Laura Ingraham hosted Peter Schiff, president of Euro Pacific Capital, on what the Dems' budget portends for American wallets.
Schiff said that the government should have let failing companies go down rather than pouring billions into them. He said that the easy credit of the Federal Reserve was the epicenter of the phony economy that caused the current crisis. He said that Amerca has been a wealth creator, but a wealth destroyer by not creating anything, but living of cheap credit. He said the stimulus is aggravating the problem and that the US has to transition from a phony economy to a real one and we have to stop the spending spree. He said we are propping up toxic institutions that we are supporting and can't pay back. We need to shrink government. He said Obama will be a depression president. Ingraham said that adversaries abroad are taking advantage.
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