW YORK (Reuters) – Warren Buffett said on Monday the U.S. economy had “fallen off a cliff” but would eventually recover, although a rebound could kindle inflation worse than that experienced in the late 1970s.

It doesn’t take a financial “wizard” to figure that one out.

What do the late 1970’s have in common with today?

No…it’s not disco

No…it’s not The Knack.

No…it’s not The Muppets.

It’s cluelessness in the White House!