Wednesday, January 21, 2009

Kudlow is Wise to have Peter Schiff as a Guest

In the last week, Kudlow & Company on CNBC has had Peter Schiff on twice (1/15 and 1/20). These cable networks always manage to match up Peter Schiff with some outspoken positive thinkers (I couldn't think of something that wasn't slanderous) that want us to believe that it's all working, we just need patience, or that the Federal Reserve can eventually get us out of all this. Over and over again in the past Peter has spoken the truth that the Federal Reserve and the US Government are spending us into oblivion, and eventually we MUST deal with the liquidation of this bad debt. That liquidation will be painful no matter how it happens, there's no happy ending to 10+ trillion in Government debt, 53+ trillion in unfunded Government entitlement spending, and who knows how many trillions of bad derivatives. It's all a huge house of cards, and we can't make our financial situation healthy by stacking it all higher.

Here's part one of the conversation five days before the inauguration:

Part two:

Next we have inauguration day where the markets took a beating in response to the event. Part one:

Part two:

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