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article imagePeter Schiff talks Goldman crisis, Senate campaign, economics

By Andrew Moran     May 4, 2010 in Business
Greenwich - President of Euro Pacific Capital and Republican Senatorial candidate Peter Schiff recently discussed Goldman Sachs' fraud charge, his run at the Connecticut Senate seat and the recent state of the economy.
Last week, author of “Crash Proof 2.0” and Connecticut Republican Senatorial candidate, Peter Schiff, stated last week, reports the Market Oracle that he thinks he has a real chance at winning a Senate seat because his campaign has gained momentum, he has more donors and volunteers and the local media feels he won the only televised debate.
“The bottom line is, I think I have a real chance to win this election. My opponents are already adopting many of my positions, even if they do not completely understand the reasons behind them. This is a testimony to the strength of my message and the growing support I enjoy among delegates to the Republican Convention and local Tea Party activists.”
On Monday, the author of “The Little Book of Bull Moves in a Bear Market” spoke with Yahoo! Finance Tech Ticker and provided his analysis of last week’s Goldman Sachs Senate hearing, however, Schiff believes majority of the country’s financial problems come from the government’s involvement in the market.
Schiff also believes the financial regulatory reform bill is a waste of time and will not address the root of the economic collapse currently happening in the United States because, according to Schiff, it was the government’s subsidies and insurance that “created the moral hazard. It isn’t a free market problem, it’s not a capitalistic problem, it’s a government problem.”
“The Congress constantly beefs up the Fed, cuts rates, stimulates the economy, lowers rates. The consequence of those low rates was a housing bubble. It was all those exotic mortgages that blew up, and now they’re going to blame Goldman for it,” said Schiff.
Commodity Online reports that the Schiff Senate campaign has raised and spent approximately $2 million and Schiff has contributed $500,000 of his own money to the campaign. Peter Schiff also held a May Day Money Bomb on Saturday.
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