The demographics over this period were extremely powerful - adding lots of momentum to GDP growth ... so getting on top of inflation required a positive real rate spread ... it took Paul Volcker to achieve that ... the prior Fed governors didn't get ahead of that dynamic because at the time the orthodox view was that the economy needed to run hot to maintain nearly full employment ... and because working age population was growing ... hot meant red hot ... that philosophy created imbalances that broke the Bretton Woods system and a 20% deval of the USD poured petrol on the flames ...