The Last 40 Years in Interest Rates and Business Expansion and Contraction

Interest rates in 1981 hit a peak of 20 percent and from there it's basically been a step pattern all the way down. So we've kind of this is a very like big oversimplification but what we've seen for basically the last 40 years is credit a credit expansion debt loads get get too high debt income ratios get too high they need to be serviced, you have to defer consumption and pay back the debt. We're having these major crunches every seven or 10 years of Fitzs the cyclical nature that we're speaking of.