Skip to comments.Peter Schiff: Before the Congressional Committee of Oversight & Reform
Posted on 09/17/2011 10:27:03 PM PDT by 4rcane
"You see, the only way a society can really increase it's future consumption is to save. and by definition saving is under-consumption, it is a lack of consumption, it represents self sacrifice. But when you save and reduce your consumption today, you have money that you can invest, compound interest, and returns, ultimately you can enjoy enhanced future consumption. In America, we have indulged ourselves in the present at the expense of the future." - Peter D. Schiff 2006
Pretty sensible. Forced consumption upsets the balance. The housing market is the prime example.
Cash for clunkers is another.
Unfortunately, the retards that other retards elected into office just don’t seem to get it.
On a side note, my wife and I have been painting the outside of our house the last few weeks / weekends. Of course, on Saturdays I have Larry Kudlow on.
It grates on her and I giggle immensely (inside only). I consider it her “penance” for voting for obama.
Pretty sure she knows better than to comment...
Which is the rationale for rates below 1% on cash savings instruments.
They punish savings and incentivize either immediate consumption or "investment" in the bubble du jour.
It's all part of the plan, man!