acortes.com » 2008» December

Excellent video made by the Campaign for Liberty. One of the reasons that I follow Peter Schiff is because he has repeatedly warned investors about the danger of the current and coming economic collapse years before it happened. Peter Schiff also happened to be Ron Paul’s economic advisor during the latter’s run for president in 2008. Just like Mr. Schiff has been warning investors, Mr. Paul has warned Americans. During the period between 2001-2007, what I like to call the “bubble years”, a lot of their early warnings were largely ignored. It is said that hindsight is 20/20; these men had 20/20 foresight then and now.

More and more companies are hopping on the bailout bandwagon. Now commercial real estate developers are seeking aid to come from the second half of the TARP money, which is $350 billion. This is what happens when some industries are bailed out and not others. A mentality of “why not me” develops, and the government can not say no because they have no good answer. I sense the usual story developing: the government will say no, they will demand it even more, and our government will cave in once more. They will get what they want, whether the American public disagrees like they did with the bank and auto bailouts.

In case you missed it, here is last week’s 60 minutes featured the topic of the mortgage crisis.