Schiff, who operates a brokerage firm with 150 employees, recently complained to Congress that "regulations are running up the cost of doing business, and a lot of companies never even get started because they can't overcome that regulatory hurdle."
Schiff claims he would have hired a thousand more people but for regulations.
"I had a huge plan to expand. I wanted to open up a lot of offices. I had some capital to do it. I had investors lined up. My business was doing really well. But unfortunately, because of the regulations in the security industry, I was not able to hire."
So if he wants to hire an analyst, he can't just hire him?
"I had to get permission to publish their research, which I didn't get for years. And so I can't pay analysts if I can't sell their research.
People don't appreciate the number of regulations entrepreneurs face. Schiff pays 10 people just to try to figure out if his company is obeying the rules.
"You can't just act very quickly, because everything has to be done through this maze of compliance. Even my brokers ... find out that maybe 20 percent, 30 percent of their day is involved in compliance-related activity, activity that is inhibiting their productivity. ... All around the country, people are complying with regulations instead of producing, instead of investing and growing the economy. They're trying to survive the regulations."
This is no way to create jobs or wealth. Keynesian pundits and politicians can't understand why businesses sit on cash rather than invest and hire unemployed workers. It's really no mystery. Government is in the way.
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