Peter Schiff thinks it’s absurd.
He writes, “Obama’s plan focuses on the symptoms of the disease and not the cause. The American financial system imploded for two reasons: cheap money and moral hazard — both of which were supplied by the government. Under the proposed new regulatory structures, these toxic ingredients will be combined in ever-increasing quantities.
Read the whole thing here.
At the end, he suggests, “With the transition now fully under way, I proposed that we end the pretense and rename our country ‘The United Socialist States of America.'” Good idea. There’s virtue in honesty at least.
