Jeff Macke
Breakout
Yahoo! Finance
1/30/2012
“The Federal Reserve doesn’t care about the long term health of the economy, it just wants to keep the music going until the next election,” says the always outspoken Peter Schiff, head of EuroPacific Capital.
Schiff, a well-known critic of both the current Fed and the institution as a whole, is speaking this time in reference to the FOMC’s announcement last week that economic conditions “are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.”
While most traders just shook their heads then started buying anything that wasn’t nailed down in response to the news, Schiff took it as yet more evidence that the Fed has learned nothing from even the most recent follies of the past.
“Had the Fed raised rates we would have had a bursting of the bubble much sooner than 2008 and it wouldn’t have done nearly as much damage,” he says…
The article continues at Breakout
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