Peter Schiff on The Daily Show with Jon Stewart 6/9/09

The too Big to Fail versus the too Big to Bailout :
They got us all drunk with low interest rates Peter Schiff on Jon Stewart The Daily Show
Schiff was today on the Jon Stewart Daily show for a mix of laughter economic common sense ..Jon Stewart rerun the "Peter Schiff was right" youtube clip while some experts were still laughing at Peter despite him being right ...Peter explained that everybody else was drunk on cool aid and that's why they did not see the economic trouble and recession coming as he did , the fundamentals of the economy as I understood them are getting worse not better added Peter , and the reason the economy is in bad shape today is because of all government previous stimulus they are the ones who got us all drunk , who got us all leverage up with low interests rates and now Barack Obama and Benbernanke are doing the same as Bush and Greenspan did only worse...nothing has really changed I think the only reason they want everybody drunk is because that's the only way for them to get reelected , but if people understood how much trouble the country is really in they might actually blame some of the people who have created this problem which are the people in Washington and people on Wall Street ...we we should have done is let all the institutions that made bad investment fail , Jon Stewart replied ironically " they are too big to fail..." Peter "no they are not "! "They are too big to bailout ...we need to let them fail the economy would eventually benefit from a lot of these bankruptcies now we are suffering from all the bailouts and unfortunately we need to allow the economy to restructure , the problem is too many Americans bought too much stuff that they could not afford with money they could not have and we have to go back to a basic economy where the economy grow based on under consumption based on savings , we have to produce more and consume less ...Jon Stewart replied that all we have is our consumption you take that from us and we are Poland ...Peter " it got to be taken from us because we are buying stuff with money from the Chinese from the Japanese they are not gonna keeping lending us money that we cannot afford to pay back , we have to start making stuff again because pretty soon people think it is bad when your hous loses value , when we will see that money loses value and can't buy anything...and more...