Tuesday, November 1, 2011

Peter Schiff : I do not see any good news

Peter Schiff : ...the fact that the savings rates are now down to the lowest level since December of 2007that shows where all this phoney growth is coming from it's spending money that we do not have , the GDP numbers that we got this week the reason that was a decent number of 2.5 was because consumers spend more but now we now where they got the money , they borrowed it and the other problem is some of the money they are spending is because they are making their mortgage payments and I think some of the spending is coming from the fact that people have so much credit cards debt they figured what the hell they may not pay it in way so they might as well buy more stuff , I think another reason they are spending more is because the prices are going up , and so I do not think this is good news ....

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Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.