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Video: The Colbert Report takes on the Federal Reserve -- December 8, 2009
Reposting this story in celebration of today's victory over Fed secrecy.
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- "The Federal Reserve or as it is known to banks, Dr. Blankcheck Von Moneypants."
- "People like Bernie Sanders want to pull down the Federal Reserve's pantaloons to look at its fiscal naughty parts."
- "As long as the Fed’s minions are allowed to perform their secret rituals, which may or may not involve ritual chicken slaughter, we all profit in the end."
- “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.”
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“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.”
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“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.”
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“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.”
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The Fed's "merely an extra-constitutional star chamber that controls our monetary policy with no oversight."
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