Re: What was the 80's recession like?

Posted by Steve from MO on November 21, 2001 at 13:38:52 from (168.166.54.11):

In Reply to: What was the 80's recession like? posted by Poppin' Johnny on November 20, 2001 at 15:20:18:

Think of it this way - ABBA was a popular singing group. Economic policy changed direction violently and frequently. America still hated itself for "losing" Vietnam. We were trying to spend the USSR into oblivion, and it eventually worked. Not a good time at all.

Home loans went from 8% to 22%, and there weren't any loans made anyhow so the rate didn't matter. We well real estate for a living, so that was kind of difficult. There were no "due on sale" clauses in the old loans so sales were made on a "contract for deed" basis where the buyer paid the seller and the seller kept paying the old loan. In the small towns, the buyer paid the old loan and sent the seller the difference monthly. I had a couple of those.

I watched the smart money people from St. Louis build a shopping center at the Lake of the Ozarks when there wasn't any business for a shopping center. Then they built houses and moved out there.

Tehre were opportunities for people with money but I was working for the state then and didn't have any money to buy anything, so couldn't take advantage of what I was seeing go on around me.

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