Looks like it’s about to get like in 1929 again. Fasten your seat belts.🧐
(media.greatawakening.win)
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Volcker? The Fed guy before Greenspan?
He was before most of our time--care to fill us in why that's important?
Sure, thankfully it wasn’t before my time. Thankful I’m still here!
Volcker executed a strategy to bring inflation under control by raising Fed rates to almost 18% which brought the economy to a grinding halt. Some people believe he killed any chance of Carter winning re-election.
I was young, but I remember it was pretty miserable. The only upside was if you had cash CD rates were around 18%, but inflation was 13% at the time.
I got married during that time. If you had money in the bank, ( I didn’t) the interest was incredible. I remember basic money market accounts earning 9-10%. CDs at 15-18% Now you’re lucky to get .03%.
That sounds like right around the time they were teaching us "the magic of compound interest" in Junior High.
Suddenly they don't teach that anymore
Thank you, sir. I was of single-digit age when he left the Fed, so I didn't know.
It gave us Reagan, at least. Flawed as he was, he was also the proto-Trump. Amnesty aside, of course.
Stagflation.
My 1st house was at 18% interest and that was with the VA discount. Think those times are returning unfortunately.