Analyst Says Intervention Big Mistake

Analyst Says Intervention Big Mistake

www.abc.net.au

MARK COLVIN: While some push for an extension of the US bail-out to homeowners, others argue that the whole idea of a Government rescue is folly.

Peter Schiff says the market must be left to deal with the mess, and Government intervention will merely delay the inevitable reckoning and lead to a far worse crash.

(visit the link for the full news article)

STEPHEN LONG: You're not suggesting that America could end up in a situation like Zimbabwe with totally out of control inflation?

PETER SCHIFF: No, no… Yes I am. I'm not only suggesting that, I'm saying that.

STEPHEN LONG: Do you think that there is a risk now that China and the oil rich states will no longer be willing to fund the huge US current account deficit and debt?

PETER SCHIFF: Yeah that's going to happen eventually. Maybe this is the straw that finally breaks the camel's back. And the problem is, if we can't get funding from the rest of the world, the only source of funding is the printing press at the Federal Reserve and they will print our currency into oblivion.

STEPHEN LONG: That is a very different view to the view that some people are putting. There are people saying that if America goes into a severe recession then it will bring down China and Australia.

PETER SCHIFF: No. The only way we'll bring down China is if they let it happen. If they tether their economy to our ship and they sink with us.

You see we're not helping out the world's economy. The world is having to support us. The world's problems are the result of having to prop up the United States. If you simply let us sink, you'll be fine.

There's some scary stuff in this article. And I am afraid that this all might just happen....very soon.

www.abc.net.au
(visit the link for the full news article)

The R’s are trying to steal yet another election, and it’s looking like it’s going to take a landslide to stop it, if it’s at all possible at this point.

Seems to me that the whole point might be to delay the inevitable until after the election. If it causes a much greater crash then (and history shows that it will), then devil take the hindmost as far as the Bush Crime Family is concerned. It’s very telling that they are trying to make this bailout immune from legal reproach.

www.nytimes.com...