Quote:
Originally Posted by manaboutown
"Volcker slammed the brakes on the economy by raising interest rates to 20% " From: Memories of the 1970s haunt the Fed, pushing its aggressive rate moves : NPR
Anyone else remember those days?
My parents loved the rates they got on CDs back then.
Actually inflation started in the mid 1960s, guns and butter times. I started working at the USPTO as a patent examiner in the summer of 1966. If I recall correctly the Federal employees pay scale was increased three times in about one year. I remember I got maybe a 3% raise but the price of my afternoon ice cream snack in the cafeteria went up 30%. |
I remember them well. My wife borrowed money at 21.5 percent to build a veterinary clinic in 1980. Fortunately, there were a lot of sick dogs and cats to pay the interest.