Nick Smith said "Is that not amazing? And I am going to give an example for some folks down in Hillsdale County, where the homes are a little less. If you had a $50,000 home and you ended up having--you had a mortgage that lasted over 30 years, it would reduce the amount of money that those homeowners paid by $30,000. Think of what would happen if it was a business deciding to invest a half a million dollars in some new equipment or build new machinery. It would reduce the cost of that equipment and machinery, we would end up putting better tools in the hands of the greatest work force in the world; that is, the American work force; and we would see our productivity take off. I mean, that is why Alan Greenspan followed it up saying, look, if you can do this and interest rates drop, you will see this economy growing like it has never grown before." @ PoliticalQuotes.com

On the recordFebruary 28, 1996

Is that not amazing? And I am going to give an example for some folks down in Hillsdale County, where the homes are a little less. If you had a $50,000 home and you ended up having--you had a mortgage that lasted over 30 years, it would reduce the amount of money that those homeowners paid by $30,000. Think of what would happen if it was a business deciding to invest a half a million dollars in some new equipment or build new machinery. It would reduce the cost of that equipment and machinery, we would end up putting better tools in the hands of the greatest work force in the world; that is, the American work force; and we would see our productivity take off. I mean, that is why Alan Greenspan followed it up saying, look, if you can do this and interest rates drop, you will see this economy growing like it has never grown before.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Discussing the economic impact of reducing mortgage costs and interest rates.

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