“A whole generation thinks this is how it is. None recall mortgages/car loans at 10-15%”
Nearly 9% mortgage for me back in the 70s.
I’ll be shocked to earn interest on my savings. I’ve forgotten what that’s like.
Prime rate; Lending rate for a banks strongest customers. Rate tends to move in concert with inflation.
1950 - 3%
1960 - 5
1970 - 6
1980 - 21 (!) (Paul Volker killing inflation brought on by Carter)
1990 - 9
2000 - 7.5
Today - 3.5
Historically growth is impeded by higher rates and encouraged by lower rates. Not any more. Low rates can’t overcome excessive govt regulation now.