Reviews and Views

Economic Health – miscellaneous comments

Peter Schiff, Euro Pacific Capital, July 31, 2009

There are many commentaries telling us that the recession is over.  If we are seeing a recovery from the recession, then Schiff says, “we are actually sinking into a depression.”  It is not unusual to have periods of false growth following recessions.  During the last boom, “we borrowed and spent too much money, bought goods we couldn’t afford, built houses we couldn’t carry, and developed a service sector economy completely dependent on consumer credit and rising asset prices.  All the while, we allowed our industrial base to crumble and our infrastructure to decay.  Schiff says, “we simply traded short-term gain for long-term pain.”

(from an article, “Happy Days Aren’t Here Again” at http://financialsense.com/fsu/editorials/schiff/2009/0731.html)

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August 1, 2009 Posted by Bill Wyler | Economy | Leave a comment