Federal Reserve Chairman Ben Bernanke was on Capitol Hill today for two days of testimony as he tries to keep Congress from interfering in the Fed.
The background: It was Bernanke's ineptness during the height of the economic crisis that got Congress all riled up. Now two-thirds of the House members are sponsoring a bill requiring far-reaching congressional audits of the Fed.
The private owners of the Fed don't take this threat lightly. They have had close to a century of doing exactly what they want without anyone looking over their shoulders.
Bernanke's testimony is his last ditch effort to save his reputation with the bank owners. Should he fail to stop the legislation, his days as Fed chief are over.
Bernanke is basically a university professor. He seems to lack the 'street smarts' needed to guide the cryptocracy's central control mechanism for the American economy. He does seem to be a risk-taker, though, and such people often come out on top.
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