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A classic case was of panic buying was the Johnny Carson/Toilet Paper episode.
In the 70's after the first fuel embargo, Johnny Carson did a monlogue about the upcoming toilet paper shortage crisis. And while he was telling jokes about what people would do and use during the "crisis", he never mentioned that the crisis itself was a joke.
Well, I don't have to tell you what happened. First there was a run on toilet paper and many stores were sold out. Then by the time "the sheep" had already stocked up on toilet paper for months, stores misread the demand and overordered more. Now there was tons of toilet paper in the stores and a significant number of people who already had 6 month supplies.
I was in 6th or 7th grade at the time I think, so it must have been around 1973, 74 or 75.
In the 70's after the first fuel embargo, Johnny Carson did a monlogue about the upcoming toilet paper shortage crisis. And while he was telling jokes about what people would do and use during the "crisis", he never mentioned that the crisis itself was a joke.
Well, I don't have to tell you what happened. First there was a run on toilet paper and many stores were sold out. Then by the time "the sheep" had already stocked up on toilet paper for months, stores misread the demand and overordered more. Now there was tons of toilet paper in the stores and a significant number of people who already had 6 month supplies.
I was in 6th or 7th grade at the time I think, so it must have been around 1973, 74 or 75.
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