by Kate Childs Graham | July 20, 2012
As America struggles to get back on top, corporate-backed politicians and pundits know just where to place blame for the state of our economy.
“Regulation.” “Public sector union pensions.” “Uncertainty.”
These politicians are willing to point their finger in any direction except their Wall Street buddies.
This week, Daily Show host Jon Stewart took these politicians to task, pointing out that maybe we should be looking at the LIBOR fixing scandal when we’re talking about our economic woes. In this scandal, banks understated their actual borrowing costs, which impacts interest rates on everything from mortgages to student loans.
Watch a clip here (skip ahead to :40):
And another here (skip ahead to 2:18):
This scandal is one more example of how Wall Street bankers are only looking out for themselves, to the detriment of Main Street. Or, as Stewart put it, ”Oh right, the public sector pensions are underfunded in part because their bonds are paying too low a yield thanks to 16 bespoke-suited… monkeys in London.”