Thank God we have Congress to run our lives:
Congresswoman Marcy Kaptur [(D‐Ohio)] came to a House committee hearing on Thursday prepared to ask U.S. Treasury Secretary Henry Paulson tough questions about his involvement in the subprime mortgage crisis.
Unfortunately, she was questioning the chairman of the Federal Reserve.
The Ohio Democrat, at a House of Representatives Budget Committee hearing, said she wanted to know what Wall Street firms were responsible for the securitization of subprime mortgages.
She then asked: “Seeing as how you were the former CEO of Goldman Sachs…” But the only person testifying at the hearing interrupted.
“No, no, no, you’re confusing me with the Treasury Secretary,” said Federal Reserve Chairman Ben Bernanke.
“I’ve got the wrong firm? Paulson, Oh, OK. Where were you sir?” Kaptur said.
Bernanke noted that he was head of the Princeton University economics department.
I guess her staff didn’t brief her very well. But really, if she can’t tell the difference between the secretary of the Treasury and the chairman of the Federal Reserve Board, should she be overseeing the budget of the United States government?
And you know how critics of term limits say that we don’t want to lose all the expertise of the experienced members of Congress? Representative Kaptur has been in Congress for 25 years. I guess that expertise will be kicking in real soon.
Hat tip: Jon Henke.