Monday, November 23, 2009

Peter Schiff on Closing Bell FOX Business 23 Nov 2009

here is a snapshot from Fox Business transcript :

" Remember why are people buying homes they're doing it because they can do with practically no down payment. In 96% of all the mortgages now being originated are insured by the US government. No private entity would lend this money because nobody can pay it back home prices are too high they're out of reach for Americans to afford them. But if the government -- home prices come back down to where they need to be it'll bankrupt all the financial institutions that they bailed out."

" Here's what I worry about it's become such a crowded trade today Stuart Varney has the story about how there are. What are the column of the fake ones they've -- a counterfeit gold. Pieces that are out there right now and then you see the infomercials that is sending your old. -- engagement rings that you know you've got a divorce and melted down. "

1 comment:

  1. Did you notice the way he looked at her up and down? That (other) girlfriend of his had better watch out!


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