Bernanke doesn't actually "say auction" in his letter.  Nope.  In fact, there is not a single instance of the word auction anywhere in the text.  It's also hard to believe that someone with extensive training in economics like Mr. Bernanke would ever endorse a two lender per state "market" presided over by a FFELP auction czar.  More command and control "conservatism"--thanks for your insight.