Video: Maxine Waters, Ben Bernanke try to debate monetary policy

posted at 6:50 pm on February 26, 2010 by Allahpundit

So painful is this to watch that not only is she being openly mocked for it at CBS(!), they actually clipped and posted the video so that people could pass it around. Quote:

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.

No, what’s scary is that this isn’t even the most obtuse exchange she’s had with an economic titan at a House hearing. That prize goes to her discussion with Geithner last year about the pernicious influence of Goldman Sachs on the Treasury Department. Kudos to Bernanke for resisting the urge to grimace with incredulity. Geithner wasn’t so lucky.

Between this and his chats with the Paulnut-in-chief, how much do you think Bernanke looks forward to his trips up the Hill?


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Comment pages: 1 2

A pity Obama didn’t marry her.

The intellectual frisson could have lit up a penlight.

profitsbeard on February 26, 2010 at 7:01 PM

She’s gotta be pushing seventy five. Is 0 into nasty ol’ stupid cougars?

OmahaConservative on February 26, 2010 at 8:41 PM

Affirmative action showcased. Gerrymandering should be outlawed.

SouthernGent on February 26, 2010 at 8:45 PM

*Little known fact: Prior to Ben Bernanke entering the finance world, he trained for three years in Thailand as a Muay Thai kickboxer. After he killed a man with his bare hands in the ring, he gave up fighting forever, and entered the world of finance as a way of making amends.

EFG on February 26, 2010 at 7:17 PM

Gooood one… That’s as interesting as the “little known fact” that Maxine Waters was Bernanke’s thesis adviser at MIT in 1979, when at the age of 25, he earned his Ph. D. in Economics.

Gang-of-One on February 26, 2010 at 8:47 PM

Other than the glasses, is there really any difference in substance between Waters and Obama?

jbtripp on February 26, 2010 at 8:01 PM

Obownow has a better hair stylist? :D

Mini-14 on February 26, 2010 at 8:48 PM

Retire all debt and buy lead!

flyfisher on February 26, 2010 at 7:23 PM

Couldn’t agree more, especially buy lead in denominations of .223, 9mm, and .45

Mini-14 on February 26, 2010 at 8:53 PM

A Marxist and the Supreme Keynesian discussing interest rates

V-rod on February 26, 2010 at 8:54 PM

Now, don’t be too hard on Maxine. The really dumb people have to have representation too! There is no hope for the people who voted for her.

Vince on February 26, 2010 at 8:55 PM

What a freaking moron. She’s lucky Bernanke didn’t convince her that her constituents could avoid linkage to the discount rate by using condoms.

doufree on February 26, 2010 at 8:59 PM

She has the I.D.Ten T.syndrome.

docflash on February 26, 2010 at 8:18 PM

IDIOT!

Gang-of-One on February 26, 2010 at 9:05 PM

Because she’s Black, she, of course, is brilliant. Gorgeous, too.

mr1216 on February 26, 2010 at 9:11 PM

Ron Paul, Maxine Waters, a padded cell. What could be finer?

manwithblackhat on February 26, 2010 at 9:15 PM

Fist Bump! California 35th Congressional District!

Caper29 on February 26, 2010 at 9:19 PM

So if I understand the fact you did something that you said won’t affect consumers, means that it will actually affect consumers? Is that correct sir?

angryed on February 26, 2010 at 9:21 PM

Retire all debt and buy lead!

flyfisher on February 26, 2010 at 7:23 PM
Couldn’t agree more, especially buy lead in denominations of .223, 9mm, and .45

Mini-14 on February 26, 2010 at 8:53 PM

Exactly!

By the way, I’m etting a Mini-14. I think it will be perfect for coyotes, bobcats, and marauding gangbangers. I’ll probably go with 45-70 Govt. on bigfoots.

flyfisher on February 26, 2010 at 9:22 PM

Maxine Waters would have problems making change turning tricks on a street corner, which is exactly where this worthless idiot belongs.

NoDonkey on February 26, 2010 at 9:31 PM

A sure contender for the 2011 NAACP Image Award. Oh, what the hell, how about a Nobel Prize in economics?? Step right up and git yur prizes!!

I doubt Maxine could reconcile her bank statement.

TN Mom on February 26, 2010 at 9:36 PM

Is Maxine Waters Really As Dumb As She Seems?

The actual headline at CBS! I kid you not!! (link abve)Wow! CBS. I’m stunned. Shocked. And pretty sure CBS is racist….

TN Mom on February 26, 2010 at 9:41 PM

This Liberal would be all about sociali…… um um taking over your Companys.
mmmmmmmmm mmmmmmmm mmmmmmmmm

IowaWoman on February 26, 2010 at 9:51 PM

that lady behind Ben looks like she has something to say towards the end there…

but they have to raise the discount rate before they can raise the funds rate cause of where the rates are right now and cause the discount loans have to be more expensive… so it’s not crazy to look at this as a step towards tightening I don’t think…

happyfeet on February 26, 2010 at 10:02 PM

flyfisher on February 26, 2010 at 9:22 PM

Don’t, get an AR- variant.

You’ll thank me.

TheSitRep on February 26, 2010 at 10:24 PM

Years ago, at a pancake fund raising event in South Central L.A., Mayor Bradley showed up (as he did every year), flipped a few pancakes, was really a personable, charismatic guy…he couldn’t stay far enough away from her.
She was mean, demeaning, loud, obnoxious, bossy, every thing you would think a stereotypical ignorant loud bossy black woman would be…she was horrible to the people flipping pancakes raising money for the charity (a huge event) for children, and she was disgusting. And she made no bones about dissing any white person near her…and the people loved her.
I understood for the first time why there are “bigots” and “racists”…it isn’t always the color, with her it’s HER.

right2bright on February 26, 2010 at 10:27 PM

TheSitRep on February 26, 2010 at 10:24

Do you have a specific recommendation? The only thing my battery lacks is a good defensive rifle (unless you count a Marlin Camp 9).

flyfisher on February 26, 2010 at 10:43 PM

There has got to be an anti-drug message in that video clip going on somewhere…

RedbonePro on February 26, 2010 at 10:46 PM

She looks like Eddie Murphy in drag.
Is her maiden name Klump?
Has anyone ever seen Maxine and Eddie together?

mrt721 on February 26, 2010 at 10:49 PM

Did she accuse the Fed of selling cocaine in South Central L.A.?

Travis Bickle on February 26, 2010 at 11:56 PM

She’s always been and will always be a blithering idiot. Her constituents should be ashamed that they’ve sent her to congress but they are not. She’s there because they are black and she is black. Nothing more, nothing less.

roux on February 27, 2010 at 12:10 AM

WTH is going on at CBS? I have never read anything like that on an elite media site…ever. That will be taken down before tomorrow. Wow!

d1carter on February 27, 2010 at 12:23 AM

flyfisher on February 26, 2010 at 10:43 PM

Having both, I love the mini for it’s robustness but the ARxx
Are way and I mean waaaaay more accurate.

There are many makers of AR15 types just go to a gun show and get a deal on it. A mini or AR will run 6 hun or so.

TheSitRep on February 27, 2010 at 12:58 AM

A Marxist An idiot and the Supreme Keynesian discussing interest rates

V-rod on February 26, 2010 at 8:54 PM

FIFY

AZCoyote on February 27, 2010 at 1:02 AM

Allah-
there is a big difference between Ron Paul and Maxine Waters though…
Ron Paul actually knows what he’s talking about when it comes to economics. The economics professors at the Mises Institute in Auburn, AL would be willing to back him up on his Fed ideas any day of the week. I think it’s counterproductive to place Dr. Paul and Waters in the same boat.

therambler on February 27, 2010 at 1:03 AM

OMG someone never took Macroeconomics …. well name me the lefty 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.

Chuck Norton on February 27, 2010 at 1:05 AM

Maxine Waters, proto-democrat. Incredibly partisan, agenda driven, and wildly ignorant.

daesleeper on February 27, 2010 at 1:34 AM

No one ever told her “no” or said “no honey, just THINK for a moment – use your comprehension skills, dear.”

Yellowdog12 on February 27, 2010 at 6:16 AM

it’Idiocracy, the Movie.
it’s happening.

windbags on February 27, 2010 at 6:21 AM

Disclaimer: I hate Waters–she’s a dope.

That being said, Bernanke LIED. There is historical evidence to show that increases in the discount rate DO tend to ultimately affect the fed funds rate, and all interest rates in the economy. The increase was small, but there is no reason to be sure that other rates won’t increase as a result.

That’s why Bernanke kept saying he doesn’t “think” it will affect other rates.

Waters may be a scum bag, but Bernanke is no boyscout.

JiangxiDad on February 27, 2010 at 7:18 AM

. The economics professors at the Mises Institute in Auburn, AL would be willing to back him up on his Fed ideas any day of the week. I think it’s counterproductive to place Dr. Paul and Waters in the same boat.

therambler on February 27, 2010 at 1:03 AM

You’re right, and I despise Paul too.

JiangxiDad on February 27, 2010 at 7:20 AM

He calls her “congressman” … lol
And yes… she´s the poster girl for affirmative action.

Erkenbrand on February 27, 2010 at 7:36 AM

According to recent studies, Maxine Waters has the highest IQ in congress.

Peer reviewed.

MNHawk on February 27, 2010 at 7:57 AM

Wow, between her Barney Frank and Chris Dodd who all said, just before the real estate bubble, everything was fine at Fanny and Freddy. Waters said that under Franklin Rains everything was just great. Now she’s pulling the same trick however she is so stupid she can’t catch anything. I do believe we’ve carried “affirmative action” to a dangerous level by allowing idiots to hold office.

Wills on February 27, 2010 at 8:29 AM

Is there no Democrat in South Central with a smidgeon of a resume and a lick of sense to primary challenge this product of the public school system? She’s embarrassingly ignorant and (frankly) aids the stereotypical thinking of some who are less colorful but not less ignorant.

exdeadhead on February 27, 2010 at 8:41 AM

It’s wonderful that Maxine Waters gets her info from TV.
Hope it was Fox.
He who signs variable rate loan papers without fully understanding what they are getting into, gets what they get.
If they went for a variable rate, they were buying with next to nothing down.
Probably borrowed on a little more house than they could afford.
It’s not the Governments job to bail them out.
She is a prime example of how “Watered-down’ our society
has become.

elderberry on February 27, 2010 at 9:01 AM

Retire all debt and buy lead!

flyfisher on February 26, 2010 at 7:23 PM
Couldn’t agree more, especially buy lead in denominations of .223, 9mm, and .45

Mini-14 on February 26, 2010 at 8:53 PM

I’ve been investing in precious metals for a few years now, copper clad lead in a brass casing is quite pretty. Don’t limit yourselves to three flavors though, .308, 30.06, .22lr, and 12 ga. are very important as well. A diverse portfolio can get you through the hardest of times.

M-14 2go on February 27, 2010 at 9:13 AM

A Marxist An idiot and the Supreme Keynesian discussing interest rates

V-rod on February 26, 2010 at 8:54 PM

FIFY

AZCoyote on February 27, 2010 at 1:02 AM

AZ, that’s less than a hair’s width difference…

karl9000 on February 27, 2010 at 10:10 AM

The most amazing thing is that she seems oblivious to how stupid she is.

Well maybe not.

The most amazing thing is that people like her regularly get elected to high office in this country.

notagool on February 27, 2010 at 10:30 AM

Oh, Maxine. You are a useful idiot, for sure. Pathetic.

twhfan on February 27, 2010 at 10:32 AM

Allah-
there is a big difference between Ron Paul and Maxine Waters though…
Ron Paul actually knows what he’s talking about when it comes to economics. The economics professors at the Mises Institute in Auburn, AL would be willing to back him up on his Fed ideas any day of the week. I think it’s counterproductive to place Dr. Paul and Waters in the same boat.

therambler on February 27, 2010 at 1:03 AM

Allahpundit knows. After his typical knee-jerk response to Paul’s line of “bizarre” questioning, he was informed as to his ignorance on the subject, and he doesn’t care. He has a narrative to follow, facts be damned.

“I thank Congressman Ron Paul for bringing to the public’s attention the Federal Reserve coverup of the source of the Watergate burglars’ source of funding and the defective audit by the Federal Reserve of the bank that transferred $5.5 billion from the U.S. government to Saddam Hussein in the 1980s. Congressman Paul directed these comments to Federal Reserve Chairman Ben Bernanke at the House Financial Services Hearing February 24, 2010. I question Chairman Bernanke’s dismissive response…”
–Professor Robert D. Auerbach
Robert Auerbach is Professor of Public Affairs at the Lyndon Baines Johnson School of Public Affairs, The University of Texas at Austin. He was an economist with the House of Representatives Financial Services Committee during the tenure of four Federal Reserve Chairmen: Arthur Burns, William Miller, Paul Volcker, and Alan Greenspan. Auerbach also served as an economist in the U.S. Treasury’s Office of Domestic Monetary Affairs during the first year of the Ronald Reagan administration and as a financial economist with the U.S. Federal Reserve System.

Rae on February 27, 2010 at 10:42 AM

Maxine Waters and members of the Congressional Black Caucus,
what’s up with this?

elderberry on February 27, 2010 at 11:00 AM

She was just trying to bait him into saying anything tangentially related to raising interest rates on home loans.

She misunderstood what the change was about, and tried to parlay it into reinforcing her core intent of scaremongering over home loan interest rates going up.

What scum bag.

Neo on February 27, 2010 at 11:55 AM

There are some truly brilliant black people in L.A., and more than a few are into politics. Why do they subject themselves to the ridicule this woman brings to them?

n0doz on February 27, 2010 at 12:27 PM

Doesn’t she have anyone on her staff who could have prepped on the material? It’s not as if these are difficult concepts.

Someone who sits on the Financial Services Committee should know this stuff cold. Her criminal ignorance is the economic equivalent of an umpire not knowing the difference between a ball and a strike.

But what does one expect from a corrupt Marxist and Castro fan?

RadClown on February 27, 2010 at 1:57 PM

Maxine is just another reason to not feel sorry for California. They keep electing these clowns and then wondering why the state is so screwed up. I still hate Maxine’s mother was not able to have that abortion!

pgrossjr on February 27, 2010 at 2:56 PM

Don’t even get me started.

Hummer53 on February 27, 2010 at 4:18 PM

I remember when she was quizzing an oil company executive and couldn’t think of the word nationalize.

darwin-t on February 27, 2010 at 4:53 PM

The only thing stupidier than that old hack, Maxine, are the people who voted her into office.

It’s time to repent of your old, stupid ways folks and vote her out.

DuctTapeMyBrain on February 27, 2010 at 7:38 PM

Wow, did she go to Harvard too? What a genius, reminds me of Obama.

immigrantchick on February 27, 2010 at 10:30 PM

“wud about doze FORclosures, doze FORclosures…”

and after Congress spends on itself, can’t it afford WINDSHIELDS on those mics?? UGH.

leftnomore on February 28, 2010 at 3:09 AM

and after ALL Congress spends on itself,

leftnomore on February 28, 2010 at 3:10 AM

She’s there because they are black and she is black. Nothing more, nothing less.

roux on February 27, 2010 at 12:10 AM

Which makes me wonder, since there are so many hundreds of thousands of them at her level and above (no comment) in SCLA, why don’t more of them take her on? If it’s going to be one kook or another, they might as well pass the paycheck around.

leftnomore on February 28, 2010 at 3:15 AM

“You see Mrs. Waters, money is a medium of exchange, and banks lend it to people to make profits…”

Akzed on February 28, 2010 at 9:20 AM

Let’s cut to the chase Mr. Bernanke, how much more can we raise the taxes on the schmucks?

MSGTAS on February 28, 2010 at 9:58 AM

Comment pages: 1 2