Peter Schiff on Bloomberg AUDIO SYNC Oct 28 2008 Part 1/2
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Great point. Morons claim we NEED more regulation, Free-Market failed, flaw in F-M, Deregulation (what dereg?) caused this, etc.
Free-Market IS regulation. The reason we might NEED more regulation is because the F-M has been circumvented. The FED sets low prices on money, pumps money into the system, govt encourages banks to loan to people who wouldn't have otherwise been allowed to borrow, & govt printing and borrowing provides the additional money to permit these loans!
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Peter is absolutely right. People have to face reality and stop being optimistic about american economy that lavishly spend too much money on lifestyle that could not afford.
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We don't have 850b we borrowed it from the chines and gave it to the banks.
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" the new of evolution in corporate America seems to be survival of the unfittest" Gordon Gekko
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:S
Well explained, sad truth.
3 years ago 2
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well. that doesn't sound too good.
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If you borrow money, to blow it on clothes and toys how do you ever intend to pay it back? You pay it back by producing goods, which means you have to have a production based economy. $700bn would have done a lot more for our economy in the long run if it was spent on reestablishing a manufacturing/production base instead of socializing the banking industry.
r7n7 3 years ago 3
At the 6:00 mark:letting the banks fail. He is right because what the free market is all about really is much like evolution. Letting the weak fail allows for those that survived to pass on good lending habits.
The free market is built upon failures. It is THE ugly necessity that never gets mentioned. The banks should have failed and millions of people should have lost their savings and then we would have seen real demand for change. It is THAT TYPE OF DEMAND which wall street fears the most
updownleftrightinout 3 years ago 3