Tom Harkin: “it is widely rumored that the Federal Reserve will raise interest rates today for the seventh time in the past year.…”

“it is widely rumored that the Federal Reserve will raise interest rates today for the seventh time in the past year. Hard-working Americans all across this country can only hope that the Fed will give a second thought to an unnecessary and destructive action. The Federal Reserve is an independent and powerful fourth branch of Government--a branch of Government, I might add, that is unelected and essentially unchecked by reasonable examination. While I disagree with Alan Greenspan's policies, I must give him credit for a superb ability to manipulate the press and many others, including many Members of Congress. Somehow, Mr. Greenspan has created an aura of naturalism, a feeling that his actions are somehow preset by immutable economic realities, some form of the invisible hand operating there that causes us to do things that we cannot change. In fact, his position is based on a conservative ideology that favors the long-term interest of bondholders and bankers but shows little sympathy for hardworking, middle-income families. In fact, his policies are specifically intended to force a significant number of breadwinners out of work and into the unemployment lines.”