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Peter Schiff: "$700 billion is just the opening. My guess is that we are looking at $2 to $3 trillion." (audio)
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This Link is located in the Public Channel Housing Bubble and Bear Links.
Posted by ian 55 days ago (www.europac.net). Views: 391
Tags: peter schiff housing bubble gold inflation |
| Related Tags: wall street credit crisis economics countrywide banks federal reserve |
Wall Street Unspun with Peter Schiff (internet radio show) - September 24, 2008 recording.
Here's an excerpt starting at 11:17:
"What is the new [bailout] plan? The government is going to buy up all these mortgages that are on everybody's books.
They're initially telling Congress it's going to be $700 billion. Well, that's just the opening. It's going to be a lot more than that. My guess is that we are looking at $2 to $3 trillion.
And it's not just residential mortgages. They're gonna be buying up commercial mortgages, they're going to be buying up debt backed by credit cards, student loans, auto loans. I think eventually they're going to start buying up empty houses. They're might start buying up stocks...
There's no end to what they're going to do. Because the government refuses to allow the free market to function, because they don't want Americans to have to deal with the reality of the situation that we are in. They don't want Americans to have to deal with lower asset prices and a lower standard of living. So the government wants to pretend that they can solve these problems by creating more inflation. And that is not going to work, inflation never works.
... If any of these politicians think that inflation is a good solution to economic problems, we ought to get some of these politicians and ship them over to Zimbabwe, so they can talk to the people of Zimbabwe and ask the people how well inflation is working out for them, so they can see first hand what we are going to experience.
This is my absolute worst nightmare come true."
More by Peter Schiff
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