Wednesday, August 10, 2011

Peter Schiff : we are going to be in this depression for a decade may be more

Peter Schiff on FOX Business News 08/08/11

Peter Schiff : ....ever since it hit 500 people have been asking me that exact same question , and I am going to give you the same answer it is not too late to buy , Gold is going a lot higher the dollar is going to lose a lot more value and I disagree with one of your guests saying the economy was growing six months ago it was not we were hyped up on stimulus it was artificial and now the stimulus is wearing off we are in deeper ditch than we were before the stimulus and the bailouts , a lot of these financial companies that they bailed out companies like the Bank of America they are going to fail again we are going to bail all these financials it is going to cost us even more and we are going to dig the economy into deeper ditch ....we are in a depression it was interrupted by some stimulus that actually exacerbated the underlining economic fundamentals we are going to be in this depression for a decade may be more if they keep doing the wrong thing , what we need is to clean up all the excesses we need higher interest rates we need lower real estate prices , we need more savings we need more investments we need more production we are not getting any of that ...they are clueless and his speech (Obama ) today was pathetic ...

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