Federal Reserve Chairman Ben Bernanke delivered his semi-annual testimony before the House Committee on Financial Services today. He pretty much said what was expected: the economy is recovering but still fragile; the job market is improving, but is still horrible; inflation is low now, but the Fed needs to keep an eye on it in the future. As a result, interest rates are likely to remain low for an "extended period." All on script. But there was an interchange between one lawmaker and Bernanke that deserves your attention. Please watch this video of Congresswoman Maxine Waters - in it, she demonstrates that there is obviously NO intelligence requirement necessary to be named to the House Financial Services Committee.
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I actually pitied Bernanke as he attempted to remind Ms. Waters the difference between the discount rate and the fed funds rate. Doesn't she have anyone on her staff who could have prepped on the material? It's not as if these are difficult concepts.
The more Waters talked, the worse it got. These are the very people who think they are better equipped to want to be entrusted with auditing the Fed. Now that's a scary concept.
