Peter Schiff on Obama and the economy

I really like this Peter Schiff’s view on the economy. He has been around for awhile and was one of the first people to call the market bubble 2 years ago, while we were still rolling in economic good times. He is now predicting Obama will win. With the economy the way it is, I think most of us could make that prediction now.

However, his prediction that if he wins, the economy will become worse is definitely something most people don’t want to hear. They are stuck on the rhetoric for change. Unfortunately, Obama could become the next Jimmy Carter. Nice guy with good intentions and you know the rest.

Check out the video on yahoo from TheStreet.com link here: If Obama Wins, Economy’s Doomed

I actually think Schiff is right in this assessment that the economy will become worse. To be fair though, I don’t think it will do any better under McCain. Both are idiots when it comes to the economy. Both voted for the Fraud Bailout a few weeks ago. Both will probably support more future bailouts paid by taxpayer’s money. So with that premise, if either Obama or McCain wins, then the economy loses.

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CNBC Sucks, October 28, 2008:

I agree with Schiff on the overall economic problems of our nation being in so much debt and having to continually reflate the economy. It is a huge problem, beyond imagination perhaps. I myself have been very bearish, every bit as much as Schiff. But Schiff’s argument on Obama is not entirely intellectually honest, in my opinion. That is because as a Libertarian, he is ideologically constraining himself in his solution set. There is no historical evidence that proves raising the marginal tax rates on the highest income brackets will be detrimental to the economy. In fact, the post-World War II boom that created this country’s historically unprecedented prosperity took place under marginal tax rates that were DOUBLE or more than Obama’s proposals. Other than accusations of socialism, I have yet to hear any logical arguments that making the rich subsidize infrastructure investments to create jobs for the poor will not help improve the economy. I suppose there is one other argument – that higher taxes on the wealthy will disincentivize people from wanting to become rich, but that is an unproven hypothesis at best. Remember that Bill Gates dropped out of Harvard to found Microsoft before Reagan, not after.

Why is it that some rich people like Peter Schiff love to talk up the fundamental problems of the US economy until it becomes clear to the rest of Americans that taxing rich people is part of the solution?