I am in San Fran doing a funding raising training with the most amazing Tuti Scott of Imagine Philanthropy but I did catch a few minutes of the Bernanke testimony this morning. First observation, it is truly scary how little some of the committee members know about what the Fed does and the role of monetary policy. Scary. Some of the questions were just plain ridiculous. Second observation was this key comment when asked about interest rates – “We have made it clear that we will keep rates unusually low for an extended period of time.” The markets liked that comment.