Saturday, August 1, 2009

The delinquency on home mortgages in California is almost 10% Peter Schiff

Peter Schiff Vlog 31 July

Peter Schiff is broadcasting this vlog from the waiting room in the CNBC studios before he participates in the 4 segments of the Kudlow Show click here to view them Peter had just been with Glenn Beck before the Vlog and yesterday 30 July he was also on CNBC Fast Money click here to view that episode now back to the Vlog , Peter Schiff talks about Obama Speech and how he is pleased that the economy contracted only by 1% this is certainly according to numbers the worse recession after the great depression says Peter Schiff , this recession is not over as the government claims far from it , everything that the government have done to fight the recession has only made the situation worse says Peter , we have more debt now than when the recession begun , we are in deeper hole and it will be more problematic to get out , the government stopped the market from correcting the imbalances that needed correction so rather than our way towards recovery we are still making the situation worse . Peter Schiff calls the cash for clunkers program a crazy policy , cause we are destroying real assets and replacing them with debt , people give away clunkers which are cars that still can be used and instead of it they get money to buy Japanese or Koreans new cars with debt , such cars that we normally could not afford to buy , we are deepening our trade deficit with Asia "intentionally" and getting into more debt , we are borrowing more money from the Chinese to spend on consumer goods made mainly in Asia while we are already sinking in debt , the dollar is plummeting , the delinquency on home mortgages in California is almost 10% , 1 out of 10 persons in California with mortgages is behind payment , that's a big number and it is going to grow up more and get bigger , because as the real estate prices fall more people are going to lose the incentives to make payments of the over priced homes they were pricked into buying and of course more and more Californians are going to keep losing their jobs

Peter Schiff economy economic collapse crash gold silver oil bubble doom depression recession rogers faber euro dollar currency crisis stagflation commodities bear bull market

1 comment:

  1. "The mother of all hang-overs" :-) Love it!


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