Last week we covered Chris Dodd attempting to save face with voters, but it's much too little and way too late. Dodd's opponent in Connecticut next November, assuming he disposes of WWE CEO Linda McMahon in the primary, will be Peter Schiff. Schiff's videos are always entertaining and this clip is no different. In the interest of equal time for political campaigns enjoy while Peter lambastes moral hazard, Washington and the bailout culture that permeates Capitol Hill.
- "Of course while we are celebrating the fact that demand was there, that the Chinese, Japanese, and everybody else showed up, the reality is one day they are not going to show up. And we can’t keep celebrating the fact that every time we hold a debt auction people are foolish enough to bid. Because one day they are not going to be there, and the whole thing is going to fall apart."
- "For now we can wipe the sweat off our brow because we made it through another treasury auction where people were foolish enough to be there."
- "The same thing with these employees of the brokerage firms, we want them to know they can’t gamble with impunity, that it’s not heads they win tails the taxpayer loses."
- "Nobody is going to care what the government says when actions speak louder than words. We all know they are going to bail everybody out because if they are going to let the institutions fail, why didn’t they do it the first time?"