On Monday we commented about the proposed G.S.E. bailout plan, which was hastily cobbled together over the the last weekend by officials of the Federal Reserve and U.S. Treasury Department, with an object of expanding FED authority to provide rescue taxpayer funding, to prevent the twin public/private hybrid mortgage industry entities, Fannie Mae and Freddie Mac, from further sliding into financial oblivion.
We watched FED Chairman Ben Bernanke's testimony before the Senate Banking Committee yesterday, during which he made his first pitch to congress for expanded FED financial and regulatory authority.
We've been scouring the web for one particular video segment of yesterday's committee hearing, and the one we were searching for finally popped up on YouTube about an hour ago. We hope you'll share our delight, as Kentucky Senator Jim Bunning tears FED Chairman Bernanke "a new one." (WCF Disclosure: We have no idea who the Arab guy is who rattles on in the left frame, or why he chose to mug and comment on camera. Fast forward to 1:42, and you can skip most of the guy's blathering, and get to the real red meat):
Don't let the cat get your tongues.
