We the people are going through tough times. Inflation is a real problem for most of us. Gas and diesel as well as propane and natural gas prices are through the roof. Farmers and truckers are really taking it on the chin. But then, we all drive to work and to the store where there is also sticker shock. Winter heating will also be more expensive.
The above is not new to most of us so I will digress and will talk a bit of history – I am old enough to do just that.
We moved from Salem to a small farm near Silver Lake in 1979. We had trouble getting a loan. We were in another inflation period. We finally got an 8% mortgage with a five-year balloon. That meant our loan interest could go up or down in five years depending on the economy. In 1984 our loan interest went to 13%. How does our present 5 or 6% mortgage rate sound to you now? To make matters worse my employer was not giving cost-of-living raises until sometime later. Guess what? All of that passed by as did the recession of 2008. Savings in the economy will always come and go. This one will too.
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