Seems to my untrained economis eye that raising rates is at least a big part of what has to happen. You worry about its effect on housing and all its collateral industries, which is a big part of the economy. I was doing young to GAF back then, but when I broke into the working world, the law firm partners used to do a version of Mora Sr. when young associates bitched about starting salaries in Seattle and talked of wanting to buy a house: "House? House? Are you talking about buying a House? You're 27 years old. A House? You've got to be kidding me. When we? graduated from law school, most of us wondered if we'd ever own a house. Rates were in the teens. We all thought we'd rent until we died. A house?"
But somehow they bought houses anyway despite all that. Fuck, I remember locking in a 8. something when I bought my first house thinking that was pretty ok. When it went down into the 5s, it felt fucking historic and it was refi time.
This is all very concerning. And, yes, Biden has always been a giant dumb fuck. And now he's a giant dumb fuck with a diseased brain barely able to repeat the talking points shoved down his throat.
Praying for the flooring industry.
