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2 August 2009
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Schiff and Faber: The solving of the financial crisis is making it worse
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Related article: BIS Slammed Federal Reserve and Other Central Banks for Blowing Bubbles and then "Using Gimmicks and Palliatives" which "Will Only Make Things Worse"
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Peter Schiff in his vlog of July 31st 2009
[0'50] 'It's already the worst recession I think since the Great Depression, judging by the numbers that we have. But the only way that we can say the recession is over, is if we are econolodging that the depression is beginning. [...] Everything that the govenment has done in the name of fighting this recession has actually made the recession worse. We're in more debt now than when the recession began. So we're in a deeper hole and it's even more problamatic to get out. All the government has done is force fed more debt in the economy and prevented the market from correcting the imbalances that so badly need correction. So rather than on the way to recovery, we're still making the situation worse. [...]
[8'20] Barack Obama is going on national television and tells us that we should be happy. That this is great. That his plan is working. Working out for who? We're deeper in debt. The economy is in worse shape than when he was elected. And we're supposed to be happy about this? Now what he is saying is of course: 'Well, if it wasn't for all these plans it would be even worse'. How can you even argue with that? How would we know what would have happened had he done nothing? Now I agree, there would have been some problems. There would have been a lot of problems for the people on Wall Street. The people from Goldman Sach, from Morgan Stanley, they wouldn't be as rich. They woul'd be making oodles of money right now, if it wasn't for these bail outs. [...] Wall Street would be in worse shape, but I think Main Street maybe would be on the way to recovery. [...] We're not just making it a little worse, we're making it a lot worse. [...] We already know the consequences of the Bush/Greenspan stimulus. We got a huge hangover from that. But they're doing it worse. Obama and Bernanke ar eoff the charts. This is a lethal dosis stimulus. And we're going to have the mother of all hang overs when it's over.

- Marc Faber in a video interview (Tv-show and recording date unknown, probably broadcast on or around July 26th, 2009).
Faber on [1'15] I think that the economy is going to rebound somewhat and probably will have another dip. The final crisis may only happen in five years time. Because don't forget, this crisis should solve problems and clean the system. But this crisis so far has actually aggrevated the system and has brought about essentially more entangling between Wall Street, the Treasuary and the Federal Reserve, and a lot of misguided practices that are detrimental to the health of the economy. 
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