Peter Schiff explains how the current administration caused the economic recession

This is one of the best and most enlightening perspectives on economics I have seen. Peter Schiff is an economic proponent of the Austrian school, in standard terms he's a libertarian and fiscal conservative. He was chosen as economic adviser for Ron Paul's Presidential campaign in 2008.

Here's the first part out of eight:
www.youtube.com...

The essentials of his argument are that George Bush used Alan Greenspan and Ben Bernanke (successive Federal Reserve chairmen) to stiff off an economic recession that loomed before the 2004 election that would have cost him the White House. This will result in an even worse recession we are now entering.

He gave this speech in 2006 before the mortgage market collapsed and banks began failing. Schiff effectively predicted the 2-year future of the US economy, and has words about what still remains to be seen.

Yeah I saw this. The guy is a genious and I watch all his updates on youtube all the time. Its funny how he makes all the "financial experts" look like arses. He was Ron Pauls advisor and that is how I caught on to him.

schiff 2012! (sadly there'll be nothing left) weird how people just won't see the country burning though it's consumed their future already.

Hey I just wanted to say that I watched this entire video series and it was one of the most enlightening yet easy to follow explanations of financial matters I've ever encountered. Great, great find. Thanks!

You can't just point the finger blame at this administration. Everyone in the US is to blame should a recession occur. It isn't like they forced people to get bigger homes then they could afford, or swipe your visa everywhere you go.
Yes the war did bring the economy to a slump but so did the house market, spending, borrowing and not paying back.

reply to post by Equinox99


Did you watch the video? If not, you really should. Schiff doesn't blame only the administration; in fact, he blames the very people he is addressing (mortgage brokers) right along with lenders, appraisers, borrowers, and the administration.