Peter Schiff: Obama Is Bought and Paid for by Wall Street
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On the Dylan Ratigan Show, financial expert Peter Schiff discusses the government chasing out entrepreneurs, Wall Street's close-knit ties with Washington, and the younger generation fleeing the US to find freedom elsewhere.
Schiff says we need a respect, in the US, for hard work and entrepreneurship and we have got to take power away from Washington. If we chase all the entrepreneurs out of this country, because we tax and regulate them to death, there's going to be nothing left, he comments.
Government and Wall Street are in bed together. Obama isn't taking on Wall Street. He's been bought and paid for by Wall Street. We have an economy that benefits Wall Street, but it bleeds Main Street dry.
Schiff points out that cheap interest rates are hurting the economy and the productive class is getting smaller and smaller. He predicts the younger generation will revolt or leave the country if the government attempts to tax them to fund social security and Medicare for the baby boomer generation. Places like communist China, Schiff says, offer more freedom and respect for individual liberty and private property than the US does.
September 20, 2010
Peter Schiff is president of Euro Pacific Capital and author of The Little Book of Bull Moves in Bear Markets and Crash Proof: How to Profit from the Coming Economic Collapse. His latest book is How an Economy Grows and Why It Crashes.
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