Consumption is the problem. Lack of production is the problem. Lack of savings is the problem. Finally, someone who makes sense amidst the dizzy ramblings of wanton shills.
Here's part of what what Schiff has to say today:
When it comes to bailouts, the real discussions are not centered in Washington but rather in Beijing, Tokyo, and Riyadh. With no money of our own, our ability to bailout our own citizens is completely dependent on the world's willingness to foot the bill. While I am sure that Bush and Paulson are doing their best to convince the world that open ended financing of the United States is in the global interest, my guess is that, unlike Congress, our foreign creditors will see through the self-serving nature of our plea.
I don't agree with all of Schiff's proposed solutions (he's clearly a free market Reaganite and I most certainly am not) but he certainly deserves to be listened to.