Monday, January 11, 2010

Peter Schiff: Bernanke - "It Weren't Me, Guv, Honest!"

The Duke discusses the markets, and the cluelessness of Ben Bernanke in stating that the Fed had nothing to do with the US housing bubble. Schiff recaps an article the Duke himself wrote several years ago (2004) about how the Fed's artificially low interest rates had stimulated the housing market and why this would lead to a bubble.

He castigates Bernanke for either being clueless in failing to understand this at the time, or for being a liar for failing to own up to the Fed's responsibility for this inevitable outcome. Alan Greenspan also comes in for some well-earned stick for his past remarks praising the use of adjustable rate mortgages.

And if the past 1% artificially low interest rates caused so much damage, Schiff wonders, how much damage is an interest rate of 0% currently doing to the US economy?

Here's another video blog discussing the immolation of Senator Chris Dodd and the current funding state of the Schiff campaign:

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