Schiff: Government Intervention Only Makes The Problem Worse

Schiff: Government Intervention Only Makes The Problem Worse

www.prisonplanet.com

While others on the panel attempted to argue for accepting the “inevitability” of more financial regulation, Schiff urged that such measures be resisted. The other establishment talking heads bizarrely promoted the idea of accepting government mandated measures despite the fact that they have proven to make the problem worse in the past and have done nothing to stimulate the economy over the second half of 2008. This is akin to being in a car hurtling towards a brick wall and not slamming on the breaks but preparing for the “inevitability” of crashing through it.

“The problem was in the 1920’s, the Federal Reserve blew up a stock market bubble, when it burst we needed to have a severe recession but Hoover wouldn’t let that happen, he tried to intervene, he tried to prop up companies, he tried to keep companies from failing, he was the most interventionist president up until that point - he started the Great Depression,” said Schiff, adding that Roosevelt then compounded the problem through the rest of the 30’s.

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Boy, does everybody need to listen to this guy. He and Ron Paul have been screaming at the top of their lungs non-stop about these idiotic "bail-outs" and how they are virtually GUARANTEEING another DEPRESSION, if they don't quit this lunacy. But as usual, no one is listening.

This guy, along with Ron Paul, have predicted a great deal of the economic forecasts and collapses we have seen in recent times, almost to a prophetic degree. And yet the same talking heads are continuing right along with the same policies, determined to "stay the coarse", no matter what the long term ramifications are. And those ramifications are killing us us all...

www.prisonplanet.com
(visit the link for the full news article)

The major problem being faced now is that it's too late. the Bail Out bill was passed and because of this, they can do whatever they want. As has been posted here numerous times, there is little to no regulation on this process and no one can really figure out where the money goes.

Yes, this is guaranteeing another recession. As soon as taxes go up (look for it by the end of 2009, mid 2010) and inflation spikes from all this freshly printed cash... There is going to be a major problem.

It's just impossible to make the blind to SEE.
Schiff was snickered and laughed at when he said the economy is headed for disaster. Well, he's correct but he is being listened to with deaf ears.