Another all-star moment from Maxine Waters a few months ago. Not posted before. She confuses the Fed's Discount rate with the Fed Funds rate. And despite B-52's explanation, she doesn't grasp the distinction.
Before the House Financial Services Committee, Federal Reserve Chairman Ben Bernanke and Rep. Maxine Waters (D-Calif.) engaged in a verbal spar over whether raising the discount rate would or would not cause mortgage rates to rise.
Background reading:
Also inside is a Maxine Waters clip from CNBC today on her new foreclosure bill.
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Video: Maxine Waters on foreclosures -- Aired today
Further reading: