Thursday, September 9, 2010
Pea brain automaton of Peter Schiff--Michael Pento--doesn't see the illogic of his own argument!
Pento is a Schiff automaton who went on CNBC recently and was so rude that usually docile Erin Burnett went ballistic and basically sent him out the door from CNBC with a kick in the ass.
Leaving that aside for a moment, listen to what Pento says in response to Burnett's comment that despite the fact that the debt has risen sharply, interest rates are at historic lows.
Pento says it's because "The Fed is keeping rates low by buying securities."
Duh!! Yes!!! That's how it works, Pento!!! The Fed sets rates, just as you stated, not the Chinese or Japanese savers or anyone else. These idiots--Pento, Schiff--are so blind it's amazing. I'm very happy that Burnett has pretty much banned this Schiff automaton from CNBC (quite a bit of moxie on her part), but it would have been great if she caught him on that piece of illogical reasoning.