Thursday, February 16, 2006

At least he admits it.

Today it was the Senates turn to question our new Fed Governor Bernanke and use the opportunity to try and get him to trash the President and his economic policy. Bernanke on that note did a great job of making sure not to get sucked into their tricks.

The best part of the day though came from Senator Schumer. Many have read my complaints about the Senator and his call for Smoot Hawley type tariffs on China. When it was his time to speak, he actually said to Bernanke that as the Fed Gov was aware I (Schumer) have tried to float the tariff idea in the senate despite, and here’s the great part, he knowing it’s the wrong thing to do and every economist he has spoken too, telling him it’s the wrong thing to do. Schumer than says he brought up the idea because he doesn’t know what else to do.

That’s great, you don’t know what to do, so you try and do the one thing you know is the wrong thing to do.

Why is this guy on the Senate Finance Committee?

Hey Chuck, just because you come from the economic capital of the world, doesn’t mean you know anything about economics.

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