CHESSNOID

There are certain financial experts that I agree with in regards to how to help the economy.  Of course, none of these people think the new plans will work but explain why.

These people had the foresight to see the bubble while we were still in it and why it was about to burst.  At that time, they were considered doom and gloom negative people, but now are recognized for being great critical thinkers at a time when the market was frothy.

The first person whose opinion I hold in high regard is Meredith Whitney.  Just listen to what she says about banks and why these stimulus and bailout bills don’t help them.  She is recommending to stay away from back stocks and explains why.

Meredith Whitney Bloomberg interview

Another expert who saw the economy tanking awhile back still sees the recession getting worse.  He thinks there will be a dollar collapse that will undermine all these bailout plans. Here is his latest interview.  It is easy to understand him because he speaks in layman terms. He explains why the stimulus package will stifle the economy and possibly ignite an inflationary depression.

Peter Schiff interview

Peter Schiff CNN interview

Everyone wants a fast and easy solution out of this economic crisis, but people get  frustrated when experts like Schiff explain why it won’t work. The CNN reporter echoes what most politicians seem to be saying to rationalize why spending is beneficial. Spending money will create jobs seems simple enough.  The frustrating question of where will all this money come from is like a slap back into reality.

People who want the stimulus plan to work no matter what do not want to recognize that these plans do have consequences based on their actions.  There seems to be a sense of panic that doing something even if it is the wrong thing is better than doing nothing.  Unfortunately, deficit spending in our current economy will make things worse in the long run.