Schiff is right, said the problem is keeping rates low and continuing to throw money into the economy is not the way to fix it, said that by the end of obamas term Unemployment will be as high as 15% however he said if they didnt prop everything up and let the pieces of the puzzle fall where they may that by the end of his term we would be on the road to recovery. I have said a thousand times that artificially propping up the economy is only going to lead to major problems ahead, the government dropped rates to historical lows in 2001-2002 only to see it create another bubble, the only way out of every past recession we have had over the last 10-20 years is to inflate the economy with more debt and lower interest rates to historical lows. This is not the way to fix the problem people. I have no idea why the dumb bulls jump for joy when in reality what the government is doing is just creating this false sense of an economic rebound with worthless dollars. <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/8T6bL2fjL2Y&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/8T6bL2fjL2Y&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
While I agree with you, the voice in my head that noramlly tells me to burn stuff says: The market can stay irrational longer than you can stay solvent.
We will recover when we all stop playing broker and start working. Buffet, Schiff, Roubine and Obama are not gong to solve this crisis., we the people are going to solve this by creating value, so we can pay taxes and so the presidents can fly air force one and live the life of luxury.
Kneale is one dumb motherf**ker if there ever was one. He talks about how guys who nailed the crash a year or more before it happened are "trying to talk their book." First, what an idiotic statement given that THEY WERE RIGHT. Second, even if that were true, what does that make the guys who claim equities are going to skyrocket? What, they're NOT also talking their book? And they weren't talking their book when they were saying the same thing at S&P 1450/DOW 14,000? This guy is a total jerk off and positively the most annoying gnat at CNBC. I hope CNBC doesn't fire his ass because I've never seen more idiotic, entertaining statements come out of any other individuals mouth, even at CNBS.
As long as someone will buy the debt, you can inflate the next bubble. They're still buyin it, so.... And as long as someone will buy it, don't expect any politician around here to do anything but sell it to em.
Every time Dennis Kneale comes on Rahm Emanuel deposits some more money. He is such a mindless dumbfuck. Not a huge fan of Schiff but he handle beaker well.