Political Quotes

“I have an Associated Press dispatch in my hand that says that the Federal Reserve Board met a few hours ago, locked the door, closed the room and once again in secret took action to increase short-term interest rates by one-half of 1 percent. The Federal Reserve Board met today on Tuesday, and the American people lost again. I know that the Federal Reserve Board wants to be seen as fearless inflation fighters. The fact is that the Federal Reserve Board has a hair trigger on inflation issues and has clay feet on issues that affect economic growth and opportunity in this country. The Federal Reserve Board is increasing interest rates now the fourth time saying we have inflation just over the horizon. I say to the Federal Reserve Board what inflation? What inflation? Last week Thursday, the Producer Price Index came out. You know what it showed? Down one-tenth of 1 percent. Friday the Consumer Price Index came out. You know what it says? Up only one-tenth of 1 percent. So I ask the Federal Reserve Board what inflation are you talking about? Why do you impose this tax on the American people. Every American family will pay a higher interest rate as a result of behavior of the Federal Reserve Board. Yes, this is good politics for the Federal Reserve Board. They served their constituency, the big money center banks. I guarantee you it is not good monetary policy for this country.”