In September 2008, as our President announced that he was abandoning the free market in order to save it and Congress was scrambling to pass the Emergency Economic Stabilization Act, Peter Schiff – President of Euro-Pacific Capital – had this to say about the notion of a government bailout of the U.S. banking industry:
"In response to the most irresponsible monetary policy in U.S. history, American citizens borrowed and spent trillions of dollars, and now the institutions that loaned them the money are going broke because we can't pay it back. And this bailout isn't going to change the fact that we're broke. As a society we need to go back: away from borrowing and spending and towards producing and saving again. And the government's trying to interfere with the free market, and if they succeed with this bailout, what they're going to do is bring on a crisis far greater than the one they are trying to avoid."
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