I'm reading my U.S. History textbook and it said that Gerald Ford supported high interest rates and Jimmy Carter appointed conservative economists who ensured a policy of high interest rates.
So what exactly are high interest rates? Are they the interest rates we pay for our houses/cars/other luxuries/etc.? Or is this some type of interest dealing with something else like international trade or something I would just not think of?
And if it's the regular high interest rates that we pay...why are they supporting high interest rates?
So what exactly are high interest rates? Are they the interest rates we pay for our houses/cars/other luxuries/etc.? Or is this some type of interest dealing with something else like international trade or something I would just not think of?
And if it's the regular high interest rates that we pay...why are they supporting high interest rates?