[Congressional Record Volume 140, Number 117 (Thursday, August 18, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: August 18, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]


                              {time}  1100
 
                     I DON'T THINK THAT'S GOOD NEWS

  (Mr. WALKER asked and was given permission to address the House for 1 
minute.)
  Mr. WALKER. Mr. Speaker, a few days ago, the former Member of 
Congress, Mr. Coelho, was named as the senior adviser to the Democratic 
National Committee and he appeared on television this morning on ``The 
Today Show.'' He said an absolutely astounding thing on ``The Today 
Show.'' this morning. He said that what the Fed did on interest rates 
this week, raising them by a half a point, was, and I quote him, ``Good 
news really.''
  Well, that is a rather amazing statement. This is the administration 
that just a few months ago was telling us how low interest rates were a 
sign of the success of their economic policy. Now you have the new head 
of the Democratic National Committee telling us that when the Fed is 
raising interest rates because the administration's policies are 
leading us into inflation. ``That's good news really for the economy.''
  I don't think that's good news for the person trying to buy their 
home. I don't think that's good news for the person trying to buy a new 
car. I don't think that's good news for the small businessman trying to 
get started. I don't think that's good news for the economy as a whole.
  Mr. Speaker, it is not good news to have inflation going up and 
interest rates going up. And when the head of the Democratic National 
Committee suggests it is, there is something really wrong in the 
economy.

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