The repukes don't want anyone but the current crop of lazy uber rich to get wealthy. In order for someone in the poor or middle class to get wealthy they have to sell their labor. If they can't sell it high enough, they can't save and can't move up the ladder. The uber wealthy don't need to sell their labor, they use their wealth to get more wealth.
If you are lucky you could invent something and sell it but the odds of doing that get smaller as you have less money to develop your idea.
So every time wages began to rise, Greenspan raised interest rates. He wanted to keep the American workforce insecure, keeping them from demanding more for their labor.
The Fed is an unelected, unaccountable, private corporation. The Fed is actively trying to lower wages and increase unemployment and has done so since Raygun got into office.
"Greenspan wasn't exactly blunt about his intentions. Here's what he said, word for word: "The action was taken in light of persisting strength in demand, which is progressively increasing the risk of inflationary imbalances developing in the economy that would eventually undermine the long expansion."
A word smith he ain't. But note the term "inflationary imbalances." What does that mean? In Greenspan's language, it means that workers' wages might be going up. Perish the thought!
In testimony before Congress on March 20, Greenspan was more blunt. He said that if unemployment dipped lower than 5.3 percent, it "would heighten the risk of additional upward pressure on wage costs, and ultimately prices." There you have it."
http://www.encyclopedia.com/doc/1G1-19371119.htmlKeeping your wages low by manipulating interest rates was Greenspan's plan.