This day in history: How Gonzaga economists suggested people cope with inflation in 1975

From 1976: Two Gonzaga University economics professors offered tips on how to live with the new economic reality: high inflation.

One of them predicted that “inflation will surge again this year at an 8 percent rate, same as last year.”

Here was their advice:

• Trim your meat budget – “cheap meat cuts are as nutritious as expensive ones.”
• Hang on to the old car a little longer “and resist the temptation to buy a second or third color TV set.”
• Buy AAA-rated corporate bonds.
• Purchase a home.

They also noted that inflation made it extremely difficult to build up a “nest egg.”

From 1926: Isadore Edelstein, alleged master safecracker, was now facing charges of being a “habitual criminal” following his recent conviction in the Paulsen Building heist.

Prosecutors said that Edelstein had been convicted six times previously – including several times in Spokane.

The judge had not yet passed a sentence on Edelstein in the Paulsen case, because he said the outcome of the habitual criminal charge “will have some bearing on the sentence.”

Also on this day

(From onthisday.com)

1847: Samuel Colt sells his first revolver pistol to the United States government.

1865: New York Stock Exchange opens its first permanent headquarters at 10-12 Broad Street, near Wall Street, in New York City.

1961: Longest recorded strike ends as Danish barbers’ assistants end their 33-year strike.

2007: The 110th United States Congress convenes and elects Nancy Pelosi as the first female Speaker of the House.