June 3, 2013

Savings Rate: Lowest Since 3Q `07

"The savings rate plunged all the way down to 2.3%. That`s the lowest household savings rate since the third quarter of 2007. And of course back then, americans still thought they were rich because they had all sorts of home equity and they were spending like crazy. I don`t think that is what`s going on now. I think the reason americans are depleting their savings is because they need the money for food, they need the money for gasoline, they are trying to keep their economic necks above water. " - in a recent videolog

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.
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