Political Quotes

“the recent decision by the Federal Reserve Open Market Committee to raise interest rates in itself raises two very serious questions, one substantive and one procedural. The substantive question is will America be permitted to grow economically at a rate sufficient to overcome some of our most pressing social problems or will the Federal Reserve be allowed to snuff out that growth? And that is also the procedural question, because we have a nonelected body consisting of seven members who were at least appointed by the President and confirmed by the Senate and four others, regional bank presidents who are officers of private corporations in effect, the Federal regional banks, making the single most important economic judgment that will be made in America this year, and that simply cannot be allowed to go forward. Alan Greenspan is a man of good will, and he is doing what he thinks is right. But what he thinks right strikes many of us as profoundly wrong. When Mr. Greenspan testified before the House Committee on Banking and Financial Services we asked him, several of us, whether there was any evidence of inflation given the growth that we have seen in recent years. His answer candidly was no. I asked him if he did not agree that he had in fact himself been too pessimistic in his analysis of the ability of the economy to grow without generating inflation. He admitted that he had been too pessimistic, he has been wrong over these past years.…”