Peter Schiff on Obama’s newly declared war on banks

"The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists."
~ Ernest Hemingway

Peter Schiff on Obama’s newly declared war on banks

* Reckless behavior by banks was not a CAUSE of the crisis, it was a symptom of massive government subsidy of irresponsible behavior and artificially low interest rates.

* The prime cause of the crisis was and remains artificially low interest rates.

* Obama is not preventing another crisis by regulating banks, he is causing one.