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February 10, 2009
Congress Needs Remedial Financial Training
I’m as upset at the Fed, Treasury, and Wall Street as the next semi-sane person, but Congress pisses me off too. Just try to watch today’s hearings with too many House and Senate members getting basic terminology wrong (“default credit swaps”?); implying that people without money in a brokerage account aren’t dependent on financial markets; confusing income statements and balance sheets; babbling in a fact-free way about a return to the gold standard; and so on.
It’s so, so, so discouraging that these politicians are on the signing side of centi-billion dollar checks flowing into the financial system. We need emergency remedial financial training for all these elected lawyers before they make the current mess much, much worse.
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