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Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like. ↗
To me, the excitement is in ordering a fine shotgun, going through the process that everybody who has bought one has gone through for 100 years. You order it, you make a significant down payment, and then you wait three or four years for the gun to be custom-made for you. ↗
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