February 14, 2009
Peter Schiff on the administration's idiotic economic plans
Posted by George Leef at 09:18 AM
Peter Schiff, who was among the few who foresaw the economic debacle looming back in 2006 -07 (and was laughed at for his prediction that housing prices would crash), writes here about the lunacy of the administration's plan to borrow and spend the country back to economic normalcy. Schiff, like other Austrians, understands that resources have been misallocated due to the governmentally-created credit bubble and only through market decisions on the reallocation of capital and labor to profitable investments. He also understands that economic growth calls for more capital. The administration's approach delays market adjustments and wastes capital.
It does, however, accomplish what is the real objective of the likes of Obama, Pelosi, Schumer, et al, namely a great increase in the politicization of the country. To them, that's far more important than a growing GDP.
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