Peter Schiff: Stimulus Bill Will Lead to "Unmitigated Disaster"

This guy knows what he is talking about. I'll stick with and defend Peter Schiff's recommendations/views.

Anytime any financial bigwig recommends / opines on something, take it with a huge lump of salt and believe in the opposite, as our experience during the last decade has shown us. All these high-flyers are really trying to do what is best for their already fat wallets. Give Obama a chance to do the right thing for the common man.

This guy is on crack....during the depression the fed raised rates to stabilize the dollar which ultimately worked but in the process so significantly lowered the monetary base that the country went from being in a recession to going in to the depression. At some point inflation will be an issue but so far we haven't seen any evidence that inflation or hyperinflation is occurring...talk about fear mongering.

The messiah and chosen one has spoken: Obama's open hand will be replaced with a closed fist: This disastrous bill will come to pass. Get ready for inflation ad nauseum...

Peter Schiff is the man. Have you ever heard a homeless person say they should have spent more money in their life so they wouldn't have gotten into their mess? Our country has more than enough debt for several generations to pay off. Government agencies are a burden on the tax payers and need to be given the axe. No polititian wants to be the one to tell you that you won't get social security and we need more of your money to pay this crap off so they're just going to print and borrow more money and tax you through inflation. Anyone who supports this spending bill is going to be really upset when bread is $12 a loaf.

About time they interviewed someone with a realistic view of this crisis.

Expectedly Schiff will draw criticism from people that believe that the solution to the current crisis is government spending,... however, I've always believed that regarding America's trend of spending vs. saving... there would come a day when the music stops. The big challenge is that a significant amount of industry has been built up to serve the consumer-driven economy. With the absence of consumer spending,... a significant number will fail,... most will shrink... and thus many people will lose their jobs... this is already occurring. I do believe that government does have role to play in helping people to make it through this crisis, but the kind of money that is being planned to be spent.... is just another means to try and get the music started again. There are some infrastructure expenditures that need to be made,... but I hear people like Bill Gross, Pimco saying that the government needs to spend trillions.... (hello???)

yeah, Obama will save common man...sure thing..wake up..the elections are over now its time to settle down and make for those who made him president(some evil corporations as well) so please stop with nancy palosi style..common man my ass..

yeah, Obama will save common man...sure thing..wake up..the elections are over now its time to settle down and make for those who made him president(some evil corporations as well) so please stop with nancy palosi style..common man my ass..

wtliftinstud23 - Pay for a course in economics for Christ sakes. You double the money supply (trillions and trillions as far as Pelosi's eyes can see), and it will cut the net worth of all existing savings in half. It's as sure as the law of gravity. This ain't Rocket Science.

e-mail your congress now and tell them NOT to spend the money that we don't have.They cannot be trusted with this money.Tell them to stop these costly wars,bring ALL the troops home to save hundreds of Billions of dollars annually. senate.gov and house.gov

James Donovan, the CEO of Good Grievance had been warning Congress since mid 2006 that personal and public debt had risen to high and that banks should have been forced to to increase reserve requirements and start deleveraging from derivative driven credit traunches back in 2007. We are in the same pattern as the Great Depression. FRC artificially low interest rates for 4 years followed by rapid tightening to offset inflation that existed all along and was masked by nonsense numbers put out by the commerce department. The recession clearly began in quarter 4 2006 when M3 is thrown back into the mix. James Donovan warned Congress of the imminent collapse of the banking industry in 2007 as credit spreads began to tighten during all of 2007 and the appetite for CDO's held in SPV's began to look less attractive. In fact, these particular IOU type lending structures wreaked of disaster. Mr. Donovan again warned Congress that Bear Stearns and Lehman would collapse within months as they were the biggest leverage culprits on the market, moreover that SIPC was not funded properly to handle the impending demise. In 2008, Mr Donovan again warned Congress that the illiquidity of these credit packages would cause mass defaults as the FRC tightening had strangled homeowners that had taken ridiculous loans that were not fully indexed and ultimately unaffordable.

A collapse of the dollar? That implies that everyone is going to be dumping dollars to buy something else. Governments representing 90%+ of the world economy are doing the same thing as the US government, so why would anyone want the euro, yen, pound, etc. in preference to the dollar?

Read the internet on this James Donovan, the CEO at Good Grievance

This guy is an idiot!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Unconventional, but sensible and logical views.

Right on Peter, you've been proven right again and again. The central planning attempts by the Obama administration are absolutely guaranteed to fail. If we want companies to create jobs, we need to stop strangling them with regulation and taxes and get back to the freedom that made America great.

Even here in Central Florida it is very cold at night.The down trudden bodies of homeless people ar covering our parks at night. More are coming. It's even colder up north. Many Americans have lost their jobs and homes. Many more families will be homeless. This morning on most TV stations the Butt Lickers of the Rich are calling for more tax cuts for the Rich so they can add their wealth to their off shore bank accounts and laugh at us.

If the people refuse to borrow, the government must! That is what a debt driven banking system requires to survive. Eliminate the FRC immediately, let the corrupt banks go and allow other stronger entities rise to fill the void. Captilism without insolvency is like heaven without hell!

I have been watching all the tv shows and news on the crisis we are in. It seems to me that all parties (demos, reps, wall street, unions, and numerous others )to get us back on track. I do not think spending all sorts of money right now is appropriate. We seem to be looking at the wall street folks as if they did this all by themselves. They had plenty of help from all over the place. I do not think we as working people can afford what the House passed on to us so willingly. I work everyday and I pay my taxes I do not think that we need to spend more than we have. I also believe that if you look at California and what it is doing and not doing-- so goes the country with the California leadership in the congress. I am thinking that we need to set term limits on the congress and Senate. Maybe even the President, so that they can't mess up the country too much. That would also send a message that you are not going to live off of the taxpayers forever. One last thing, you hear all the talk about what the wall street bosses make in dollars, drive, spend, and vacation with. How about the union leaders, what do they drive, spend, what kind of house do they have. How do they pay for their parties? They live off the workers. Forgotten word:public servants. All work for us. We have let them turn it around on us. We need to remind them who they work for.