by Frank James
Rep. Marcy Kaptur (D-Ohio) may want to take a little more time reading the bios of congressional hearing witnesses.
At today’s House Budget Committee hearing at which Federal Reserve Chairman Ben Bernanke is testifying, Kaptur had just asked Bernanke this somewhat mind-boggling question: what did he think of the idea that Wall Street “bankers, fiananciers and board members” who contributed to the subprime mortgage mess be forced to “pay back” their salaries and bonuses to help pay for the economic stimulus package being discussed in Washington. At least she didn’t ask him his view on perpetual motion machines.
Leading into her next question she said: “… Seeing as how you were the former CEO of Goldman Sachs….”
“No, no, no, you’re confusing me with the Treasury Secretary, said a smiling Bernanke.”
“No, I got the wrong firm?”
Someone whispered to her the Treasury Secretary’s name Henry Paulson which she then uttered.
Then she said “Where were you, sir?”
“I was the CEO of the Princeton economic department,” Bernanke said, referring to Princeton University where as economics chair he got to manage other professors and graduate students, not investment bankers and financial traders.
That got a huge laugh in the hearing room, proving yet again it pays for a central banker to have a sense of humor when he has to deal with Congress.
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“Sorry, I got you confused with the other one. I’m sorry. Well, I’m glad you clarified that for the record.”