Wikinvest Wire

It's turtles all the way down

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."
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Anonymous said...

By some miracle I found Peter Schiff's book last spring and it's the reason I'm even here reading this blog. It's changed my financial future and I've made more in the market in a year than in the previous 10. The guy's a self-promoter, but he's also a hero. He may or may not have been the first to say this stuff, but he's probably reached the most people with his very accessible way of putting things.

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