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1 comment:
Historically a 7% mortgage interest rate is right about average. The last home I owned I had an OWC and was paying 8.5%. My last commercial property, sold in 2001 had a 9% interest rate. I did just fine.
The problem here is twofold. First in order to prevent recession, the Fed effectively & incrementally lowered interest rates to near zero. The Fed also gave more generous loans to banks around the country so they could turn around and offer loans to small businesses and families in need of a lifeline. But large banks took the near zero interest money and rather than investing in hard assets, they bought billions in long term government bonds. Well with interest rates now shooting up, the banks holding 100s of billions in long term bonds with low payouts at maturity are in deep shit.
Second, before the 2008 disaster, the Fed had some wiggle room, one of the relief valves was lowering interest rates. But when the rate is near or at zero, you're out of wiggle room. And as interest rates rise, financing the $33 TRILLION national debt is soon going to cost more than any other item, soon to be $1 TRILLION/year. Just to pay interest on the trillions in fairy dust money.
The spiraling will either necessitate more inflationary money printing or default. Lather rinse repeat until it takes a wheel barrow full of dollars to get a coffee.
Our representatives(?) in DC know this and couldn't give a fuck. The millions they have siphoned off will still be worth a lot more than what most of us rubes have put together. One bit pot of gold the DC scammers have had their eyes on for years are retirement funds & 401Ks.
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