"So Dumb, Her Head Must Hurt...."

Years ago, a college friend had a saying about really stupid people. It was,

"He's so dumb, his head must hurt."

This phrase came to mind yesterday morning as I heard and watched California Democratic Representative Maxine Waters question Fed Chairman Ben Bernanke.

Waters distinguished herself with a new low in ineptitude when she began by confusing the discount rate with the Fed Funds Rate. After Bernanke patiently explained the difference, Waters then spent long minutes insisting that mortgage interest rates must remain low, so she wanted Bernanke to guarantee and assure the House Financial Services Committee that market interest rates would not increase due to the increase in the discount rate.

Now, if you visit that link, you'll see a list of the House members on the committee. Because they are not listed in alphabetical order, it's a reasonable guess that they are in order of seniority. Thus, Waters is at least the third-longest serving Democrat on the panel. I know I've heard Waters' idiotic questions and comments on this committee for years.

Don't you think it's fair to expect such a long-serving committee member to know, by now, the difference between the discount window rate and the Fed Funds rate? How about expecting them to know a fair amount about the structure of the US financial system, basic economics, and some international trade economics, as well?

But, no, instead, we get Maxine Waters.

"So dumb, her head must hurt."

Just once, I'd like to, and would pay money to hear a Fed Chairman respond to a question like Waters' as follows,

'Ms. Waters, your question is idiotic. It conveys a total lack of understanding of the workings of the Fed.

How long have you been on this committee, Rep. Waters? Don't you think you owe it to your constituents and all American voters, to actually understand the matters before this committee?

Have you not taken the time, over the years you've been on this panel, to learn about our financial and economic system? Or are you simply overwhelmed by the subject matter?

Mr. Frank, this is ridiculous. I'm casting pearls before swine, here.

Please make sure, in the future, that the members on this committee have passed a basic test of knowledge on the subject matter that the committee oversees.

Until such time as you can assure me that all of your committee members have passed such a test, a test which I will sit with you to create, I will not bother to waste my valuable time sitting for questions from uninformed, stupid Members.

That is all for today. I have work to do.'

This is why so many of us cringe at the prospect of Congress having more and more power over all facets of American life. Congressional members sit on committees, the subjects of which they have absolutely no knowledge.

It's frightening that these people think they can regulate or oversee anything. Few seem to have even held a private sector job recently.

Just imagine you were Ben Bernanke and had to continually explain complex, inexact economic matters to more than 30 Maxine Waters clones.

It's not a political matter, nor a partisan issue. It's about the ability of Americans to conduct business in the face of inept, inexperienced and unqualified federal legislators trying to accrete more power to themselves, while remaining ignorant of how business and economics actually work.

It's enough to make you go insane, isn't it?