Grayson. (0.00 / 0)

From Florida. This guy is awesome...I've seen a lot of clips on the net...I trust he is on the committee being set up by Angelides?

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by: glacierpeaks @ Tue Jul 21, 2009 at 21:51:16 PM CDT

I can't remember ever seeing Helicopter Ben so nervous (4.00 / 1)

He was clearly attempting to lie several times. He didn't know when the Fed Reserve Act was passed, then he corrected Frank on the year.

Grayson is quite good. His FOREX comment was the most incisive and I wish he had pursued that a lot more, because Bernanke was lying when he said exchange rates were coincidental.

Let's hope ol' Ben starts feeling a lot more pressure and that it shows even more next time.  

When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it.

-- Frederic Bastiat, "The Law", 1850

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by: Emocrat @ Tue Jul 21, 2009 at 22:29:45 PM CDT

This is exactly how the peoples' representatives should act (0.00 / 0)

Holding bureaucrats accountable with smart, sharp, questions.

It's just a shame that the room was empty of the other more senior Congressmen and women so that they could see HOW it should be done as Grayson consistently since he has gotten to DC has shown.

Good thing for all of us there is such a thing now as youtube.

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by: Susan H @ Wed Jul 22, 2009 at 02:43:42 AM CDT

The oddest moment (0.00 / 0)

Up until the very end of Grayson's question period, Bernanke had repeatedly emphasized the completely common, ordinary nature of this lending for foreign central banks.

Then Grayson simply reminds him that the entirety of the lending began in the last quarter of 2007, and before that it appeared to be zero.

With which Bernanke agreed.

So, which is it?  Is it some common, every other day event in which the Federal Reserve loans out half a trillion dollars to foreign central banks, or is it something which only began in the crisis?

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by: El Cid @ Wed Jul 22, 2009 at 09:52:08 AM CDT