Why? Well, according to the NYT:
Long before taking office as chairman of the Federal Reserve, Ben S. Bernanke wrote an article with some other academics calling for the Fed to demystify its actions and pronouncements.
"The ‘just trust us’ approach may work in a period when the chair and the board of governors command widespread support," he and three colleagues wrote in Foreign Affairs. "But the happy state of affairs will not last forever."
It certainly did not survive beyond last month. That was when the Fed played midwife in JPMorgan Chase’s absorption of the investment firm Bear Stearns, while accepting $30 billion worth of questionable mortgage-related assets as collateral for a Fed loan that enabled the deal.
But I guess this sums the hearing up nicely:
On Wednesday the Fed chief begins two days of testimony, his first opportunity to answer some of these questions. They are certain to focus not only on Bear Stearns but also on why the Fed and others let things deteriorate to the point of crisis, and whether their actions should serve as a precedent or guideline for the future of regulation of the financial sector.
You can see the whole thing on C-Span 3.
And with that, "Da Roolz:"
- No pics/videos. That means you.
- If necessary we start a new diary around the 250 comment mark.
- We ask for volunteers to do transcripts for those who can't hear all of the yummy oversightness. We'll have a thread for the transcripts.
While you're waiting, you can check out one of my new favorite sites to visit.
P.S. I have to do interviews today, so I'll be leaving around 10amish. But I'll have threads for others to use, and hopefully there'll be people who can recap what's going on...