Wednesday, February 24, 2010

Congress didn't ask my question, but they did ask...

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?


  1. That must be why we went to war with Iraq. We wanted our $5.5 billion back. It all makes sense now!

  2. Video is here:

    At about 4:47 the look on B's assistant behind him is pretty funny.

    I agree Bernanke is a nutcase. Fortunately Barney Frank wants to look at Paul's allegations.