Voice of the people

["Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>]

Statement of Congressman Sanders on 7/16/2003 regarding:
Congressman Sanders' Questioning of Federal Reserve Chairman Greenspan

The following is the transcript of Rep. Sanders' question-and-answer
period with Federal Reserve Chairman Alan Greenspan during Tuesday's
Financial Services hearing.

SANDERS: Thank you, Madam Chair.

And, Mr. Greenspan, nice to see you again.

Mr. Greenspan, I have long been concerned that you are way out of touch
with the needs of the middle class and working families of our country,
that you see your major function in your position as the need to
represent the wealthy and large corporations.

And I must tell you that your testimony today only confirms all of my
suspicions, and I urge you -- and I mean this seriously, because you're
an honest person, I think you just don't know what's going on in the
real world -- and I would urge you come with me to Vermont, meet real
people. The country club and the cocktail parties are not real America.
The millionaires and billionaires are the exception to the rule.

You talk about an improving economy while we have lost 3 million private
sector jobs in the last two years, long-term unemployment is more than
tripled, unemployment is higher than it's been since 1994.

We have a $4 trillion national debt, 1.4 million Americans have lost
their health insurance, millions of seniors can't afford prescription
drugs, middle-class families can't send their kids to college because
they don't have the money to do that, bankruptcy cases have increased by
a record-breaking 23 percent, business investment is at its lowest level
in more than 50 years, CEOs make more than 500 times of what their
workers make, the middle class is shrinking, we have the greatest gap
between the rich and the poor of any industrialized nation, and this is
an economy that is improving.

I'd hate to see what would happen if our economy was sinking.

Now, today you may not have known this -- I suspect that you don't --
but you have insulted tens of millions of American workers.

You have defended over the years, among other things, the abolition of
the minimum wage -- one of your policies -- and giving huge tax breaks
to billionaires.

But today you have reached a new low, I think, by suggesting that
manufacturing in America doesn't matter. It doesn't matter where the
product is produced. We've lost 2 million manufacturing jobs in the last
two years alone; 10 percent of our work force. Wal-Mart has replaced
General Motors as the major employer in America, paying people
starvation wages rather than living wages, and all of that does not
matter to you -- doesn't matter.

If it's produced in China where workers are making 30 cents an hour, or
produced in Vermont where workers can make 20 bucks an hour, it doesn't
matter. You have told the American people that you support a trade
policy which is selling them out, only working for the CEOs who can take
our plants to China, Mexico and India.

You insulted Mr. Castle. Mr. Castle, a few moments ago -- a good
Republican -- told you that we're seeing not only the decline of
manufacturing jobs, but white-collar information technology jobs.

Forrester Research says that over the next 15 years, 3.3 million U.S.
service industry jobs and $136 billion in wages will move offshore to
India, Russia, China and the Philippines.

Does any of this matter to you? Do you give one whit of concern for the
middle class and working families of this country? That's my question.

GREENSPAN: Congressman, we have the highest standard of living in the world.

SANDERS: No, we do not. You go to Scandinavia, and you will find that
people have a much higher standard of living, in terms of education,
health care and decent paying jobs. Wrong, Mister.

GREENSPAN: May I answer your question?

SANDERS: You sure may.

GREENSPAN: Thank you.

For a major industrial country, we have created the most advanced
technologies, the highest standard of living for a country of our size.
Our economic growth is crucial to us. The incomes, the purchasing power
of our employees, our workers, our people are, by far, more important
than what it is we produce.

I submit to you -- may I?

SANDERS: (inaudible)

GREENSPAN: The major focus of monetary policy is to create an
environment in this country which enables capital investment and
innovation to advance. We are at the cutting edge of technologies in the
world. We are doing an extraordinary job over the years.

And people flock to the United States. Our immigration rates are very
high. And why? Because they think this is a wonderful country to come to.

SANDERS: That is an incredible answer.

Watch the testimony from the House Financial Services Committee.