FRONT PAGE CONTRIBUTOR
Great moments in representative democracy.
You know it’s bad when somebody from CBS voluntarily uses the title “Is Maxine Waters Really As Dumb As She Seems?“:
…even Hot Air was more sedate in its title*. For those who are wondering, while grilling Fed Reserve Chair Ben Bernanke Rep. Waters confused the discount rate with the fed funds rate. And if you didn’t know what that means, either – well, Fox Business took the time to explain it:
The discount rate is what the central bank charges banks to borrow from the Fed at the “discount window.” The fed funds rate is what banks charge each other for overnight loans.
The former is apparently sufficiently small that the bank being charged it would find that passing the cost along is more hassle than it would be to just eat it. Or so I’m gathering: I’m an expert on snark, not monetary policy. That’s why I’m a blogger, and not a member of the House Financial Services Committee.
Unlike Maxine Waters.
PS: Cook PVI of D+31. A pity.
*But the really good article was over at Fox Business, which really went off on the topic.