…featuring Secretary of the Treasury Paulson and Federal Reserve Chairman Bernanke before the Senate Banking Committee.
A senator asked Paulson if the proposed bailout would affect the credit rating of the U.S. government.
Paulson ran around the question without answering it. The senator asked the question again. Paulson threw it over to Bernanke.
Punch line: Bernanke says he doesn’t know how the agencies that issue the ratings make their determinations.
So, you see, nobody knows everything. But, seriously, hearing the “I don’t know how that credit rating thing works” dodge from the chairman of the Fed reminded me of when I was a kid and the now ancient newsman Gabe Pressman used to ask New York City mayor Robert Wagner a question and Wagner would respond, “I only know what I read in the papers, Gabe.”