A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

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Entry from June 25, 2011
Screwflation

"Screwflation” (screw + inflation) was coined by financial writer Doug Kass on October 19, 2010. Kass explained how the middle class is “screwed by inflation”:

Screwflation, like its first cousin stagflation, is an expression of a period of slow and uneven economic growth, but, its potential inflationary consequences have an outsized impact on a specific group. The emergence of screwflation hurts just the group that you want to protect — namely, the middle class, a segment of the population that has already spent a decade experiencing an erosion in disposable income and a painful period (at least over the past several years) of lower stock and home prices. Importantly, quantitative easing is designed to lower real interest rates and, at the same time, raise inflation. A lower interest rate policy hurts the savings classes — both the middle class and the elderly. And inflation in the costs of food, energy and everything else consumed (without a concomitant increase in salaries) will screw the average American who doesn’t benefit from QE 2.

There is one earlier, isolated used of “screwflation” in the Seattle Bubble Forums on July 15, 2008.


TheStreet
Doug Kass
RealMoney Silver Contributor

Doug Kass is the president of Seabreeze Partners Management Inc. Until 1996, he was senior portfolio manager at Omega Advisors, a $6 billion investment partnership. Before that he was executive senior vice president and director of institutional equities of First Albany Corporation and JW Charles/CSG. He also was a General Partner of Glickenhaus & Co., and held various positions with Putnam Management and Kidder, Peabody. Kass received his bachelor’s from Alfred University, and received a master’s of business administration in finance from the University of Pennsylvania’s Wharton School in 1972. He co-authored “Citibank: The Ralph Nader Report” with Nader and the Center for the Study of Responsive Law and currently serves as a guest host on CNBC’s “Squawk Box.”

Seattle Bubble Forums
rose-colored-coolaid
Tue Jul 15, 2008 10:27 am
Re: Deflation - cash is king
So when does this economic phenomena get a real name? The combination of prices falling on everything most people own and prices rising on anything most people don’t.

I’m going to offer the nomenclature screwflation. Any takers?

Wall Street Pit
Doug Kass Unveils “Screwflation”
By TraderMark Oct 19, 2010, 12:39 PM
Inflation? Deflation? Disinflation? Stagflation?

Hedge fund maven Doug Kass has unveiled a new term: “Screwflation” which encompasses all the themes FMMF has been sounding the warning alarm on. What is Screwflation?

Screwflation, like its first cousin stagflation, is an expression of a period of slow and uneven economic growth, but, its potential inflationary consequences have an outsized impact on a specific group. The emergence of screwflation hurts just the group that you want to protect — namely, the middle class, a segment of the population that has already spent a decade experiencing an erosion in disposable income and a painful period (at least over the past several years) of lower stock and home prices. Importantly, quantitative easing is designed to lower real interest rates and, at the same time, raise inflation. A lower interest rate policy hurts the savings classes — both the middle class and the elderly. And inflation in the costs of food, energy and everything else consumed (without a concomitant increase in salaries) will screw the average American who doesn’t benefit from QE 2.

TheStreet
Kass: Equities Edge Toward a Top
By Doug Kass 10/19/10 - 02:00 PM EDT
(...)
In light of what I expect to be a disappointing economic impact from QE 2—I call it quantitative wheezing—and the negative consequences of that strategy ("screwflation") on the majority of Americans, I now believe that equities are in the process of putting in the highs for the year.

TheStreet
Kass: More on Screwflation
By Doug Kass 10/20/10 - 02:00 PM EDT

GoldAlert
QE2 & “Screwflation”
Wednesday, October 20, 2010 9:58 am EST
(...)
COMMENTS
Upayu
October 20, 2010 - 11:11 am
I think Kass meant to say was that we are SCREWED BY INFLATION.

What is Screwflation?
Posted in Uncategorized by Administrator on the November 5th, 2010
(...)
Screwflation Defined
While Cass defined Screwflation as the impact of only inflation on a specific group of people it could be argued that this his definition does not impart the full impact of this new evil.

One could build on his definition and contend that Screwflation is the means through which the middle class of America experiences the worse parts of both inflation and deflation, while banks and corporations experience the best parts.

Essentially, Screwflation is derived from the the excess of US Dollars which results in a devalued currency.

Barrons.com
SATURDAY, JUNE 11, 2011
The Threat of ‘Screwflation’
By DOUGLAS A. KASS
The economic beating that the middle class has taken over the past 30 years, combined with the threat of inflation, is adding to the nation’s miseries.
In the 1970s, when growth was stagnant and inflation was high, economists spoke of “stagflation.” Four decades later, there’s another threat to a sustainable trajectory of economic and corporate profit growth. It’s “screwflation,” which combines inflation with the screwing of the struggling middle class. Like stagflation, screwflation also threatens the general health and valuation of the U.S. stock market.

Real Clear Markets Video
June 14, 2011
Screwflation ... Average Americans Getting Squeezed
Screwflation.
It’s a term coined by hedge fund manager Doug Kass that refers to the phenomenon in which the average Joe and Jane gets stuck in the middle - to put it nicely - as prices increase rapidly, especially the prices of food and energy. Not only do they become unable to save, but they have a tough time just making ends meet.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • (0) Comments • Saturday, June 25, 2011 • Permalink