The Banks Are Doing Really Well But The U.S. Economy Is Not

"It`s good to be a banker, especially if you have Ben Bernanke at the Federal Reserve. The Fed`s policy is to try to revive the economy by inflating the markets. That`s great if you are a banker because you benefit on several fronts, the markets are more vibrant, so you can make more money speculating but also its cheaper to borrow and that`s a lot of the source of the speculation.

So, the banks are doing really well under this environment but the U.S. economy is not doing well at all." - in a recent interview with RT TV

Related: Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), JP Morgan (JPM)



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.