Treasury Sends Interest Rates Soaring
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THE REPUBLICAN REPORT
December 28, 2006
Treasury Pushes Interest Rates Up 3.35%
Los Angeles, D.T.
Treasury Secretary Anthony Herrera waved to cameras today as he left the Department of Treasury during its weekly meeting which raised interest rates by 3.35% today. The new rate now at 4.35% has consumers scrambling to obtain a loan before the rate takes effect January 1st, and banks worry of a possible backlash of consumer spending and borrowing cuts.
"I did what I had to do and thats final", was all that Secretary Herrera had to say to us as he walked out of the meeting after highlighting deep concerns of the nations inflation rate which reached a record of 9.1% this year. Treasury Secretary Anthony Herrera kept his promise in a recent press conference where he proclaimed he saw "no other choice other than tightening the currency and raising interest rates".
Financial Indexes crashed today with the UUSE shaving 1.8% falling to 4,357.22
Not everyone within the administration is satisfied by the decision of the Secretary, especially President Michael Dolton who said the interest hike will destroy the foundation of the Federation's economy.
"When you pull a stunt like this it will destroy the foundation of this economy. I will not let the Secretary get away with something like this and allow the Federations economy to suffer. We had a prosperous year, and I recognize the inflation worries, but we cannot go jumping about like this and hiking rates like its a game." -President Michael Dolton
President Dolton later threatened the job of the Secretary calling him "radical" and "socialist".
"I hold the power to the Secretary's job and if he does not roll back this decision, then he won't be sitting in that seat. That's a fact."-President Michael Dolton
Dolton, who is currently facing record low approval ratings of 31% along with his National Party has said that the inflation rate is not of concern to this country and should not concern the citizens citing that the inflation rate was a sign that progress was being made with rising wages. However, members of other political parties have shown grave concern over the matter along with many economists.