Schubert, I was selling real estate in 78 when Jimmy Carter was president; everything was going just fine, I was making money, people were buying houses ( 3 bedrooms, 2 car garage, 2 bath, plus entertainment room, in a nice subdivision) All of a sudden, the interest rate began going up, and it kept going up until no one could afford to buy any thing.
The Fed controlled the interest rate, and Paul Volker was the chairman. He raised the rate until everything stopped dead still, nothing moved. The economy got so bad that it resulted in one suicide that I know of. That’s why Jimmy Carter didn’t get re-elected.