Are they talking to each other...

...or past each other?

Careless whispers?: Treasury Sec. Timothy Geithner (left) and Federal Reserve Chairman Ben Bernanke.

Last week, Treasury Sec. Timothy “TurboTax” Geithner “expressed confidence Wednesday that the world economy can absorb oil-price spikes.”

Of course, that was before American gas pumps started ringing-up the gallons at an even faster rate than had been experienced in sometime. Now, almost a week after Geithner's “expert” prediction, worries over inflation and a backsliding economy are rising along with the average price-per-gallon cost of gasoline (which threatens to top $5, soon).

Contradicting Sec. Geithner today was Federal Reserve Chairman Ben Bernanke, who told Congress that a prolonged rise in oil prices would pose a danger to the U.S. economy. “The most likely outcome is that the recent rise in commodity prices will lead to, at most, a temporary and relatively modest increase in U.S. consumer price inflation," Bernanke said.

According to a story in the Los Angeles Times, however, “If gasoline prices rise to $3.75 a gallon and stay there for a year, it could mitigate the benefit of the Social Security tax cut, economists said. The economy would still grow, but it wouldn't get a boost from people spending more on goods and services. If gasoline prices went as high as $5 a gallon, spending cuts by consumers and businesses could push the U.S. economy into a recession, analysts say. (Food prices in January rose at the fastest since the fall of 2008.)”

Of course, Mr. Geithner is right. I mean, I’m sure this is just a hiccup. Right? Right?

More D.C. fun!

From Reason’s “Hit & Run” blog (above): “Rep. Maxine Waters (D-Calif.) and Fed Chairman Ben Bernanke during testimony before the House Committee on Financial Services. Rep. Waters, a member of the committee since 1990, doesn't understand the difference between the federal funds rate and the discount rate. The difference between these two very distinct concepts, for those interested (and Rep. Waters, if she is reading), is explained here. CBS follows up with a reasonable question: ‘Is Maxine Waters really as dumb as she seems?’”

I thought you had to have some sort of qualifications – like experience – if you were going to be an important federal official. No, I’m not talking about that guy…no, this guy.

Another “friend” goes under the bus.

Wait – I thought they were going to get rid of The Patriot Act. Never mind…

Folks, this is just the warm-up to the day (coming soon!) that our national debt is effectively doubled.