Article in today's (01/09) WSJ about how Woody Hayes in 1974 turned down a pay raise to help slow inflation.  I was a high school senior in '74 and remember the high inflation we had during the 1970's. Woody literally heeded the advice of President Ford and felt as a US citizen he could do his part (by not accepting the pay raise) to help ease inflation. His 1974 salary? $27K (in real terms today $165K). By comparison Ryan Day makes $9.5M. Would anybody today in sound mind and body take a pay cut to lower the M1 $ supply? I know I wouldn't.