Lucille
02-06-2009, 02:01 PM
Peter Schiff: Stimulus Bill Will Lead to "Unmitigated Disaster" (http://finance.yahoo.com/tech-ticker/article/169781/Peter-Schiff-Stimulus-Bill-Will-Lead-to-%22Unmitigated-Disaster%22?tickers=^dji,^gspc,QQQQ,SPY,DIA,TLT,UD N)
The problem, he says, is the government is trying to perpetuate a "phony economy" based on borrowing and spending. With the U.S. consumer tapped out, the government is "now taking on the mantle" of consumer of last resort, he continues, predicting the bond bubble will soon burst - if it hasn't already - ultimately leading to a collapse of the dollar and an "inflationary depression worse than anything any of us have ever seen."
[...]
Note: Stay tuned for part 2 of my interview with Schiff, where he addresses recent criticism (http://finance.yahoo.com/tech-ticker/article/163844/Peter-Schiff%27s-Clients-Got-Hosed-This-Year-Too?tickers=%5Egspc,%5Edji) of his investing prowess.
The problem, he says, is the government is trying to perpetuate a "phony economy" based on borrowing and spending. With the U.S. consumer tapped out, the government is "now taking on the mantle" of consumer of last resort, he continues, predicting the bond bubble will soon burst - if it hasn't already - ultimately leading to a collapse of the dollar and an "inflationary depression worse than anything any of us have ever seen."
[...]
Note: Stay tuned for part 2 of my interview with Schiff, where he addresses recent criticism (http://finance.yahoo.com/tech-ticker/article/163844/Peter-Schiff%27s-Clients-Got-Hosed-This-Year-Too?tickers=%5Egspc,%5Edji) of his investing prowess.