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article imagePeter Schiff: Consumers need to be protected from government

By Andrew Moran     May 10, 2010 in Business
Greenwich - Republican Senatorial candidate Peter Schiff states that Americans should stop listening to the "nonsense" from Washington and to not support regulations because it won't solve the present and future financial crises in the United States.
President of Euro Pacific Capital and Republican Connecticut Senatorial candidate, Peter Schiff, said in a press release sent to Digital Journal on Monday that the elites in Washington believe more, tougher regulation will help prevent another economic collapse in the United States “But they couldn't be more wrong!”
The author of “Crash Proof 2.0” and “The Little Book of Bull Moves in a Bear Market” says the financial sector ranks as the the country’s most highly regulated industry and increasing the number of regulations, according to Schiff, will not discourage entrepreneurs, traders and the like from practicing risky business.
In the end, says Schiff, regulations will just stifle the market forces that grow the U.S. economy, “Whatever happened to laissez-fair economics and the free market? I think it's time we return to that mentality - the one that brought America generations of prosperity.”
Schiff went on to state that he is sick and tired of candidates who are eager to the join Washington’s elite clique that cause most of the country’s problems and believe more regulations will take out risk “but don’t listen to their nonsense.”
“Consumers don't need to be protected from private business; they need to be protected from government! We do not need Congress to pass more laws that restrict our liberties, we need our courts to enforce the constitution and maintain limits on federal power.”
Since Washington has decided to bailout banks, they have now created a moral hazard and will encourage more risky measures, “It’s a vicious cycle.”
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