Peter Schiff : we built a phony economy based on spending

Peter Schiff : U.S. Is Dragging Down The World Economy!

August 25, 2010 MSNBC
Peter Schiff : we want the housing prices determined by the market not by the bureaucrats ..., we had a housing bubble because of government stimulus , they kept interest rates too low they subsidized mortgages , and so people bought houses they could not afford because their houses were going up they did not save any money , so the savings rate went to the floor , the trade deficit went to the ceiling ...we built a phony economy based on spending...