Colbert explains the "need" for the Fed

The Huffington Post reports that Stephen Colbert opposes the Ron Paul / Bernie Sanders Fed audit:

Responding to what he calls claims that the Federal Reserve is a "secretive cabal that only benefits the well-connected," Colbert sounded practically Bernanke-ian. The Fed needs its autonomy and its clandestine meetings, Colbert said -- and the "puff of smoke" that "comes out of the Fed chimney announcing whether the economy has seen its shadow."

The Fed's "merely an extra-constitutional star chamber that controls our monetary policy with no oversight."

Watch the video here:

The Colbert Report	Mon - Thurs 11:30pm / 10:30c
Fed's Dead
http://www.colbertnation.com/
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Tim White