[Congressional Record Volume 146, Number 60 (Tuesday, May 16, 2000)]
[House]
[Page H3057]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         FEDERAL RESERVE RATE INCREASE TARGETS WORKING FAMILIES

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. The economic pundits only question how much of an 
interest rate increase the Fed will do today. They miss the basic 
question. Why? Core inflation is about 2 percent, less than it was a 
year ago.
  Federal Chief Greenspan spent another sleepless night last night, not 
because he is worried about the damage the rate increase is going to do 
to working families, everyone who has to borrow money to buy a house, 
buy a car and finance major purchases. They will pay billions to 
finance his crusade. No, he had a sleepless night because he kept 
looking under the bed and in the closet for the chimera of inflation 
that does not exist.
  What is the real agenda? If it is irrational exuberance, raise the 
margin rates on Wall Street. But maybe the real agenda is that he wants 
to drive up unemployment and drive down wages. God forbid American 
workers should get a wage increase. That is the real agenda of the 
Federal Reserve. It is targeted at the working families of America.

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