Blog posts not showing up on blog page

Hello all,

I am new to wordpress and php. I built a custom theme using a static front page. My designated blog page is not showing posts. It does however create a new page.

My blog is directed to page-lounge.php

I am using conditional templates for all the pages. I pasted below the code for the blog page. All of my static pages are working.

Thank you in advance for your help!

<?php 

	/* Template name: Lounge Page */

?>

<?php get_header(); ?>

	<?php if (have_posts()) : ?>
	<?php while (have_posts()) : the_post(); ?>
		<h2 id="post-<?php the_ID(); ?>">
<a>" rel="bookmark" title="Permanent Link to <?php the_title(); ?>">
<?php the_title(); ?></a></h2>
<small><?php the_time('F jS, Y') ?> <!-- by <?php the_author() ?> --></small>

			<div class="entry">
<?php the_content('Read the rest of this entry ?'); ?>
</div>
			<p class="postmetadata">
Posted in <?php the_category(', ') ?>
<strong>|</strong>
<?php edit_post_link('Edit','','<strong>|</strong>'); ?>
<?php comments_popup_link('No Comments ?', '1 Comment ?', '% Comments ?'); ?></p>

	<?php endwhile; ?>

	<<div class="navigation">
 <div class="alignleft"><?php previous_posts_link('? Previous Entries') ?></div>
 <div class="alignright"><?php next_posts_link('Next Entries ?','') ?></div>
 </div>
 <?php else : ?>
 <h2 class="center">Not Found</h2>
 <p class="center">
<?php _e("Sorry, but you are looking for something that isn't here."); ?></p>
 <?php endif; ?>

<?php get_sidebar('lounge'); ?>

<?php get_footer(); ?>

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