Bernanke Testimony

Yesterday, C4L's Matt Burrow and I attended the Joint Economic Committee hearing where Ben Bernanke was testifying on the current state of the economy.

Two exchanges during the hearing are worth paying attention to. The first, was Senator Jim DeMint asking Bernanke about interest rates. Bernanke appeared to scoff at the notion that saving $100 billion dollars a year by raising interest rates by just 1% was a substantive amount of money. http://www.youtube.com/watch?v=6UcMLDNuQS4

The second was Senator Lee's line of questioning about the dangers of further "quantitative easing" and artificially low interest rates. http://www.youtube.com/watch?v=-mLBP8LLmCc

In Lee's video, the Chairman, as only true central planners can, attempts to assure the senator that it's "technically possible to undo the balance sheet expansion in a timely way," but had to admit that the "timing" is the "difficult" part.

With Audit the Fed slated to come up for a House vote in July, it's important to keep the pressure on Congress to cosponsor and support a standalone vote on H.R. 459 and S. 202! Contact your representative and senators and urge them to support Audit the Fed.

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