Sunday, July 20, 2008
The Economist had the best metaphor to describe the current mess the U.S. financial system is in but Peter Schiff had the simplest explanation and millions of Americans heard him earlier today on CBS News Sunday Morning with Charles Osgood:
Skip to about the seven minute mark to get right to Peter:
"Our economy has been built on consumer credit - on borrowing and spending money. The real foundation of an economy needs to be on savings, on underconsumption, and on production. We've got it backwards."