Peter Schiff : we have a Teaser rate on our National Debt

Peter Schiff vs James Galbraith about the debt threat CNBC 27 April 2010

Peter Schiff : The US Government is making the same mistakes that the subprime borrowers did when they were using teaser rates on their mortgages , we have twelve and a half trillion dollar debt first of all that does not include any of the off budget items like the debt of Fannie and Freddy and certainly does not include the unfunded liabilities which dwarf that number , but if you just take the unfunded debt you look and where it is gonna be in a year or two , it is going to be around fifteen trillion , what happens if interest rates go up to ten percent ? which is half of what they were in 1980 all of a sudden we are paying one and half trillion dollar a year in interest on the national debt ...you see the term on the national debt ., the maturity is very short the government is not borrowing for thirty years , the government is borrowing for thirty days there is a lot of short term paper this is a teaser rate out of adjustable mortgage and we are headed for disaster...

Peter Schiff : The creditors should not walk away with 100 cents to a dollar after all they were dumb enough to lend us the money in the first place

Peter Schiff on State Bailouts and the National Debt North Haven

The creditors should not walk away with one hundred cents to a dollar , after all they were dumb enough to lend us the money in the first place , they should have known that we could not pay it back , we have to have shared sacrifices Peter Schiff explains , we need to restructure our debt and to ask the people who are holding our debt to take a haircut on that debt , "I do not think we should pay nothing , but I do not think we should pay a hundred cent on a dollar in real money " Peter Schiff says "and I think our creditors will actually prefer that than to get paid paid a hundred cent on a dollar but in worthless money "

Republican candidate for US Senator in Connecticut, Peter Schiff, attended a Tea Party meeting in North Haven, CT. where he was peppered with all sorts of questions. The Connecticut Tea Party folk thoroughly vetted Schiff on Saturday, March 6, 2010. All the while, he kept his composure, his focus and his sense of humor.

Peter David Schiff, president of Euro-Pacific Capital, is a Connecticut-based brokerage firm have correctly predicted the U.S. stock-market collapse , the home mortgage meltdown and the credit crunch .
Peter Schiff discusses politics, world economies, and investment strategies and is now running for a Senate Seat in his native Connecticut , Peter Schiff is Author of the Best Seller Crash Proof How to Profit From the Coming Economic Collapse

Peter Schiff on State Bailouts and the National Debt North Haven

Republican candidate for US Senator in Connecticut, Peter Schiff, attended a Tea Party meeting in North Haven, CT. where he was peppered with all sorts of questions. The Connecticut Tea Party folk thoroughly vetted Schiff on Saturday, March 6, 2010. All the while, he kept his composure, his focus and his sense of humor.