Peter Schiff on The Kudlow Report September 21, 2009. A good debate between the bulls (Kudlow and Jeff Kleintop) and an ultra-bear (Schiff) on the US economy.
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I would endorse Peter Schiff any day of the week, but he faces a tough up hill battle. Clearly he has a more libertarian bent but knows he can never win representing that party (if there is such a party in the traditional sense), thus his decision to run as a Replican. Second, he has to constantly monitor himself to make sure he doesn’t appear too pessmimistic, as Kudlow rightly pointed out, for the public just abhors pessimism (which I often call realism). So he must be very careful in choosing his words, even though he’s pretty darn sure we’re headed for some kind of financial armageddon. Third, running in the great state of Connecticut won’t be a walk in the park either. Where do many of those Wall Stree bankers live (or at least have homes) and are happy with the “too big to fail” policy currently entrenched in Washington?
Last, Kudlow is an idiot and I think all the readers who read this and frequent this site know this. His “barnburner” of a recovery is an absolute joke, as the stock markets have become so dislocated from the “real” economy, aka Main Street, that it is not an indicator at all of how well the average person is doing. Layoffs continue to mount, credit limits are being reduced or credit discontinued all-together, health care continues to skyrocket, taxes are still going up (even more now), and now oil prices are on the rise again. And that negative CPI reading? Funny, every time I go to the grocery store almost everything costs more. Who are they kidding? The American “comsumer” is bleeding from a thousand cuts and Washington’s policies are simply twisting the knife in each and every one.
The only barnburning going on will be the farmers as they no longer can afford to feed their livestock and put food on their tables.
I couldn’t have said it better myself, Chris. Great comment.