Sunday, May 31, 2009

Schiff Report - 05-29-09

I had the pleasure of listening to Peter Schiff, live and in person, yesterday in Bridgeport at a Libertarian function.

The bailouts and stimulus coming out of Washington along with the central planning micromanaging is not going to work. It is clearly not working already, it has only prolonged the pain we will ultimately feel.

We have pumped over $60 billion into Chrysler and GM - GM is filing for bankruptcy anyway. Jobs are being lost anyway! Plants are being closed anyway! They should have done this months ago WITHOUT taxpayer money involved. What do we have to show for this? According to some estimates, we have given enough money to GM to provide about $300,000 to every employee! By the time we are finished bailing out and restructuring these companies we will have pumped over $100 Billion into this mess. That's money that our kids and grandkids will have to pay, not tomention the massive inflation we will be seeing.

If you think this recession is NOT going to turn into a full fledged depression, then you are just drinking the Geithner Kool-Aid. We haven't seen the worst of this yet. Schiff is spot on in his analysis. Americans better be listening and preparing themselves.

I consider Schiff to be the modern day Paul Revere, and his message is "The Depression is coming!"