special correspondent jeff greenfield joined us for some historical perspective jeff, we've heard about inflation now in the popular press today, and then we also start to think of, well, what can a president do, what should a president do? what have presidents done to fight inflation and what kind of success if they had? >> they've tried a lot of different things. john kennedy went to war with the steel industry when they raised prices because he feared that would generate higher inflation, even though inflation wasn't that high. lyndon johnson liked to browbeat business and labor to urge them, "keep your wages and prices down." nixon, a free market conservative, imposed national wage and price controls in 1971 as inflation was raging, but it's like stopping a leak with a rag-- when you pull the rag out, the leak continues. and gerald ford in 1974 decided on a p.r. campaign to "whip inflation now," complete with win buttons. but no, the opec oil embargo kept going and inflation kept moving. so, those different tactics didn't really do much at all. >> sreenivasan: jeff, it wasn't a pres