Who Wants 16% Interest?

This is a passbook I have saved since I funded a Certificate of Deposit back in 1981, in the throes of Fed Chairman Paul Volcker's fight against inflation.

Many comparisons are made to today's inflation situation. While it's a tempting exercise, I'm not sure there's much to learn from it. Inflationary inputs were far different back then, and today's economic template looks like nothing from that time.

But this was a hellish situation. U-3 exceeded the level we had experienced during the 2008 crisis and business ground to a halt.

Once all that money came out of the CDs, a good deal of it flowed into the stock market. A small outfit in Boston called Fidelity Investments made the most of it. Imitators followed. It was a whole new game for the retail investor.