Hoadley declares the United States economy far from disaster, calling 1978 a record year. He predicts that there will be no recession in most of the country in 1979, but he worries about the government's fight against inflation. Looking to the future, Hoadley believes that for the U.S. to maintain its economic strength, it must watch out for inflation and weak government policies supporting the supply side of the economy.

Hoadley's biography includes: Executive vice president and chief economist, Bank of America NT&SA, San Francisco, 1968-81; senior research fellow, Hoover Institution, 1981-2003; president, Commonwealth Club of California, 1987; author, "Looking Behind the Crystal Ball," 1988.