Washington’s Snowfall Yesterday Was Nothing Compared to Bernanke’s On-Line Snow Job

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by: Gary North

Yesterday, the House Committee on Financial Services had scheduled hearings. Bernanke had been invited. He was a no-show. Congress was shut down. So, he posted his testimony. It is here.

Before he did, the Dow was down almost 100 points. It rose to close down by only 20.

His testimony dealt with the FED’s plans for unwinding, meaning to deal with the huge increase in its portfolio, or asset base, or balance sheet: the monetary base.

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