[Congressional Record Volume 141, Number 33 (Wednesday, February 22, 1995)]
[House]
[Page H1976]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


        FEDERAL RESERVE INTEREST RATE POLICY THREATENING AMERICA

  (Mr. MASCARA asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. MASCARA. Mr. Speaker, why is it that every time the economy 
begins to improve in the eyes of the Federal Reserve that is bad? Is 
bad news good news? That is a true fiscal oxymoron.
  I will never understand the Federal Reserve. I will never understand 
why every time the economy is growing and jobs are being created, Alan 
Greenspan and his colleagues decide to slam the brakes on by raising 
interest rates.
  The recent boost in interest rates by the feds is the seventh 
increase in the past year. Short-term interest rates have doubled from 
3 to 6 percent. Long-term rates are expected to hit 9 percent, a level 
we have not seen since the early 1990's.
  These hikes are beginning to put a stranglehold on the people of the 
country and the 20th Congressional District in Pennsylvania. Economists 
are predicting an economic slowdown, but the Federal Reserve is still 
not satisfied. Unbelievably, Mr. Greenspan and his colleagues feel that 
unemployment remains too low.
  Good news is bad news? Bad news is good news? I frankly do not get 
it. Mr. Greenspan, stop hurting the recovery that is under way.

                          ____________________