Peter Schiff: Americans Will Pay for These Bank Bailouts
He said that no matter what President Joe Biden and others tell you, Americans are going to pay for this.
The interview started with a clip of Treasury Secretary Janet Yellen assuring Congrees that the banking system is safe. So, should we feel confident in our banking system?
Peter said, "not at all!"
"In fact, that comment is as accurate as her earlier comments that inflation was transitory or the comments in the days leading up to the 'o8 financial crisis when she and everybody else at the Fed was saying not to worry about subprime because it was contained."
Peter noted that Yellen kept interest rates at zero for virtually her entire term as Federal Reserve chair.
"That's the reason that we had such a big bubble. Those low interest rates and quantitative easing, and she was part of that, that's why all these banks are loaded up with now underwater long-term Treasuries and mortgage-backed securities so the banking system is a house of cards. It couldn't be less sound, and partially, Janet Yellen is to blame for the current state of affairs."
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