Peter Schiff and his father are both people I respect. They both love America for what it originally stood for and don't fall for the BS that is thrust infront of us today. Here is a video of Peter setting the records straight on Fox news back in 06 with a bunch of jackasses saying that house prices are going to rise in 07. Peter has uses logic and reason to explain his argument, something these dumb bastards clearly lack since they laugh in his face and claim interest only mortgages are a good deal.
Amazing - Why is it the Media always gives the honest guy the bush off?
ReplyDeleteI watched a documentary that showed the preditory lenders, who enticed the most poverty stricken people in the US, were also the largest banking institutions in American.
I guess when you can't fail there is no harm in risk. The bank gets the payment, interest, real property and if it fails the tax payers loan it the bail out.
Too bad the middle-class on down gets stuck holding the bag.
I'm so sick of this utter maddness! Give me solid backed money - KICK the FED OUT!
It is a win win situation for the banks like you said they lend out money to whoever regardless of whether they are responsible with money or not, they get the interest from the loans then if you default they get the property and sell it again, if this happens to many times me and you bail them out. They can't lose.
ReplyDeleteI believe with the rise of non mainstream news sources more and more people will wake up to the REAL problems in this country not the same BS they regurgitate on a daily basis in the newspapers, radio and TV.
Thanks for the very well informed comment!