Quit Your Crying!
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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!
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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.
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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!
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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.
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Watch Neil Cavuto weekdays at 4 p.m. ET on "Your World with Cavuto."