Thank you FRiend for not only a courteous response but one that was also quite thought-provoking. In the near-endless cascade of failures during the Carter regime, I had completely forgot about the 17% mortgage rates that you recalled. By that time, I had already paid it off so it didn't directly me. That said, the overall economy of those dark years caused widespread suffering even for those who were responsible, prudent and thrifty.
“17% mortgage rates..”
My dad was a builder. There was a span of two years where he built and sold two town homes in the late 70’s. Nobody was buying. Of course he had a lot of debt (at those high rates) when he bought the property and was midway through the project. He held on though, and made out pretty well in the end. Lots of lean years though.
For those two years he held on to his two best carpenters by finding odd jobs for them, and working on our house. He ended up going back to previous homes he had built over the years to have them do odd jobs and remodels. The owner would pay for the materials and half the carpenters’ wages. My dad would cover the other half.
But, it kept the carpenters busy and keeping food on their table, and they were around when things picked up again. I didn’t hear of that until long after my old man had died.
It would explain the one conversation with one of the carpenters (Bob) while working on the project (~1980). I asked him what he would do if the strikers picketed my dad’s job. “I’d come to work. And if they tried to stop me - another good reason to drive a big pickup! Your dad’s been good to me.”
Bob made the pine casket for my dad. Even used some leftover materials from the last project. My brother and I drove the casket to the funeral home in my dad’s station wagon.
Speaking of station wagons - how about those gas lines!?