logical

Peter Schiff on the Housing Market and the Rescue Plan

There seems to be an 'all or nothing' mindset developing regarding these subprime borrowers. But in the real world, each homeowner's case is different, and each deserves to be treated individually. These are people's properties, and it is their money that is making the payments. If they truly are in over their heads, then yes, they will have to face that fact. But many are salvagable. Should they be thrown out just so housing can correct faster?

That makes no sense. A LOT of people aren't selling at today's prices. They're waiting. Housing isn't frozen because of those with rate resets. It's frozen because even those with equity can't accept the losses they'd suffer if they sold.

Throwing people out of their homes is not going to solve the problem. It's bigger than that. Why is everyone so anxious to shake a moralistic finger at subprime borrowers when it was the vampires on Wall Street who made the big bucks off this mess? Subprime borrowers are subsidizing $20 million apts overlooking Central Park, and yet the wealthy like Peter Schiff blame them?? Talk about elitist snobs!

Peter Schiff wants marginal people to be tossed out so he can see where the economy is going, so that he can make investments to line his own pockets. Follow his press releases and writings -- he ends every interview with a plug for his book and an advertizement for his investing group. Peter Schiff is a shameless hustler. Oh, and check out his fees. Ouch.