Originally Posted by
Bill Moore
I see you've added an edit to your last post, I'll help you out with that also. I was trying to buy another house in the last of the Carter years, 1979. The best interest was 21% for a 20 year note, 18.5% for a 30. I went to work for the mines in 1980, in 1982 we were all sent home.
Reagan forced the congress to enact tax relief, but also wanted budget cuts. The democrat congress allowed the tax relief, but kept spending, this prolonged the Carter misery, but the tax cuts started business back up,(people investing their money, rather that giving it to the government), and the mine called me back in april 1983. I was already working for the power company, so I didn't go back.
In 1986, we had saved a little money, and decided to buy another house, now the interest rate was 12%, and when we closed the deal in early fall, we settled on 11.25%. I know, it fell much more after that through Reagan's, and Bush 41's policies, even though they were having to fight a democrat congress, but my wife and kids got the bigger house we needed.
History is our friend, when we are faced with the same delima we have something to guide us, whatever your politics, you have to recognize the facts. And don't think for a minute that Clinton wouldn't have acted just like Obama if he hadn't lost the congress. That's why they're trying to stuff all the left agenda through before fall!