Originally Posted by Bruce H
If one doesn't have debt one doesn't have to worry about interest payments on loans. I remember the 22% and higher in the late 70's. I paid the interest on what debt I had. I survived but never again.
The way mortgage have fallen the past 2-3 years I can't believe anyone has a mortgage above 6% much less 5%
We are at 3.9% on a 30 year.
Credit cards have already adjusted many of their rates upwards of 25% or more. About the only places I know where rates are above 20% are those payday or auto title loan stores.
For discussion sake let's say this guy is right and the market corrects itself by 90% in 3 months. Even billionaires will have more problems than where to put their cash.
I would think half or more of the pension funds out there would cave. People on stock backed-dividend paying retirement portfolios are screwed.