Socialist "Bailout" Could Spark Collapse

By Cliff Kincaid  |  September 29, 2008

Many commentators, Schiff said, are telling people that if the bailout doesn't go forward, there will be an economic crisis.

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While many of the talking heads and pundits on TV have been providing calming words of reassurance about proposed federal intervention in the financial system, analyst Peter Schiff of Euro Pacific Capital has been accurately warning for years about a financial meltdown and says that the worst, if Congress eventually passes the "bailout" bill, is yet to come. Asked for comment on current media coverage of the financial meltdown, he told Accuracy in Media, "Absent when they have me on, it's pretty bad." Many commentators, Schiff said, are telling people that if the bailout doesn't go forward, there will be an economic crisis. However, "if we do it, there will be a bigger crisis," he predicts. "The politicians want to make believe we can avoid paying the piper if we pass these bailouts," he said. "It's just not true. It's going to collapse the currency. It's going to make a worse economic crisis because the money they're printing is not going to buy anything."Click here for complete article:http://www.aim.org/aim-column/socialist-bailout-could-spark-collapse/