Monday, February 02, 2009
Peter Schiff: Let the Housing Market Crash
Some answers to today's questions are pretty obvious.
Aren't they?...
Aren't they?...
Luke Mullins of U.S. News & World Report interviewed Peter Schiff. Here's one of the Q&A:
"What's your take of the Fed's moves to engineer lower mortgage rates?
It is a bad thing. They are trying to maintain high home prices by keeping interest rates low. That's how they want to create more affordable housing. What's a much more efficient way [to create more affordable housing] is to let home prices fall so that houses become more affordable because they are cheaper. And so people don't have to borrow as much money to buy a house. These low interest rates are only temporary. They can't stay down here."
