Which is it

Last week's Bloomberg article on the Fed's massive $7.7 trillion loans to wall street banks included quotes from Judd Gregg and Barney Frank saying they had no idea of the magnitude of the Fed's lending. (interestingly, the quotes from the now retired Gregg and the soon to retire Frank are the EXACT SAME. Are they using the same talking points?)

In any case, Fed chairman Ben Bernanke has now issued a letter refuting the Bloomberg report and asserting that Congress was kept apprised of the Fed's loans. So which is it Mssrs. Gregg and Frank? Were you completely unaware of the Fed's loans or did Ben Bernanke keep you updated on all of this? Obviously, if it is the latter, Bernanke is lying.