[Congressional Record (Bound Edition), Volume 146 (2000), Part 18]
[Senate]
[Page 26387]
[From the U.S. Government Publishing Office, www.gpo.gov]



                              THE ECONOMY

  Mr. DORGAN. Mr. President, I worry very much that we are facing a 
slowdown in our economy that could be very significant. I hope Mr. 
Greenspan and the Federal Reserve Board in December will decide they 
should begin to cut interest rates. Six increases in interest rates 
since June 1999 have clearly slowed growth in this country in a way, in 
some respects, that put us in a perilous position, with the liquidity 
crisis and a range of other issues that could very well derail the 
longest and strongest period of economic growth in American history.
  I will speak more about this later because I see Senator Grassley is 
about ready to speak on bankruptcy. I do want to say this. I have come 
to the floor previously when the Federal Reserve Board was searching 
for evidence of inflation--searching in closets, under beds, in 
virtually every crevice, trying to find some evidence of inflation, and 
used that fear to increase interest rates six times. We have had the 
highest real interest rates for many years in this country, and they 
threaten, in my judgment, to derail this economic growth.
  I hope the Fed in December will think seriously about beginning to 
reduce interest rates to preserve an opportunity for continued growth.
  Mr. President, I yield the floor.

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