Here’s how Congress sees it…

Congress sees their voters facing prices that are rising faster than incomes due to Fed rate cuts driving the $ down.

Bernanke testifies that price hikes for food and energy are not a problem for the Fed until wages go up.

So, he’s going to keep cutting rates and driving the cost of living higher until wages go up or Wall Street recovers.

Then, he hikes rates if inflation isn’t behaving.

Hardly a comforting response to those working for a living and getting squeezed by the high prices.

With elections coming, I anticipate the Congressional opposition to escalate.