The Recession

CBS News Asks: "Is Rep. Maxine Waters Really as Dumb as She Seems?"

| by Reason Foundation

Check out this glorious exchange between Rep. Maxine Waters (D-Calif.) and Fed Chairman Ben Bernanke during today's testimony before the House Committee on Financial Services:


Rep. Waters, a member of the committee since 1990, doesn't understand the difference between the federal funds rate and the discount rate. The difference between these two very distinct concepts, for those interested (and Rep. Waters, if she is reading), is explained here.

CBS follows up with a reasonable question: "Is Maxine Waters really as dumb as she seems?"