Professor Sargent’s interest rate forecast

September 5, 2012

We thought this captured Tom perfectly.  There’s an interesting back story that may even be true:  that he refinanced his mortgage at 15% when interest rates rose in the early 1980s, only to see them drop sharply right afterwards.   As they say:  a lesson earned, is a lesson learned.

Thanks to Laura Veldkamp for the link.

Update:  Stan Zin recommends this one from Leno.

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