Porkulus must die! (For the children.)
Posted on 02/06/2009 9:10:18 AM PST by FocusNexus
The fiscal stimulus bill being debated in Congress not only won't help the economy, it will make the recession much worse, says Peter Schiff, president of Euro Pacific Capital. Schiff scoffs at the notion the economic decline is starting to level off and concedes no government action means a "terrible" recession. But the path of increased government intervention will lead to "unmitigated disaster," says Schiff, who gained notoriety in 2007-08 for his prescient calls on the housing bubble and U.S. stocks.
The problem, he says, is the government is trying to perpetuate a "phony economy" based on borrowing and spending. With the U.S. consumer tapped out, the government is "now taking on the mantle" of consumer of last resort, he continues, predicting the bond bubble will soon burst - if it hasn't already - ultimately leading to a collapse of the dollar and an "inflationary depression worse than anything any of us have ever seen."
(Excerpt) Read more at finance.yahoo.com ...
FDR's policies prolonged Depression by 7 years, UCLA economists calculate
After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.
"Why the Great Depression lasted so long has always been a great mystery, and because we never really knew the reason, we have always worried whether we would have another 10- to 15-year economic slump," said Ohanian, vice chair of UCLA's Department of Economics. "We found that a relapse isn't likely unless lawmakers gum up a recovery with ill-conceived stimulus policies."
Obama and the Dems are not only repeating FDR's mistakes, but enhancing them, this spending package is much worse than anything FDR came up with.
Keep calling your Senators!
Bump
Oy vey...
Is Obama going to mock Peter Schiff for “thinking (he’s) an economist”?
This is a fantastic article—I wish every Congresscritter would read it (and what’s more, understand it). I especially love how FDR’s team thought that there was “too much competition” and passed extremely favorable labor laws—just insane. “We just got too much competition going on around here!” This is exactly what the new administration is trying to do. Along with the porculus bill, they’re trying to pay off their labor buddies with a labor bill that includes a no-secret-ballot provision, as well as a provision that essentially forces any company to be a union shop if more than 50% of workers want it. That makes us more competitive how? Small businesses will close and larger businesses will manufacture overseas. And guess where the only place in the US you’re not allowed to unionize is? If you guessed DC, you’re right. Congressional staffers and others are forbidden by federal law to organize, because it would “interfere with their jobs.” “Hypocrisy” is just not a strong enough word... Glad to see the Pubbies are growing a spine when confronted with outright socialism/communism.
Schiff and Mish SHedlock have been battling over this. Schiff says deflation short term, hyperinflation to follow.
Schiff is right — I’ve read other article, don’t have time to find them.
Massive spending and deficit will result in the Fed printing more and more money, check out Glen Beck’s site, he has a graph on how the money supply is increasing drastically, which will inevitably lead to a weak dollar and huge inflation.
Schiff was an economic adviser for fellow Austrian Ron Paul ‘s campaign in the 2008 Republican Party primaries, through which Schiff also expressed support for sound money , limited government , and free market capitalism . (From Wikipedia).
Yes, but when the government increases the money supply the way it has and the way it plans to, severe inflation is the result.
Hint: Visit my freeper page. View some of the links featured on that page. Wake up people! Or just go back to sleep. Snooze deeply, you poor sheeple. You have been suckered and played for fools. Paulson did it and Bernanke did it and Obama is now doing it again. In couple of months he will want to do it again.
Again and again and again and again.
I also despise The 0ne’s haughty dismissal of his critics by saying essentially that “we won”—WHEN ABOUT 60% OF THE PUBLIC BELIEVES THAT LOWER TAXES ARE GOOD FOR THE ECONOMY! And now, a majority of people are either against this porculus package or not so sure about it. This guy is just downright scary. As someone else said, the only hurry to pass this bill is because they’re worried that the economy might start to come back on its own before the Dims can push through every wasteful, socialist item on their agenda.
The problem, he says, is the government is trying to perpetuate a “phony economy” based on borrowing and spending....
....By a phony president!
Also, consider my feature for the month on The Function Of Money.
Things are going to get very dicey, very soon, unless someone with an ability to stop this, wakes up.
Schiff is a mental midget. He doesn’t even begin to grasp why Japan saw 27% deflation from 1998 through the end of 2008. Schiff stutters when asked to explain why Japan saw 6% deflation in the single year of 2003 where Japan printed an extra $53 Trillion Yen.
Not everyone on this planet understands the credit markets...a fatal flaw for anyone attempting to explain credit-based fiat economies without mentioning the destruction of credit availability.
If you think both parties in Washington think our money is theirs and you trust them to do the wrong thing, this list is for you.
If you think there is a Santa Claus who is going to get elected in Washington and cut a few taxes and spend a few trillion and jump start the economy, and get our lost money back, this list is not for you.
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No one knows more about obambi’s STIMULUS PACKAGE than Larry Sinclair.
That's because DC is it's own entity, and in fact not *really* part of the United States. It's is a seperate city-state; a corporation
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