In the mid-sixties economists talked confidently of "fine tuning" the economy. Little did they know what a mess would be made in the next 20 years and problems still remain. The Great Inflation of the late

1960s to 1982 was a turbulent, exciting, unfortunate time. Exhibit 4-1 shows the path to double digit inflation and double digit interest rates along with four recessions. A legacy from the Great Depression, Regulation Q which put ceilings on savings interest rates caused a new phenomenon, credit crunch disintermediation. In turn this led to a revolution in finance with various innovations, casualties, and new problems. This article traces what happened from the 1964-5 boom to the appointment of Federal Reserve Chairman Paul Volcker in 1979 and the Saturday Night Bond Market Massacre.  This paper explores these and related issues.