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Published: Wed, 7 Jan 2009
Description: Peter Schiff on the economy!
Automatically Generated Transcript (may not be 100% accurate)
" Economists from across the political spectrum agree that if we don't act swiftly and boldly. We could see a much deeper economic downturn they could lead to double digit unemployment and the American dream slipping further and further out of reach. That's why we need an American recovery and reinvestment plan not only creates jobs in the short. But spurs economic growth and competitiveness. In the long term. This plan must be designs -- new -- we can't just fallen Washington habit of throwing money at the problem."
" The reporters with only comedian Toledo that's on every time she took that as a sudden and dramatic music yet. Star Wars you know when that was and during the campaign your not happy at -- like 86648766. Brian of the judge Brian Kilmeade. Judge in dropouts are joining us that was Peter -- one of the great. Great free market economists in the country today. The president and chief global strategist for Euro Pacific capital Peter welcome Brian and The Judge. -- you're out you know I could be what do the only remark you're probably -- could be and I invite that would be that would be regrettable if everybody falls in July and the things we -- borrow our way out of a recession."
" You know what you played that clip Obama's has all the economists agreed they don't but the one victory at the same geniuses that that everything was great a year or two ago the ones that championed the policy that led to this disaster. And -- that you cabinet that we need more government to stop the Bible."
" Well and Peter. We you for the tar now of course not where you are you so are you outraged by the one trillion it's now coming our way."
" But -- outweighed by everything the government do not -- everything they've I mean for work and out of business out of the question that brought this talking about that because of the policy to pursue it because of the policy that bush has already pursuit. Big government is to putting this into a major disaster. Yes it's the Big Apple you know that the government does do -- thing in state outlets in every market function. It's going to be painful. It's being. Because of all the government interference in the economy that we puppets operatives may now the government blew up this double reserve dropped interest rates down and not think. The other ones that that the force that the cheap money that he can't -- that the reason that Wall -- speculated that the reason that Americans. About too much stop until until."
" and Freddie and Fannie and the community reinvestment act of 77 on which there are the ones that forced banks to loan money in neighborhoods where no bank whatever make a prudent investment."
" And that's all the governor -- look the government has spelled out GMAC's. Wider -- NBC broke because -- included loans to people look like cause they couldn't afford."
" And now they do it didn't billions more and they can't make that well."
" But we'll want think Peter they're not doing which uses it got people like Donald Trump upset they're not alone in the money. But in this he's saying why weren't their strings attached to this money that we give it TO landed. Jack what says you can't make people lend money so where is we're still."
" That would be easy to deal with I think about how stupid that is where the governor is going to give banks. Money only on the condition that they blow."
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