In the category of most ironic question of the day and reflecting complete cluelessness of what powers Congress has given the Fed for monetary policy, a Senator is asking Bernanke what he thinks about the evils of rate manipulation. The Senator is talking about LIBOR and referred to it as a key economic indicator which of course it is but so is the fed funds rate and the entire interest rate curve which Bernanke and Co has done such an infamous job of manipulating. To the Senator’s question, Bernanke responded “it was unacceptable behavior.”
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