Bill
11-14-2008, 05:42 PM
One of the better youtube videos I've seen in a while - this shows investment expert Peter Schiff just DEAD-ON predicting this economic crisis in 2006 and 2007 while all the money pundits (like Ben Stein) laughed and jeered at him.
http://www.youtube.com/watch?v=2I0QN-FYkpw
About 10 minutes but it was so good I wished it was longer.
He recently wrote in the washington post - "Don't Blame Capitalism" - in effect saying the federal governmnet and the Bush administration is the chief culprit in the crisis.
It's also a great article - short, not too much money-speak, readable.
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/15/AR2008101503166.html
Amid the chaos of recent days, as the federal government has taken gargantuan steps to stabilize the financial markets, realigning the U.S. economic system in the process, comes a nearly universal consensus: This crisis resulted from government reluctance to regulate the unbridled greed of Wall Street. Many economists and market participants who were formerly averse to government interference agree that a more robust regulatory framework must be constructed to cage the destructive forces of capitalism.
Absent from such conclusions is the central role the government played in creating the crisis. Yes, many Wall Street leaders were irresponsible, and they should pay. But they were playing the distorted hand dealt them by government policies. Our leaders irrationally promoted home-buying, discouraged savings, and recklessly encouraged borrowing and lending, which together undermined our markets.
Real credit can be supplied only by savings, so artificial steps to stimulate lending will only produce inflation. By refusing to allow market forces to rein in excess spending, liquidate bad investments, replenish depleted savings, fund capital investment and help workers transition from the service sector to the manufacturing sector, government is resisting the cure while exacerbating the disease.
The United States reached its economic preeminence on the strength of its free markets. So far, the economic disaster exacerbated by government policies is creating opportunities for further government interference, which will lead to bigger catastrophes. Binding the country to a tangle of socialist ideals will seal our fate as a second-rate economic power.
http://www.youtube.com/watch?v=2I0QN-FYkpw
About 10 minutes but it was so good I wished it was longer.
He recently wrote in the washington post - "Don't Blame Capitalism" - in effect saying the federal governmnet and the Bush administration is the chief culprit in the crisis.
It's also a great article - short, not too much money-speak, readable.
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/15/AR2008101503166.html
Amid the chaos of recent days, as the federal government has taken gargantuan steps to stabilize the financial markets, realigning the U.S. economic system in the process, comes a nearly universal consensus: This crisis resulted from government reluctance to regulate the unbridled greed of Wall Street. Many economists and market participants who were formerly averse to government interference agree that a more robust regulatory framework must be constructed to cage the destructive forces of capitalism.
Absent from such conclusions is the central role the government played in creating the crisis. Yes, many Wall Street leaders were irresponsible, and they should pay. But they were playing the distorted hand dealt them by government policies. Our leaders irrationally promoted home-buying, discouraged savings, and recklessly encouraged borrowing and lending, which together undermined our markets.
Real credit can be supplied only by savings, so artificial steps to stimulate lending will only produce inflation. By refusing to allow market forces to rein in excess spending, liquidate bad investments, replenish depleted savings, fund capital investment and help workers transition from the service sector to the manufacturing sector, government is resisting the cure while exacerbating the disease.
The United States reached its economic preeminence on the strength of its free markets. So far, the economic disaster exacerbated by government policies is creating opportunities for further government interference, which will lead to bigger catastrophes. Binding the country to a tangle of socialist ideals will seal our fate as a second-rate economic power.