ccride
Member
- Joined
- Feb 26, 2012
- Messages
- 32
- Location
- North Texas
- Tractor
- Cub Cadet 7235, Cub Cadet 1782, Kubota ZD321
Not to turn this into an argument but most of the prep for 9/11 happened under Clinton. By the time Bush took office most of the red flags had already been missed. But with out a doubt, as someone who lived through the Carter years of double digit interest rates, he was the worst we hopefully will ever see.
While there is plenty of blame to go around for 9/11, Bush totally ignored warnings about Bin Laden when he came into office, and by September of 2001 he had taken nearly 100 days of vacation. In fact I believe he set a record for the most vacation days taken during his entire presidency.
You are correct about the double digit interest rates under Carter. I had to move in late '79 for my job and buy another house. The interest rates were changing (upward) almost daily. We thought we had lucked out when we found a house with an assumable loan at (only) 9 and seven-eighths per cent interest. At the close however, we found out that the loan had a clause where the mortgage company could escalate the interest to current market rate on an assumption. When we hesitated, they offered to not raise it to the current market rate (13 %) but only 11.5 % . They had us over a barrel so we had to agree, the prevailing wisdom then was "better buy today, it will only be worse tomorrow".
And mortgage interest rates did go even higher after that, I don't remember what it finally peaked at, but those were dark days.