During the last FOMC conference on January 25th, we highlighted Chairman Bernanke's comments about how the inflation rate only hurts one if they "do their life savings in a mattress"
Today, Congressman Dr. Ron Paul questioned Chairman Bernanke on this comment:
4:50- "In January at one of your press conferences you said that, you sort of poked a little bit of fun at people to downplay the 2 % inflation rate. But if you say it's 2, I say its 9, lets compromise for the sake of argument its 5%. You said that it doesn't hurt you unless you're one of those people who stick their money in a mattress, but where are you going to put it? Are you going to put it in a CD and not make any money at all?"