On the recordJanuary 11, 1995
And energy costs skyrocketed. We had long lines, shortages, and energy prices skyrocketed. But the gentleman also correctly observed that interest rates followed the inflation rate up, and the reason they do that obviously is because money, like any other commodity, is affected by inflation, and the payback, the amortization, the payback of the price of the money, is keyed to the differential between what our inflation rate is and what our cost of money is, and that is the real cost of money, the real. And, as the gentleman knows, notwithstanding the fact that the interest rates were nominally high in the late 1970's, in point of fact as the gentleman----
Source
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