History repeating itself?
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If you're under 50 years old, you were either to young to understand what was going on or you were not born yet. It was a very tough time for the country.
Looks like the under 50 crowd will need to live this time period again to truly understand what it was like back then.
The 1970s are starting to trend – for all the wrong reasons.
Today, prices for everything from gasoline to groceries are surging as the economy roars back from the pandemic recession. And that's raising concerns in some quarters about whether the United States is headed back to the awful economic days of the 1970s, when the country was gripped by double-digit inflation that required painful action by the Federal Reserve.
This is what was required to break the upward spiral. Prepare yourself. This may well be what is needed again.
Ultimately, it took a crackdown by cigar-chomping Fed chairman Paul Volcker to break the cycle of rising prices and wages. Volcker slammed the brakes on the economy by raising interest rates to 20% — tough medicine to prove he was serious about getting inflation under control.
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I purchased my first home in 1976 when I was 23 years old. At that time, mortgage rates were double digit. My mortgage rate for that purchase was 12.75%, which at the time was a good rate. Some people were getting rates upwards of 18%.
I recall thinking at that time that I would never see mortgage rates below 10% in my lifetime. That's how bad it was then.
We have the freedom to choose our actions, but we do not get to choose our consequences.
Yes, there are two paths you can go by, but in the long run, there's still time to change the road you're on. -
It wasn't just in the US - we had the same problems in the UK.
Mortgage rates were actually higher in the 80's than the 70's. They were still above 10% in 1990.
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I purchased my first home in 1976 when I was 23 years old. At that time, mortgage rates were double digit. My mortgage rate for that purchase was 12.75%, which at the time was a good rate. Some people were getting rates upwards of 18%.
I recall thinking at that time that I would never see mortgage rates below 10% in my lifetime. That's how bad it was then.
@improviso said in History repeating itself?:
my first home in 1976
1980 here. 13.25% interest on a fixed loan.
Our second home was 1984 - 13% interest again. I refinanced to a variable rate, 11.75% with a cap of 15%, iirc. I took the risk because I knew my income would increase, and I would be able to pay off the note quickly.
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Mortgages aside, what happens to all that US debt if interest rates go through the roof?
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Mortgages aside, what happens to all that US debt if interest rates go through the roof?
@doctor-phibes said in History repeating itself?:
What happens to all that US debt if interest rates go through the roof?
That debt becomes small potatoes since inflation will have made trillion the new billion…
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Which seems to be what The Resident is shooting for...
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@jolly said in History repeating itself?:
Which seems to be what The Resident is shooting for...
But don’t worry, there will be new government programs to save us all!
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By the way, there are some of us under 50 that remember the 70’s, the shortages, the inflation, and the super high interest rates…
I doubt we will see huge interest rates again. Lenders have seen the massive amounts of profit to be made lending at moderate rates to massively more people. They already were struggling with the drop in home ownership and car ownership… They now understand the value in the micro… But I can see home loans at 7-8%…
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I remember it too. I also remember that jobs were damn hard to come by, and we had energy prices on the rise and a president telling us to lower the thermostat and put on sweaters.
It sucked. And it lasted a long, long time. I the late 80's mortgage rates were still upper single digits, like 9%. I the 90's I could get ready access CDs, essentially a savings account, with 6 to 7% interest.
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@jon-nyc said in History repeating itself?:
I think slightly younger people will remember. Interest rates peaked in the mid-80s.
Yes... Ronald Reagan took office in 1981. It took him a few years to fix the mess made by Carter and the democrats. To hear the democrats and the media tell it, Jimmy Carter was a genius who could do no wrong. Reagan gets elected, fixes the fucked up mess made by Carter, and the democrats vilify him as a doddering old fool, claiming he fell asleep a lot, had dementia, etc. Then after 2 terms, his VP bush the elder wins, riding into office on Reagan's coat tails. The democrats vilify him. Then Bill Clinton takes office, and in spite of numerous, repeated acts of sexual perversions, and criminal conduct, he is declared another genius by the democrats and the media. Then Bush II takes office, and once again, the democrats and the media tell us he's an idiot, a drunk, you name it. The Obama, with literally no experience at anything, takes office, and the media and democrat party tells us he's a genius who can do no wrong. Then Trump, and as usual, he is vilified. Now we have a dementia patient named Biden, and once again, the pattern continues..... according to the democrats and the media, he's a fucking genius....
Carter. Democrat. Fucked up the nation. A genius.
Reagan. Republican. Fixed the nation. Hated by the media, a moron.
Bush I. Republican. Hated by the media. A moron.
Clinton. Democrat. A sexual predator and criminal. A genius.
Bush II. Republican. Hated by the media. A moron.
Obama. Fucked over the nation. A genius
Trump. Fixed the nation. Hated by the media. A moron.
Biden. Fucking the nation as we speak. A genius.Every single time a democrat is president the media speaks of him as a genius, but the nation is damaged, every single time a Republican is president the media and the democrats portray him as a moron, but the nation improves. Carter stuck the world with radical Islam, Biden is arming them.
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@jon-nyc said in History repeating itself?:
I think slightly younger people will remember. Interest rates peaked in the mid-80s.
Yes... Ronald Reagan took office in 1981. It took him a few years to fix the mess made by Carter and the democrats. To hear the democrats and the media tell it, Jimmy Carter was a genius who could do no wrong. Reagan gets elected, fixes the fucked up mess made by Carter, and the democrats vilify him as a doddering old fool, claiming he fell asleep a lot, had dementia, etc. Then after 2 terms, his VP bush the elder wins, riding into office on Reagan's coat tails. The democrats vilify him. Then Bill Clinton takes office, and in spite of numerous, repeated acts of sexual perversions, and criminal conduct, he is declared another genius by the democrats and the media. Then Bush II takes office, and once again, the democrats and the media tell us he's an idiot, a drunk, you name it. The Obama, with literally no experience at anything, takes office, and the media and democrat party tells us he's a genius who can do no wrong. Then Trump, and as usual, he is vilified. Now we have a dementia patient named Biden, and once again, the pattern continues..... according to the democrats and the media, he's a fucking genius....
Carter. Democrat. Fucked up the nation. A genius.
Reagan. Republican. Fixed the nation. Hated by the media, a moron.
Bush I. Republican. Hated by the media. A moron.
Clinton. Democrat. A sexual predator and criminal. A genius.
Bush II. Republican. Hated by the media. A moron.
Obama. Fucked over the nation. A genius
Trump. Fixed the nation. Hated by the media. A moron.
Biden. Fucking the nation as we speak. A genius.Every single time a democrat is president the media speaks of him as a genius, but the nation is damaged, every single time a Republican is president the media and the democrats portray him as a moron, but the nation improves. Carter stuck the world with radical Islam, Biden is arming them.
@larry said in History repeating itself?:
@jon-nyc said in History repeating itself?:
I think slightly younger people will remember. Interest rates peaked in the mid-80s.
Yes... Ronald Reagan took office in 1981. It took him a few years to fix the mess made by Carter and the democrats. To hear the democrats and the media tell it, Jimmy Carter was a genius who could do no wrong. Reagan gets elected, fixes the fucked up mess made by Carter, and the democrats vilify him as a doddering old fool, claiming he fell asleep a lot, had dementia, etc. Then after 2 terms, his VP bush the elder wins, riding into office on Reagan's coat tails. The democrats vilify him. Then Bill Clinton takes office, and in spite of numerous, repeated acts of sexual perversions, and criminal conduct, he is declared another genius by the democrats and the media. Then Bush II takes office, and once again, the democrats and the media tell us he's an idiot, a drunk, you name it. The Obama, with literally no experience at anything, takes office, and the media and democrat party tells us he's a genius who can do no wrong. Then Trump, and as usual, he is vilified. Now we have a dementia patient named Biden, and once again, the pattern continues..... according to the democrats and the media, he's a fucking genius....
Carter. Democrat. Fucked up the nation. A genius.
Reagan. Republican. Fixed the nation. Hated by the media, a moron.
Bush I. Republican. Hated by the media. A moron.
Clinton. Democrat. A sexual predator and criminal. A genius.
Bush II. Republican. Hated by the media. A moron.
Obama. Fucked over the nation. A genius
Trump. Fixed the nation. Hated by the media. A moron.
Biden. Fucking the nation as we speak. A genius.Every single time a democrat is president the media speaks of him as a genius, but the nation is damaged, every single time a Republican is president the media and the democrats portray him as a moron, but the nation improves. Carter stuck the world with radical Islam, Biden is arming them.
According to Donald Trump, the biggest mistake made in the last couple of decades and more was the Iraq war under Bush Jnr.
He must have been brainwashed by the media, too.
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@doctor-phibes said in History repeating itself?:
@larry said in History repeating itself?:
@jon-nyc said in History repeating itself?:
I think slightly younger people will remember. Interest rates peaked in the mid-80s.
Yes... Ronald Reagan took office in 1981. It took him a few years to fix the mess made by Carter and the democrats. To hear the democrats and the media tell it, Jimmy Carter was a genius who could do no wrong. Reagan gets elected, fixes the fucked up mess made by Carter, and the democrats vilify him as a doddering old fool, claiming he fell asleep a lot, had dementia, etc. Then after 2 terms, his VP bush the elder wins, riding into office on Reagan's coat tails. The democrats vilify him. Then Bill Clinton takes office, and in spite of numerous, repeated acts of sexual perversions, and criminal conduct, he is declared another genius by the democrats and the media. Then Bush II takes office, and once again, the democrats and the media tell us he's an idiot, a drunk, you name it. The Obama, with literally no experience at anything, takes office, and the media and democrat party tells us he's a genius who can do no wrong. Then Trump, and as usual, he is vilified. Now we have a dementia patient named Biden, and once again, the pattern continues..... according to the democrats and the media, he's a fucking genius....
Carter. Democrat. Fucked up the nation. A genius.
Reagan. Republican. Fixed the nation. Hated by the media, a moron.
Bush I. Republican. Hated by the media. A moron.
Clinton. Democrat. A sexual predator and criminal. A genius.
Bush II. Republican. Hated by the media. A moron.
Obama. Fucked over the nation. A genius
Trump. Fixed the nation. Hated by the media. A moron.
Biden. Fucking the nation as we speak. A genius.Every single time a democrat is president the media speaks of him as a genius, but the nation is damaged, every single time a Republican is president the media and the democrats portray him as a moron, but the nation improves. Carter stuck the world with radical Islam, Biden is arming them.
According to Donald Trump, the biggest mistake made in the last couple of decades was the Iraq war under Bush Jnr.
He must have been brainwashed by the media, too.
He was correct. So what's your point? That Bush was a Republican? Both Bushes were RINOS. You'll notice I didn't list any accomplishments. The media wasn't sure how to handle them - they were republicans so they must be vilified. I don't know if you keep missing the point of things on purpose or if you honestly can't think.
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@doctor-phibes said in History repeating itself?:
@larry said in History repeating itself?:
@jon-nyc said in History repeating itself?:
I think slightly younger people will remember. Interest rates peaked in the mid-80s.
Yes... Ronald Reagan took office in 1981. It took him a few years to fix the mess made by Carter and the democrats. To hear the democrats and the media tell it, Jimmy Carter was a genius who could do no wrong. Reagan gets elected, fixes the fucked up mess made by Carter, and the democrats vilify him as a doddering old fool, claiming he fell asleep a lot, had dementia, etc. Then after 2 terms, his VP bush the elder wins, riding into office on Reagan's coat tails. The democrats vilify him. Then Bill Clinton takes office, and in spite of numerous, repeated acts of sexual perversions, and criminal conduct, he is declared another genius by the democrats and the media. Then Bush II takes office, and once again, the democrats and the media tell us he's an idiot, a drunk, you name it. The Obama, with literally no experience at anything, takes office, and the media and democrat party tells us he's a genius who can do no wrong. Then Trump, and as usual, he is vilified. Now we have a dementia patient named Biden, and once again, the pattern continues..... according to the democrats and the media, he's a fucking genius....
Carter. Democrat. Fucked up the nation. A genius.
Reagan. Republican. Fixed the nation. Hated by the media, a moron.
Bush I. Republican. Hated by the media. A moron.
Clinton. Democrat. A sexual predator and criminal. A genius.
Bush II. Republican. Hated by the media. A moron.
Obama. Fucked over the nation. A genius
Trump. Fixed the nation. Hated by the media. A moron.
Biden. Fucking the nation as we speak. A genius.Every single time a democrat is president the media speaks of him as a genius, but the nation is damaged, every single time a Republican is president the media and the democrats portray him as a moron, but the nation improves. Carter stuck the world with radical Islam, Biden is arming them.
According to Donald Trump, the biggest mistake made in the last couple of decades was the Iraq war under Bush Jnr.
He must have been brainwashed by the media, too.
He was correct. So what's your point? That Bush was a Republican? Both Bushes were RINOS. You'll notice I didn't list any accomplishments. The media wasn't sure how to handle them - they were republicans so they must be vilified. I don't know if you keep missing the point of things on purpose or if you honestly can't think.
@larry said in History repeating itself?:
@doctor-phibes said in History repeating itself?:
@larry said in History repeating itself?:
@jon-nyc said in History repeating itself?:
I think slightly younger people will remember. Interest rates peaked in the mid-80s.
Yes... Ronald Reagan took office in 1981. It took him a few years to fix the mess made by Carter and the democrats. To hear the democrats and the media tell it, Jimmy Carter was a genius who could do no wrong. Reagan gets elected, fixes the fucked up mess made by Carter, and the democrats vilify him as a doddering old fool, claiming he fell asleep a lot, had dementia, etc. Then after 2 terms, his VP bush the elder wins, riding into office on Reagan's coat tails. The democrats vilify him. Then Bill Clinton takes office, and in spite of numerous, repeated acts of sexual perversions, and criminal conduct, he is declared another genius by the democrats and the media. Then Bush II takes office, and once again, the democrats and the media tell us he's an idiot, a drunk, you name it. The Obama, with literally no experience at anything, takes office, and the media and democrat party tells us he's a genius who can do no wrong. Then Trump, and as usual, he is vilified. Now we have a dementia patient named Biden, and once again, the pattern continues..... according to the democrats and the media, he's a fucking genius....
Carter. Democrat. Fucked up the nation. A genius.
Reagan. Republican. Fixed the nation. Hated by the media, a moron.
Bush I. Republican. Hated by the media. A moron.
Clinton. Democrat. A sexual predator and criminal. A genius.
Bush II. Republican. Hated by the media. A moron.
Obama. Fucked over the nation. A genius
Trump. Fixed the nation. Hated by the media. A moron.
Biden. Fucking the nation as we speak. A genius.Every single time a democrat is president the media speaks of him as a genius, but the nation is damaged, every single time a Republican is president the media and the democrats portray him as a moron, but the nation improves. Carter stuck the world with radical Islam, Biden is arming them.
According to Donald Trump, the biggest mistake made in the last couple of decades was the Iraq war under Bush Jnr.
He must have been brainwashed by the media, too.
He was correct. So what's your point? That Bush was a Republican? Both Bushes were RINOS. You'll notice I didn't list any accomplishments. The media wasn't sure how to handle them - they were republicans so they must be vilified. I don't know if you keep missing the point of things on purpose or if you honestly can't think.
During the Bush Presidency you were singing a very different song if I remember correctly. Ironically enough, my opinions about the Iraq war were always pretty much in line with what Trump has said.
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@larry said in History repeating itself?:
@doctor-phibes said in History repeating itself?:
@larry said in History repeating itself?:
@jon-nyc said in History repeating itself?:
I think slightly younger people will remember. Interest rates peaked in the mid-80s.
Yes... Ronald Reagan took office in 1981. It took him a few years to fix the mess made by Carter and the democrats. To hear the democrats and the media tell it, Jimmy Carter was a genius who could do no wrong. Reagan gets elected, fixes the fucked up mess made by Carter, and the democrats vilify him as a doddering old fool, claiming he fell asleep a lot, had dementia, etc. Then after 2 terms, his VP bush the elder wins, riding into office on Reagan's coat tails. The democrats vilify him. Then Bill Clinton takes office, and in spite of numerous, repeated acts of sexual perversions, and criminal conduct, he is declared another genius by the democrats and the media. Then Bush II takes office, and once again, the democrats and the media tell us he's an idiot, a drunk, you name it. The Obama, with literally no experience at anything, takes office, and the media and democrat party tells us he's a genius who can do no wrong. Then Trump, and as usual, he is vilified. Now we have a dementia patient named Biden, and once again, the pattern continues..... according to the democrats and the media, he's a fucking genius....
Carter. Democrat. Fucked up the nation. A genius.
Reagan. Republican. Fixed the nation. Hated by the media, a moron.
Bush I. Republican. Hated by the media. A moron.
Clinton. Democrat. A sexual predator and criminal. A genius.
Bush II. Republican. Hated by the media. A moron.
Obama. Fucked over the nation. A genius
Trump. Fixed the nation. Hated by the media. A moron.
Biden. Fucking the nation as we speak. A genius.Every single time a democrat is president the media speaks of him as a genius, but the nation is damaged, every single time a Republican is president the media and the democrats portray him as a moron, but the nation improves. Carter stuck the world with radical Islam, Biden is arming them.
According to Donald Trump, the biggest mistake made in the last couple of decades was the Iraq war under Bush Jnr.
He must have been brainwashed by the media, too.
He was correct. So what's your point? That Bush was a Republican? Both Bushes were RINOS. You'll notice I didn't list any accomplishments. The media wasn't sure how to handle them - they were republicans so they must be vilified. I don't know if you keep missing the point of things on purpose or if you honestly can't think.
During the Bush Presidency you were singing a very different song if I remember correctly. Ironically enough, my opinions about the Iraq war were always pretty much in line with what Trump has said.
@doctor-phibes said in History repeating itself?:
@larry said in History repeating itself?:
@doctor-phibes said in History repeating itself?:
@larry said in History repeating itself?:
@jon-nyc said in History repeating itself?:
I think slightly younger people will remember. Interest rates peaked in the mid-80s.
Yes... Ronald Reagan took office in 1981. It took him a few years to fix the mess made by Carter and the democrats. To hear the democrats and the media tell it, Jimmy Carter was a genius who could do no wrong. Reagan gets elected, fixes the fucked up mess made by Carter, and the democrats vilify him as a doddering old fool, claiming he fell asleep a lot, had dementia, etc. Then after 2 terms, his VP bush the elder wins, riding into office on Reagan's coat tails. The democrats vilify him. Then Bill Clinton takes office, and in spite of numerous, repeated acts of sexual perversions, and criminal conduct, he is declared another genius by the democrats and the media. Then Bush II takes office, and once again, the democrats and the media tell us he's an idiot, a drunk, you name it. The Obama, with literally no experience at anything, takes office, and the media and democrat party tells us he's a genius who can do no wrong. Then Trump, and as usual, he is vilified. Now we have a dementia patient named Biden, and once again, the pattern continues..... according to the democrats and the media, he's a fucking genius....
Carter. Democrat. Fucked up the nation. A genius.
Reagan. Republican. Fixed the nation. Hated by the media, a moron.
Bush I. Republican. Hated by the media. A moron.
Clinton. Democrat. A sexual predator and criminal. A genius.
Bush II. Republican. Hated by the media. A moron.
Obama. Fucked over the nation. A genius
Trump. Fixed the nation. Hated by the media. A moron.
Biden. Fucking the nation as we speak. A genius.Every single time a democrat is president the media speaks of him as a genius, but the nation is damaged, every single time a Republican is president the media and the democrats portray him as a moron, but the nation improves. Carter stuck the world with radical Islam, Biden is arming them.
According to Donald Trump, the biggest mistake made in the last couple of decades was the Iraq war under Bush Jnr.
He must have been brainwashed by the media, too.
He was correct. So what's your point? That Bush was a Republican? Both Bushes were RINOS. You'll notice I didn't list any accomplishments. The media wasn't sure how to handle them - they were republicans so they must be vilified. I don't know if you keep missing the point of things on purpose or if you honestly can't think.
During the Bush Presidency you were singing a very different song if I remember correctly. Ironically enough, my opinions about the Iraq war were always pretty much in line with what Trump has said.
Yes, thats true. I was. But it was because id seen the pictures of saddam feeding people into giant shredders, then there was the report of saddam locking a man uo for a week and not feeding him, then setting him down at a table and feeding him a stew while he watched in horror a video of his wife and kids being killed and then cooked into the stew he was eating. I supported going in, taking out saddam, and then getting the hell out. I did NOT support staying there for years after we won the war engaging in nation building. The exact same thing that Trump didnt agree with, and a fact that you failed to mention.
