12/09/09 Stockholm, Sweden – Stephen Colbert, of The Colbert Report, explains the inner workings of the Federal Reserve, and why there’s no reason Americans need “to see how that sausage gets made.” The video follows and a few choice quotes are transcribed below.
| The Colbert Report | Mon - Thurs 11:30pm / 10:30c | |||
| Fed's Dead | ||||
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* “Now some conspiracy theorists out there have criticized the Fed as a secretive cabal that only benefits the well connected, when in fact the Fed is merely an extra-constitutional star chamber that controls our monetary policy with no oversight.”
* “The Fed needs that autonomy because they have an important job. They set the prime interest rate for all loans. Raising rates encourages savings while lowering them encourages spending on big ticket items like houses and cars… unless you saved money by buying a house, in which case you now live in your car.”
* “The fact is we don’t need to know what they’re doing as long as we think they know what they’re doing. That makes the economy stronger which means whatever they did was right, which means that they know what they’re doing.”
* “Senator… Chris Dodd, who recently introduced a bill that would consolidate oversight of the banks, now shared between the Fed and three other regulators, into a single new agency. That agency? Goldman Sachs.”
The video came to our attention via a Zero Hedge post covering Comedy Central as it takes on the Federal Reserve.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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lmao….this guy is so full of himself that i am sure the sausage starts with his back end….
typical conspiracy denier….machiavelli established once and for all that conspiracies are pandemic and permanent facets of political life….
the rest of his gibberish a child could refute…..
I don’t think you understand…this is meant not to inform, but to entertain.
Not everyone takes themselves as seriously as you.