“Amid All-Time-High Interest Rates”
Such nonsense. As investment officer overseeing a cash portfolio, I remember buying one-week Federal Farm Credit Agency paper yielding 15% in 1981.
They’re talking about credit card interest, which is indeed completely out of control. When 25% is common it’s flat out usury. They’d stone people for that not long ago.
I was still in High School that year, and I was well aware of the interest rates and Stagflation finally winding down.
I guess that history only started around Clinton’s tenure...
Agreed. Money market accounts were paying something like 10% back in 1981. My current MM account is paying .2%. Auto loans and mortgage rates have crept up somewhat, but they are not anything like the the early 80s...