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Gangsta's Paradise
The Compound and Friends
The Effects of Floating Rate Debt on the Economy
In 1994 and 1995, the Fed managed to slow the economy gently without plunging it into a downward downturn in what is perhaps its most famous successful soft landing. If people have fixed rate debt that's very low, you can't have a recession. The economy is much more susceptible to interest rates when a lot of it is floating. And I know that corporations, their debt is much more locked today fixed than it was back in the day.
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