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To: Connor26 who wrote (103504)	6/21/2000 3:41:00 PM
From: puborectalis	Respond to of 120523

Greenspan.....please read this: Letter to Fed [bloomberg] Many in Congress say the Fed shouldn't even be thinking about increasing borrowing costs. Just this week, 16 Democratic members of the U.S. House of Representatives -- including Minority Whip David Bonior of Michigan -- sent a letter to Fed policy-makers urging them to refrain from raising interest rates this month for the seventh time in a year. ``It is now clear that an increase in interest rates at this time -- on top of the very significant cumulative increase you have voted over the past year -- is likely to lead to an unnecessary and socially damaging increase in unemployment without any significant offsetting advantage,'' the Democrats said in the letter sent Monday. When the policy-making Open Market Committee in May raised the overnight bank lending rate a half percentage point to 6.5 percent -- the highest in nine years -- Senator Tom Harkin, an Iowa Democrat, called the decision ``clearly excessive.'' Republicans were equally critical. ``Generally, I don't like interest-rate increases when there is no inflation, and I don't like this,'' Senate Majority Leader Trent Lott, a Republican from Mississippi, said after the May increase was announced.