Peter Schiff For Senate - Taking on Chris Dodd

/ Thursday, September 24, 2009 /
Man I love this guy! Peter Schiff is finally officially running for Senate in Connecticut. He sat down today on Yahoo’s Tech Ticker and talked about his running against Chris Dodd for the 2010 election and what he brings to the table. I hope ever so much that he wins the seat.

In addition to discussing his candidacy he also spoke a bit about Gold:

And rebuffed Ben Bernanke’s conclusion that the economy is getting better:

Now, I’m not interested in seeing bad things occur by any means but I am a huge proponent of speaking thee truth rather than sugar coating things and talking up a wish list of what we’d like to come to pass. The economy is not getting better it is continually getting worse and without changing things soon even our government will feel pain when the back’s of American’s begin cracking. We think the economy hit rock bottom within the past year but we merely bent backwards. Soon, if we don’t stand back up again we’ll fall over backwards and actually hit the floor. Peter understands that and for some reason Bernanke doesn’t.

Ben is supposed to be a scholar of the Great Depression and he should know that in the middle of the Depression government stopped supporting the recovery and tried to balance the budget and the economy tanked yet again. The longer we try to support the economy artificially through government intervention the more the economy becomes dependent on that support. It’s like an addiction to drugs. A nice stimulus check feels nice but two years later after constant stimulus we are now addicted and the free market has ceased to operate on it’s own. If we are ever to get past these issues government has to stop intervening and has to let the market work independently.

Soon, government will stop buying treasuries (Oct), soon the housing credit will end (Nov), soon the purchase of MBS will stop (Mar ‘10); hopefully we can stop inflating GDP through monetary expansion and government deficit spending. This unfortunately will not happen and the administration will instead try to support government stimulus by funding it with tax increases… this unfortunately will spark another wave of this recession and end up prolonging the death spiral.

We need more Peter Schiffs to bring a realistic voice to government and work on decreasing its size, scope, and agenda.

If interested check out a few of Schiff's thoughts (and others) that I’ve shared in a previous post.

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