from the NYT: "After Mr. Paul suggested that money used in the 1972 Watergate break-in came from the Federal Reserve, and that the Fed had loaned $5.5 billion to the regime of Saddam Hussein of Iraq, Mr. Bernanke replied, “The specific allegations you have made are absolutely bizarre. I have no knowledge of anything remotely like what you’ve described.” "
what a nutcase...
Update: This is what he was talking about. Nevertheless, someone's got the story wrong. "Allowing $5.5 billion to be sent to Saddam Hussein from a small Atlanta branch of a foreign bank--the result of faulty bank examination practices by the Fed;" Is quite different than the Fed loaning directly $5.5 billion, although it's still clearly a scandal. The book also mentions "Stonewalling Congressional investigations and misleading the Washington Post about the $6,300 found on the Watergate burglars."
OK, but asking Bernanke about the $6,300 found on the Watergate burglars accomplishes what?
Tuesday: Case-Shiller House Prices
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