[Congressional Record Volume 142, Number 102 (Thursday, July 11, 1996)]
[House]
[Page H7269]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   THE SPECULATORS VERSUS THE PEOPLE

  (Mr. BONIOR asked and was given permission to address the House for 1 
minute.)
  Mr. BONIOR. Mr. Speaker, it is the speculators versus the people. The 
bear is on Wall Street. A good example of what is happening to this 
country occurred last Friday when the country received good news: 
Unemployment had dropped to 5.3 percent; a quarter of a million new 
people were added to the payrolls in America; the average hourly wage, 
biggest increase in 1 month in recorded history, 9 cents in that 1 
month. And what happens on Wall Street? Pandemonium breaks loose. The 
Dow Jones average goes down 114 points, 30-year Treasury bonds leap a 
quarter of a point.
  The bears on Wall Street make their living by betting on the next 
Federal Reserve decision. The Federal Reserve needs to hold the line on 
interest rates so that we can have true welfare reform, so we do not 
lock in 5 to 6 million people on unemployment because of decisions that 
are made to benefit speculators in this country.

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