Bailouts

In his weekly Video Blog, Peter Schiff lambastes multiple governmental programs and commissions that work against a recovery from our current crisis.  He explains how programs, such as one encouraging the purchase  of a new car, will not help us because it will only add more debt in our system which was the cause of the crash in the first place!  Moreover, increasing taxation and subsidies for businesses will suffocate their chance of viability on an international scale as well as bankrupt our nation. 

Senator Chris Dodd, as well as a number of other US Senators, is seeking to pass legislation regulating the credit card industry.  Top Republican Senator, Richard Shelby, plans to go along as well.  These Senators intend on instituting certain caps on interest rates charged by bank lenders.

On the surface, it sounds great.  Who wants to be gouged by the banks?  The problem is, many of these Senators, specifically Chris Dodd, voted for the massive bank bailouts, in which the US Government used hundreds of billions in taxpayer dollars to reward corruption, mismanagement, and inefficiency.  And speaking of failure, a government that currently runs a nearly $2 trillion budget deficit and is amassing public debt at a record pace is going to oversee the credit card industry?

Remember when Senator Chris Dodd pronounced Fannie Mae and Freddie Mac to be fundamentally sound before their ignominous collapse and seizure by the Bush administration?  Well, Fannie Mae has already received $15 billion in federal bailout money earlier this year, and now its asking for a whole lot more.  When will it ever end?  One thing is for certain, though.  If Peter Schiff were Senator, he'd vote NO.

Read here.

In his weekly Video Blog, Peter Schiff discusses the Chrysler Bailout.  This company, which has been in trouble for years, has declared bankruptcy and is undergoing a major restructuring.  Schiff uses this to explain how inefficient and deletrious the government bailouts are to the U.S. economy.  By propping up these companies, capital is not flowing to the most efficient place, which stifles innovation and job creation in the short, medium and longer term.

President Barack Obama addresses the nation and it's press on his 100th day of office.

Peter Schiff made an appearance on CNN to discuss the legality of the TARP program and how our government's spending addiction will effect every American over the next couple of years. 

Peter Schiff, in his weekly Vlog, speaks about how government intervention disrupts labor and capital markets.  Also he discusses how China's unease about the continued issuance of government debt will affect every American.