Thursday, July 19, 2012

Jon Stewart on the LIBOR scandal

Republicans argue that the problems with the economy are too many regulations and taxes. When the biggest problem is caused by banks and the interest rates they charge. These interest rates affect the ability of businesses to borrow money. So when banks manipulate the rates, the economy suffers. There's a current banking scandal. And it's coming from England. We're talking about LIBOR. It's the interest rate that the biggest banks charge each other to borrow money. Doesn't sound like fodder for comedy but Jon Stewart educates and has fun with it. Excellent and funny piece.

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