Wednesday, February 25, 2009

'Total lack of understanding of basic economics'

That's a quote from free-market pundit (and practitioner) Peter Schiff's rebuttal to the president's state-of-the-union address. In particular, Schiff takes on Obama's emphasis on prosperity-through-credit, as if running up the credit cards is the key to a healthy economy.

Schiff's prescription:
This is not a time to be talking about these grandiose ideas and things the government should be doing for the country. What we need is for the government to shrink; we need government to get out of the way. They've done enough damage.
Schiff, the president of Euro Pacific Capital, is best known for accurately predicting the onset of the current financial mess.

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