July 19, 2009

More Cost Cutting Is Needed In US Companies

"We have excess capacity in a lot of sectors that needs to be taken out. Companies are going to have to stay in business with a lower level of business. Some companies are reluctant to make capacity cuts because they assume there will be a recovery. But a lot of people don't realize this is not a temporary recession. This is a permanent condition.

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.