George H.W. Bush: “Well, I don't. I am much more concerned about stimulating the economy today than I am about the long-term rates. They…”

“Well, I don't. I am much more concerned about stimulating the economy today than I am about the long-term rates. They are manageable at this juncture. What would exacerbate the long-term rate problem would be to pass the Democratic tax legislation, for example, or some of the spending bills I've seen up there. One thing that would shoot the long-term rates through the roof, and I'll guarantee you this, would be to get rid of the firewall or get rid of the spending caps that were a part of the 1990 budget agreement. In my view, that would send a totally counterproductive signal to the markets. In fact, when a very able Senator proposed kind of a tax plan that looked like the deficit would be exacerbated, the long-term shot up just on the proposal. So, I think now the answer is to keep working with the Fed. I think what the Fed has done is good. If you were to ask me the question, would I like to see interest rates still lower, I would, I would, real rates. But I think the main worry now is not the long-term rate problem or certainly inflation. It is economic growth and stimulation. I really do have to go because I don't want to--do I have time for one more?”