Economist Peter Schiff UNLOADS on Media Reluctance to Call Banking Turmoil a ‘Financial Crisis’

NewsBusters ^ | 3/27/2023 | Joseph Vazquez

[JV3MRC]

Economist Peter Schiff blasted the media aversion to acknowledging that the ongoing banking turmoil is in fact a “financial crisis” that could be worse than 2008.

Schiff highlighted America’s record high credit card debt and the failing banks and noted that it wasn’t a coincidence that “both the borrowers and the lenders are broke.” The “reason for that,” said Schiff on the March 21 edition of One America News’ Real America with Dan Ball, “is the Fed. The Fed kept interest rates artificially low for more than a decade, encouraging people to go deeper and deeper into debt and banks to extend” credit to them. Now, Schiff said the Fed’s incessant number of missteps corralled it into a position where it is being “forced” to “raise interest rates, something that was always going to happen.” In turn, the Fed effectively “created another financial crisis,” Schiff analyzed.

Schiff then turned his sights onto the liberal media trying to gaslight people on the real severity of America’s financial situation and deflect away from the horrid memories of 2008.

[ClearCase_guy]

It becomes a financial crisis when the media figures out how to blame Trump for it.

[Red Badger]

Greece is the word...............

[Oscar in Batangas]

The YouTube site “Canadian Prepper” will have another interview with Peter, supposedly on the March 27 PM show.

I’ll be tuning in to see what he has to say to Nate this time.

[RandFan]

(Peter) Schiff is brilliant. I thought I was the only one who posted his stuff.. 😂

Unfortunate he shares that last name.

[Raycpa]

Isn’t everything a financial crisis for Peter Schiff?

[dfwgator]

If Trump were in the White House, they would have already been calling it a “Depression” by now.

[NWFree]

Remember when Trump was president - every *day* was a crisis according to the fake news

[gattaca]

bmp

[fuente]

Sorry Peter, they don’t take marching orders from you.

[RoosterRedux]

Peter Schiff IS NOT an economist. He's a broker who has built a name for himself as a market bear.

He's a johnny one-note who comes at everything with a negative bias.

[Wallace T.]

You have to balance the “nothing to see here, move along” reports of the mainstream financial press and people like Peter Schiff, who predicted 11 of the last two recessions. There is a middle ground between the Baghdad Bobs and the Chicken Littles.

[asinclair]

What? The MSM speak ill of the current Administration? Even when attempts to deflect blame to the prior Administration fails?

The silence from the MSM can be characterized as "professional courtesy", just like what some lawyers do.

[Oscar in Batangas]

Similar to my dismay at Lori and Gordon Lightfoot sharing the same last name.