Video: Fed chairman pwns ill-informed Democrat

posted at 7:35 pm on January 17, 2008 by Bryan

Democrats have so many hobgobblins they can’t seem to keep them all straight. Here Rep. Marcy Kaptur (D-OH) confuses Fed chairman Ben Barnanke with Treasure Secretary Henry Paulson.

On a 1-10 pwnage scale with 10 being uber pwnage, this is about a 6 I think.

The exchange.

U.S. Congresswoman Marcy Kaptur came to a House committee hearing on Thursday prepared to ask U.S. Treasury Secretary Henry Paulson tough questions about his involvement in the subprime mortgage crisis.

Unfortunately, she was questioning the chairman of the Federal Reserve.

The Ohio Democrat, at a House of Representatives Budget Committee hearing, said she wanted to know what Wall Street firms were responsible for the securitization of subprime mortgages. She then asked: “Seeing as how you were the former CEO of Goldman Sachs …” But the only person testifying at the hearing interrupted.

“No, no, no, you’re confusing me with the Treasury Secretary,” said Federal Reserve Chairman Ben Bernanke.

“I’ve got the wrong firm? Paulson, Oh, OK. Where were you sir?” Kaptur said. Bernanke noted that he was head of the Princeton University economics department.

“Oh, Princeton, oh, all right, sorry. I got you confused with the other one … I’m glad you clarified that for the record,” she said.


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She probably went home in tears. PwNeD!

CABE on January 17, 2008 at 7:39 PM

Between this and Paul’s questions for the guy, you gotta wonder what he’s thinking.

JohnTant on January 17, 2008 at 7:40 PM

Democrats have so many hobgobblins they can’t seem to keep them all straight.

That is laughs!

Im glad the ones now in control and with the destiny of this country in their hands are on top of things..

TroubledMonkey on January 17, 2008 at 7:41 PM

On a 1-10 pwnage scale with 10 being uber pwnage, this is about a 6 I think.

Weak target. 3 at best.

Editor on January 17, 2008 at 7:42 PM

This would make a nice 30 commercial for her challenger in the election. Or in that Southwest Airlines “Wanna get away?” campaign…

cameron on January 17, 2008 at 7:43 PM

The real question is, Does Marcy know who she is?

trigon on January 17, 2008 at 7:45 PM

Between this and Paul’s questions for the guy, you gotta wonder what he’s thinking.

O.K.,what did Paul ask? Something about gold?

lowandslow on January 17, 2008 at 7:46 PM

As Barbara Boxer said, “Elections have consequences”. For the democrat party it means they have to be informed and, ahem, be leaders. THEY.STILL.AREN’T.READY.

SouthernGent on January 17, 2008 at 7:48 PM

what a meathead

Lance Murdock on January 17, 2008 at 7:49 PM

She’s glad that he “clarified that for the record”?

The record didn’t need clarification, Congresswoman; your brain needed it.

Y’know, if I didn’t have to bow to Prince Charles and eat ghastly food with rotten teeth, I’d demand that we withdraw the Declaration of Independence.

SteveMG on January 17, 2008 at 7:51 PM

Uber Pwnage. Score one for the bearded capitalists
against the bearded socialists.

Mike D. on January 17, 2008 at 7:55 PM

An economic stimulus package must have corporate and venture capital investor tax increases.

You watch, some democrat will suggest a tax increase and pass it off as a stimulus package.

Kini on January 17, 2008 at 7:59 PM

Oh man, that was beeeuuutiful – her smug little lecture backfired

OH, wrong firm? Where ere you sir?

Sounds like she needs to go to Princeton – her staff too.

Topsecretk9 on January 17, 2008 at 8:10 PM

Add two to the uber pwnage rating. He said, “I was CEO of the Princeton Economics Department”.

It figures Reuters would hide that extra pwnage in their story by not quoting him directly.

Dusty on January 17, 2008 at 8:14 PM

O Hi O.. OOOOO HII OOOO OhIO , OHIO > O

Real bright congresswoman there. All over it. If she can stick around long enough she’ll be the Speaker of the House.

Griz on January 17, 2008 at 8:15 PM

Hey — here’s a thought

She wants all the CEO to give their salaries and bonuses back?

I’ve got a better idea, how’s about the Democrats in congress quit voting themselves raises and instead give THEIR salaries — and that of their staff’s to the people?

Sound good?

Topsecretk9 on January 17, 2008 at 8:15 PM

“Oh, Princeton Economics Department… er… What’s that?

Tool.

Mojave Mark on January 17, 2008 at 8:15 PM

The reality that the majority of elected democrats are morons doesn’t surprise me, it’s that so many Americans vote for these morons that is mind boggling.

peacenprosperity on January 17, 2008 at 8:23 PM

She’s reading it from a script and STILL doesn’t have her facts straight. Her district must be sooo proud.

Big John on January 17, 2008 at 8:24 PM

I had CNBC on in the background today when I heard her mistake. It was stunning. Scary that she gets to vote on the financial matters–especially so since she’s on the budget committee. She should know the background of two of the most powerful government figures in finance. More important, intuitively she should know that the Fed Chairman is likely a economics PhD not a former CEO. They have different skill sets.

dedalus on January 17, 2008 at 8:32 PM

She looks like the CEO of the 72 virgins.

Wade on January 17, 2008 at 8:35 PM

SECOND LOOK AT LARRY KACZALA!

Vizzini on January 17, 2008 at 8:41 PM

Scary that she gets to vote on the financial matters

It made me think of **THIS**

Topsecretk9 on January 17, 2008 at 8:46 PM

For a Liberal,(sarc.)this is one of the upsides of BDS.

-Poor memory
-inablity to think clearly
-short bursts of Stupidity
-When there wrong their still right
-And in the state of confusion,there still confused.

canopfor on January 17, 2008 at 8:47 PM

How can a member of the Congressional Budget Committee not know who the Federal Reserve Chairmen is? It’s just amazing.

SoulGlo on January 17, 2008 at 8:49 PM

Well, I’m from Toledo and let me tell you that Marcy Kaptur, Saint Marcy as she’s called, will never be defeated no matter how incompetent and uninformed she is. Toledo is, unfortunately, a guaranteed win for a Democrat.

kimpriestap on January 17, 2008 at 8:50 PM

Moron.

TheBigOldDog on January 17, 2008 at 8:53 PM

Ah, women in the Democrat congress. Just as stupid as the pansy Democrat men.

Jaibones on January 17, 2008 at 8:59 PM

She been hangin with cynthia?
nah, she woulda swung something.
.
Man, that IS stupid tho…very stupid.

shooter on January 17, 2008 at 9:13 PM

Kaptur Questions Fed Chairman Bernanke

In prepared remarks, Congresswoman Kaptur said, “America is facing an economic situation that has the potential to be catastrophic.

Congresswoman Kaptur questioned Federal Reserve Chairman Ben Bernanke during his appearance on Capitol Hill to testify to the Budget Committee.

Who were they prepared for? hmmm….

nottakingsides on January 17, 2008 at 9:22 PM

What does it matter to her anyway? I mean, Federal Reserve guy, Treasury guy, CEO of something or another,……just a bunch of old rich white men with some kind of high-up job or another, to her.

nottakingsides on January 17, 2008 at 9:30 PM

It’s like they just do not care how stupid they appear to the public as long as they are uber partisan.

jukin on January 17, 2008 at 9:40 PM

And her party designation is D-OH? Priceless.

joe shmoe on January 17, 2008 at 9:41 PM

Further proof of Tocqueville’s assertion that the most capable and competent do not run for elected office.

Jezla on January 17, 2008 at 9:43 PM

Hmmm people. I hate to rain on your parade here but not one of these congress Critters lnew a damn thing. That is what is scary. Not one had any idea about economics. neither did one blame the Chairman for the Fed created selloff of the market over the last month. the selloff that has destroyed trillions in wealth and Congress wants to backslpap this person and replace those trillions with a $300 rebate? All of this selloff, all of the recent downturn could have been averted if the FED cut rates faster or stopped raising rates sooner. Ben screwed up and is now presiding over one of the worse selloff in the entire history of the US stock market and not ONE congressman asked him why he did this? Not one blamed him or his FED. Not one demanded that they resign?

this is not a democrat/rep issue. This is an issue where our entire leadership shows beyond a doubt that they are stupid grandstanding pols that care nothing for the American people and only care what soundbites sound best.

I was sickend listening to this, and the Stock Market was too. That was the reason for the 300pt selloff. And there is more to come. We could see a crash tommorrow or Tues that would make 1987 look like a walk in the park. And while all this is going on these people are up there congratulating this idiot? They should have been demanding his job.

unseen on January 17, 2008 at 9:56 PM

Well, I’m from Toledo…

kimpriestap on January 17, 2008 at 8:50 PM

I’m sorry — seriously.

…and let me tell you that Marcy Kaptur, Saint Marcy as she’s called, will never be defeated no matter how incompetent and uninformed she is. Toledo is, unfortunately, a guaranteed win for a Democrat.

kimpriestap on January 17, 2008 at 8:50 PM

Says a lot about Toledo, doesn’t it.

eanax on January 17, 2008 at 9:56 PM

Fail.

PolitiNOOB on January 17, 2008 at 10:02 PM

Her district in Toledo, I’ve driven through it, isn’t exactly the bastion of urbane, educated people…

It’s a hellhole, not surprising.

benrand on January 17, 2008 at 10:11 PM

unseen on January 17, 2008 at 9:56 PM

Amen to that. Bernanke should STFU before he drives the market down even further. And if things are so dire, why not cut rates prior to the Fed meeting on the 30th? The Greenspan Fed was too tight for too long and as a result had to take rates too far down when they eventually acted, thus laying the seeds for the housing/credit bubble that is destroying us now. Yet the Bernanke Fed is making exactly the same mistake.

phronesis on January 17, 2008 at 10:13 PM

And remember Greenspan’s unwillingnes to cuts rates in 91-92 paved for the way for the election of Clinton amidst worries about the economy. I’m afraid history is repeating itself.

phronesis on January 17, 2008 at 10:15 PM

“with the other one”

The other one what?

Dave Shay on January 17, 2008 at 10:18 PM

phronesis on January 17, 2008 at 10:13 PM

If you follow the FEd they have down everything in their power not to lower rates. why I have no idea. Thety worry about inflation which is 100% due to oil and food price increases that they have no control over. the only way to lower oil and food prices is to destroy demand, the only way to destroy demand for these basic needed things is to place the economy in a recession/depression. But this causes more problems then it solves and ends up requiring you to lower rates inway to spur economic activity. thus you end up at the same place either way. One way gives you lower prices and a borken economy, the otherway gives you higher prices and a robust economy. With a robust economy you can pay for the increase in food and fuel, in the broken economy you still can’t pay for the reduced priuce of the food and fuel. The Fed doesn’t get it. And sadly will place this country into one of the biggest recessions we have seen in decades.

unseen on January 17, 2008 at 10:30 PM

Bernanke pwns our portfolios.

phronesis on January 17, 2008 at 10:41 PM

phronesis on January 17, 2008 at 10:41 PM

so true, If you haven’t sold yet there is still time to get out before the fall. the nasdaq fell over 80% from its top. the Dow has only fallen about 14% since its top. Get out now and wait until a massive crash and then buy with both hands.

unseen on January 17, 2008 at 10:45 PM

I’ll paypal ten bucks to whoever can find the clip of this House Democrat Congresswoman who asked Alan Greenspan during a Fed meeting, “I just want to know one thing Mr. Greenspan, Where’s the WMD’s?”

he just looked back flabbergasted. It’s amazing what they have to sit through.

Vincenzo on January 17, 2008 at 10:51 PM

unseen on January 17, 2008 at 10:45 PM

Equity valuations aren’t as extreme as they were in 2000, so I’m still betting we don’t see the same kind of implosion in the stock market, unless we see a prolonged recession with a severe decline in corporate profits or perhaps a mere 25bps from the Fed on Jan. 30th. Certainly the credit markets have been worse for some time.

phronesis on January 17, 2008 at 10:56 PM

The real question is:

Who is dumber than 59 barrels of whale poo, her? or the people who continually voted her back into office?

91Veteran on January 17, 2008 at 11:56 PM

Zing!

Black Adam on January 18, 2008 at 1:18 AM

No problem: the Libs will arrange to get Congresswoman Kaptur a Nobel Prize in economics.

landlines on January 18, 2008 at 2:53 AM

“And remember, ‘mud’ spelled backwards is ‘dum’.”
– Bugs Bunny

Shy Guy on January 18, 2008 at 7:23 AM

Isn’t “ill-informed Democrat” redundant?

NoFanofLibs on January 18, 2008 at 8:24 AM

Wonder how many of her staffers got the boot after that exchange? That was great!

maintenanceman on January 18, 2008 at 9:59 AM

Hey unseen and phronesis, you wouldn’t happen to be sitting in adjacent desks in a boiler room in New Jersey, would you?

I kid, I kid.

DrSteve on January 18, 2008 at 12:27 PM

And her party designation is D-OH? Priceless.

HAAA!! HAAA!!

kcd on January 18, 2008 at 4:32 PM

I’ll paypal ten bucks to whoever can find the clip of this House Democrat Congresswoman who asked Alan Greenspan during a Fed meeting, “I just want to know one thing Mr. Greenspan, Where’s the WMD’s?”
HAA!! HAAA!! HAAA!! It would have been funny if he had said”There right behind you!!”

kcd on January 18, 2008 at 4:35 PM

As the incomparable Bugs Bunny would have said “WHAT A MAROON!!”

docdave on January 18, 2008 at 6:33 PM

And this idiot represents us?

gozips on January 18, 2008 at 7:41 PM