Dylan Ratigan & Eliot Spitzer Take On The Fed In A Skit
The future of our country is contained in a garbage bag. Or, rather, that’s the metaphor chosen by MSNBC’s Dylan Ratigan, who hosted former New York State Governor Eliot Spitzer and Toure on his show earlier today.
If it sounds a bit oblique, well, it’s actually a pretty good description of the bank bailout and the Federal Reserve’s much-maligned secrecy. To aid the viewer, Ratigan dons a hat that says BANK, and Toure wears a FED hat.
Where does the garbage bag come in? The mystery bag is an analogy for the trillions in bad financial assets purchased by the Fed during the bailout. Ratigan argues the Fed has fought to conceal exactly which assets it purchased from banks. The central bank has become "a Goodwill store for the banks," Ratigan says, and kept the details of the bank rescue private.
Later in the piece. Spitzer offered some pointed critique of the Fed: "Let me tell you a dirty secret, the Fed has done a disastrous job since Paul Volcker left…They’ve created multiple bubbles without permitting the economy underneath it to grow." "This is a Ponzi scheme, an inside job. It is outrageous. It is time for the Congress to say ‘Enough of this,’" added Spitzer.
Ratigan later added: "I feel as if the American has suffered the greatest theft and cover-up ever."