February 28, 2009

Wall Street Unspun Radio Show, 27 Feb

Peter Schiff on his Radio Show, Wall Street Unspan, criticizing Barack Obama`s policies.

Obama is coming into office and has something like 80% approval rating now, which is normal when compared to presidents in general when they first come to office. People generally give them the benefit of the doubt, for some reason.

But basically he is trying to come in house and let us know that things are bad but he is going to turn it around. That he inherited a bad situation from Bush and the reason the situation is bad is because Bush cut taxes and Bush put to much faith in free markets capitalism and that there wasn`t to much regulation because of 8 years of republican tax cuts and letting Wall Street run loose that the country is in a mess.

And Obama thinks he is going to fix it with a New Deal style Roosevelt type of programs and he is saying that things will get worse for a while which is quite an understatement.

But then if we just bear with him eventually his plan is going to work. That raising taxes on the rich, regulating Wall Street more and spending a lot of money, printing a lot of money is going to somehow restore our economy and create economic vitality.

This is all a bunch of nonsense.

"We don`t want people buying on credit, we want them buying on savings, on income"

Peter Schiff is the President and Chief Global Strategist of Euro Pacific Capital. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned.

He has been quoted in many financial TV channels like CNBC, CNN, Fox News, Fox Business Network, and Bloomberg T.V..
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