Now I know that I'm going to sound like your dad growing up, but for those of you belly-aching about interest rates (search) going up, I say, grow up.
A quarter point. In my day, the Fed moved a half a point... sometimes more! At one time!
When my career was just starting, Paul Volcker used to hike rates a lot. Sometimes three full percentage points in just as many months! They got them up close to 20 percent. That’s 20 times where they are today!
My first mortgage was 13.5 percent. And back then, that was a bargain!
There was an energy crisis. A confidence crisis. An earnings crisis.
Back in my day there was no talk of a recovery. Yea, back when my career was starting out, we were down and out.
There was plenty of talk of recession, of housing going belly-up and the world on the verge of blowing up.
But you know something, we got through that. We've been through worse.
I used to tell my daughter that when I was a kid I walked six miles to school… uphill... both ways!
She didn't buy that then, but I want to remind her — to remind all of us — of something now: We've been through worse, a lot worse.
So we go from 45-year lows in interest rates to, I don't know, 35-year lows.
Trust me, it beats the alternative. I should know. I really have been there and done that.
Watch Neil Cavuto weekdays at 4 p.m. ET on "Your World with Cavuto."
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