Santelli vs. Liesman on Bernanke 'Smoking Gun'

Tuesday, 17 Jul 2012 | 12:00 AM ET

In today's Congressional hearing, Federal Reserve Chairman Ben Bernanke testified on the Fed's actions when it learned in 2008 that some banks had been reporting artificially low Libor rates. In his reaction, Rick Santelli says traders heard what he called a "smoking gun," an admission that the Fed knew of rate "manipulation" but did not respond strongly enough. Steve Liesman says there's been no mention of anything like a "smoking gun" in the analysis of the testimony he's been reading.