Obama one year after : Peter Schiff on SBS Dateline 09 November 2009
Obama is in bed with Wall Street, just like George Bush Pete
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PETER SCHIFFof EURO PACIFIC CAPITAL: "Well, he (Barack Obama) has performed terribly. I mean, he inherited a bad situation granted, but he repeated all the mistakes of Bush, only on a grander scale. He continued the misguided policy of so-called economic stimulus. The stimulus is the problem, the stimulus is toxic, and it is killing our economy. Barack Obama thinks we can spend our way out of this recession, that we can borrow our way out. We can't. The only way out is to do the opposite. We have to save more, invest more, and produce more. That's the only way out. If we continue on this course, inflation is going to keep getting worse, ultimately, interest rates are going to head skyward as well, and we're going to be in an inflationary -
PETER SCHIFF: "I agree. But, remember, investment has to come from savings. It has to be made in the private sector. It's not going to be made by the government. But I agree with one thing that you are saying - Barack Obama is in bed with Wall Street, just like George Bush. He is getting the same bad advice from people at Goldman Sachs and other firms. You have got Wall Street and government working together to destroy the United States. They are undermining the real economy - they are transferring the wealth of this country to themselves. We have to get away from this type of economy. We have to let banks fail. We can't keep bailing out reckless people on Wall Street who drank all that government Kool-Aid and who made bad decisions based on Fed policy. They need to be allowed to fail. "
Source of transcripts SBS website
