Some of the forces that created the monetary misery of the seventies and early eighties seem to be re-emerging.
We had a 14% interest rate when we bought our first house.
But we could get 5% interest on cash in the bank, and treasuries at 11%. Wish I had known more about money then.
"Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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Kids these days! They got no concept of 14% mortgage rates.. They be ignorant of hard times! Ha ha, but true
I got a first time buyer cut interest rate through some city program. It was at least 11%, I think it 11 1/2.%
I remember looking at a piece of real estate that had an assumable loan for 16%.
Makes you wonder what will happen when the bubble bursts, and the realization dawns that a price must be paid for that ocean of artificial liquidity. Obviously, we won’t want to accept our own role In what is ultimately a disconnect between consumption and productivity, and will need to identify scapegoats. I wonder who we will choose? The financial industry? A shadowy oligarchy and their meretricious minions? Some wicked top percentage? Free lunch governance? White privilege? The Fed? The Gnomes of Zurich?
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