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Cutting interest rates is a mistake

December 09, 2007

[Federal Reserve Chairman Ben S.] Bernanke cutting interest rates is plain wrong. It has caused and will continue to cause inflation and the devaluation of the dollar. Foreign governments have already lost confidence in our currency. ("Markets again look to Fed for relief," Dec. 1.)

Additionally, many seniors rely on interest from savings to live on. When you couple a rate cut with inflation in progress, it will hurt many Americans who already are struggling.

Let's raise interest rates to restore some credibility in the world -- strengthen our dollar -- and . . . help those who need higher savings rates the most.

Bernard Hoffman

Los Angeles

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