Overview:

Federal Reserve Chairman Ben Bernanke testifying at a hearing for the State of the Economy & Monetary Policy answers questions from Rep. Alan Grayson.

Analysis:

Ben Bernanke does not appear to be the one calling the shots at the Federal Reserve. He doesn’t appear too happy about what is going on with how money is being distributed.

Brackets [ ] indicate where the reversal occurs. Click on the mp3 to hear the reversal.

National Inflation Association - CSPAN

(Rep. Alan Grayson: So who got the money?)

[To financial institutions in], in Europe and other countries.

This issue is the shame of fools.

(Rep. Alan Grayson: Which ones?)

I don't know.

(Rep. Alan Grayson: Half a trillion dollars and you don't know who got the money?)

Uh the loan went to the, the loans go [to the central banks and they, they then put them out there um]…

My words, harm it will get, yet we have established messes.

...to their institutions to try to bring down short term interest rates, and dollar [markets around the world].

I renounce the harm.