"It`s good to be a banker, especially if you have Ben Bernanke at the Federal Reserve. The Fed`s policy is to try to revive the economy by inflating the markets. That`s great if you are a banker because you benefit on several fronts, the markets are more vibrant, so you can make more money speculating but also its cheaper to borrow and that`s a lot of the source of the speculation.
So, the banks are doing really well under this environment but the U.S. economy is not doing well at all." - in a recent interview with RT TV
Related: Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), JP Morgan (JPM)
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.