date Nov 8, 2012
Voters ignored Benghazigate & Fast and Furious gun-running
They re-elected the King of Entitlement Presidents, Obama. Read about the debt-hole digger.
"If Obama thinks that Bush dealt him a weak hand, wait til we see how much weaker the hand is going to be that Obama deals his successor," Schiff says in the attached video (released that day). "We're going to be in much worse shape.''
How so? Well, in many ways if you follow the thinking of this well known, articulate and published uber-Bear. By Schiff's calculations, "the stock market is correct in going down" today since he says higher taxes on companies (at the corporate and/or individual level) makes those companies less valuable. So lower stocks is one area he predicts.
Being deeper in debt is another. In fact, he says we'll be at $20 trillion in a couple of years, and going higher from there. And this will bring upon the country's next looming crisis.
"I think what's going to happen in Obama's second term is going to be a currency crisis; a sovereign debt crisis. It's going to be the same thing that is happening in Europe or Greece," he says, "but it's going to be a lot worse."