Peter Schiff, president and CEO of Euro Pacific Capital, thinks the Federal Reserve's efforts to save the US economy are futile.
is going to be able to offset the impact of the recession, and the decline in earnings, and the deterioration of credit quality of debt."was the worst financial disaster since the Great Depression of 1929. During that time nearly a century ago, millions of people lost their jobs, homes, and life savings. And the stock market lost more than half of its value.
The problem here is that markets have gotten used to super-lax monetary policy. Rates that are held too low for too long end up doing more harm than good. Remember, the policies put in place during the boom portion of an economic cycle are also responsible for the bust. "It's not whether or not the Fed is going to cut 50 more basis-points or 75 basis-points — it's cutting 200 basis-points," he said."It's going back to 0. And the problem is, that's not enough."One market bear says portfolios are headed for their worst returns since the Great Depression — and explains why now is the time to flee stocks
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