Watch a brain dead Member of Congress in action.

Maxine Waters is priceless.

How can she be in Congress for decades, sit on that committee and not understand the difference between the discount lending rate, the federal funds rate and the prime lending rate?

Bernanke is being quite generous here and it seems clear that Waters really doesn’t get it.

Someone never took Macroeconomics …. well name me the neo-marxist or progressive that really understands macro anyways. Robert Reich and Paul Krugmann claim to be economists but it amazes me just how much basic macro they have to forget to write the nonsense they do every week…. and then there is Christina Romer, who has written some good stuff, most of which she had to forget as soon as she took a job at the Obama White House.

Not that Bernanke is a great Federal Reserve Chair, he is incompetent. There are several econ profs here at IUSB who could do a better job and do it more ethically.

Not that I like to just name call, but those who understand macro know that Waters just got the dunce cap of the year award, if you don’t understand macro just move on to the next post ;)

Hat Tip Hotair.