Our Long National Nightmare is Over
When Gerald Ford pardoned Richard Nixon fifty years ago on September 8th, 1974, he said, ”Our long National nightmare is over.” What followed was a healing that led to a period of great prosperity.
Last night, voters pardoned Donald Trump, and this result could lead to a similar healing and prosperity. No matter how you voted, whatever your politics, our country will deal better with decision rather than doubt.
My thoughts today are on how this affects the real estate market and Arizona in particular. I woke up this morning to a stock market that was up over 3% in just a few hours. One would have to say there is optimism in the financial markets.
We probably won’t see any tax increases. Inflation will probably begin to go down. It will be slowly, then suddenly, and in a year or two, we will be back below 3%.
That easing of inflation should result in lower mortgage interest rates. I don’t pretend to know how; I just know it will. I predict mortgage rates in the fives in a couple years and maybe back to the fours not long after.
There are a lot of other factors facing the economy besides government policy. AI will change things. Robotics will change things. Driverless trucks will change things. There will always be stuff that changes things. We are a nation of change. We celebrate it.
We also celebrate our melting pot diversity. Can you imagine waking up in China and everyone you meet is Chinese? They are all Chinese. You are Chinese. Your Chinese culture goes back thousands of years. I don’t mean to pick on the Chinese; it would be the same if you woke up Brazilian or Russian or Italian.
But in America, we have an amazing culture. Every one is different, and we celebrate those differences. It is our strength and is why everyone wants to live in America.
Let’s celebrate change.
Let’s celebrate answers.
Let’s celebrate all those ugly political signs coming down.
– Joseph