Before the prime rate came unglued, interest rates had gone as high as 12 percent only once in our entire history, and that was during the Civil War. But now, once they hit 12 percent, they kept on going. At one point they reached as high as 22 percent. That’s legalized usury. Some states have laws that kick in at 25 percent, suggesting criminal intent. The Mafia calls it vigorish. But as tough as 20 percent interest rates are, what’s even worse is the yo-yo effect. From October 6, 1979, to October 1982, rates went up (or down) eighty-six times, which comes out to once every 13.8 days. How can
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