[Congressional Record Volume 141, Number 21 (Thursday, February 2, 1995)]
[House]
[Page H1078]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                  STOP PLAYING GOD IN THE MARKETPLACE

  (Mr. WYNN asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. WYNN. Mr. Speaker, good morning, I rise today to object to people 
playing God in the marketplace.
  It is amazing to me that some of the economists who claim to be such 
free traders and such believers in the free marketplace would intervene 
in our economy a record seven times in the past year. They have 
consistently increased interest rates to the detriment of the American 
consumer.
  Now, while I understand that some restraint and some interest rate 
increases are in fact necessary, it seems to me the Fed ought to at 
least wait and see the effect of this last interest rate increase.
  I can tell you about the effect of their current rate increase: 
Variable rate mortgages will increase. The consumer will be harmed. 
Credit card balances will increase. The consumer will be harmed. Car 
purchases will become more expensive. The most thriving part of the 
American economy will be jeopardized.
  Mr. Speaker, there are other considerations. We are down here talking 
about people ought to go to work. Well, the effect of the raise in the 
interest rates is that there will be less jobs for those on welfare and 
those we want to encourage to work.
  We also say people ought to save more. There will be less saving 
because of the higher interest rates.
  I wish people would stop playing God in the marketplace.

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