Peter Schiff: The Recession Is Already Here

Peter Schiff, Euro Pacific Capital, on why he believes the economy is already contracting, and what, if any, impact the 2012 elections will have on the economy. Peter Schiff points out that government data shows we are growing at 1.3% while inflation is currently at 1.6%. He states that if inflation is truly at 3% then we are already in a recession

Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.