Wednesday, December 30, 2009

Peter Schiff: Liberty, Fannie & Freddie, Fed, housing

Following his earlier talk, The Duke spends some more time speaking about the PATRIOT Act and why it's not a 'Price Worth Paying', and why if you throw the US Constitution away to 'catch terrorists' then you have just lost to the terrorists.

Mr Schiff also discusses the pay packages, of between $4 million and $6 million dollars apiece, for the Fannie and Freddie 'executives' who are currently running bankrupt government agencies held up on the back of the American taxpayer.

He follows this by describing the Roach Motel the Fed have created in the financial system, where no-one can ever leave because there is no exit from this phoney recovery without putting up interest rates and thus causing the necessary recession. To cap off this analysis, he explains why US housing prices must fall further, except in the case of massive price inflation in everything else:

Here's those two quotes from The Duke, in the video above:
They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety.

Benjamin Franklin, 1775
If a nation values anything more than freedom, it will lose its freedom, and the irony of it is that if it is comfort or money that it values more, it will lose that too.

W. Somerset Maugham, 1941

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