Peter Schiff: "Somebody should stand up to this lunacy"

CNBC - 12/10/08

Central government planning doesn't work. Washington knows even less about running the automobile industry than the guys in charge at GM now.

We've got to let these companies go bankrupt, free up their capital, let somebody come in here who knows how to make cars profitably - that can employ these autoworkers in a way that is profitable. I think that if we let these companies go bankrupt, in 5 years there will be 2 or 3 times as many people employed in this country making cars....and we'll be exporting cars.

Bailout out Wall Street didn't help out the stock market - it went down. Bailout out Detroit is not going to help. These are moral hazards. The reason that they're getting this bailout is because they're saying "we gave all this money to wall street!"

Who is going to be next? What's the next failed business that's going to say "You bailed out the car companies, how can you say no to me?"

You can't punish the successful companies to bailout the incompetent companies. This is the exact wrong thing that we should be doing. Somebody should stand up to this lunacy.

This credit crunch is not the problem - it's the consequence of the problem. As a nation we've borrowed too much money. We borrowed money to speculate, we borrowed money to consume. The solution is market tightens up on credit because we've blown all the savings. We need Americans to stop borrowing. We need them to start saving their money. We need to start making stuff and not just consuming things. That's what the market is trying to do. That's why we have to let the recession run its course.

Category:

News & Politics

Tags:

• peter-schiff
• bailouts
• economy
• economics
• GM
• auto-industry
• auto-bailout

[noothername2pick]

Peter Schiff is The MAN!!!

So logical, so precise, so smart, simply genius.

[evilsinz]

What right does our government have to send our money to private companies like GM and prevent new companies from competing with good products??

If you have a bad product, then die! Die off and die alone! Why have some drowning company reaching out and taking the rest of us with it?

Pisses me off these banks are lending us OUR OWN MONEY, what the fuck!?

Paying these POS automobile companies to continue to make shit cars? Are we that stupid? We deserve to fail..

[flaank1]

we have fascist corporatism in this country

[BMANZZS]

"You're the one who mentioned it!" Luskin sounds like a whiny little kid.

[dankfizzy]

excuse me peter, this is my turn. lolol, made me literally laugh out loud.

[standinginnothing]

Peter keep getting it out before they cut you off like CNN

[godszen]

The only thing worse for America than the Federal Reserve is the Federal Government, who has purposefully put American manufacturing out of business. Now there is only one way to keep the economy moving; "PRINT MONEY!" I would assert that manufacturing has had a steady decline since 1980's, and that the economy of the 1990's and 2000's were artificial, expanded money supply bubbles. Unfortunately, these same policies seem to be accelerating, and will likely continue to.

[joeycusack80]

Luskin is such a cunt.He deserved a punch in the mouth for being such an obnoxious prick.

[SuaveSavant]

The dude in the top right's argument is so vague and psychological. What a crock.

[tedfopreident]

pharm*

[OnTheDrog]

'excuse me peter, excuse me. this is my turn'

what a douche.

[l1onheart617]

wise, grasshopper