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.
“I can always tell when the mother in law's coming to stay; the mice throw themselves on the traps.”
“Carrying out the thing, getting it to the point when one might say: There, now it is good - that point is hard to reach. Often, one sets very high goals for oneself. Perhaps too high.”