Saturday, November 7, 2009

Who is Peter Schiff?

"Peter maintains that government intervention through regulation, stimulus programs, and corporate bailouts can only worsen our economic crisis. Peter has been a vocal critic of the economic stimulus packages proposed by both President Obama and President George W. Bush, while other Republicans remained silent and on the sidelines."

"In 2006, Peter sounded the alarm that the US economy was facing significant challenges as the credit and housing bubbles neared deflation. His numerous appearances on national television predicting the recession were met with skepticism by established insiders, but Peter continued to warn of the coming economic collapse."

"Artificially low interest rates invigorated the market for adjustable-rate mortgages and gave birth to the teaser rate, which made overpriced homes appear affordable. Alan Greenspan himself actively encouraged home buyers to avail themselves of these seeming benefits. As monetary policy caused houses to become more expensive, it also temporarily provided buyers with the means to overpay. Cheap money gave rise to subprime mortgages and the resulting securitization wave that made these loans appear safe for investors."

Employment is 17.5% according to Peter Schiff...meanwhile Obama extends unemployment benefits, and adds tax breaks to private businesses who are losing money...:

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