Wednesday, November 12, 2008
Bloomberg News should be congratulated for filing suit against the Federal Reserve
“The American taxpayer is entitled to know the risks, costs and methodology associated with the unprecedented government bailout of the U.S. financial industry,” said Matthew Winkler, the editor-in-chief of Bloomberg News. Another way that the media can begin to fix the blame for the financial meltdown is to cover the views of those who predicted the crisis and understand how it happened. Consider watching this video of a debate that financial analyst Peter Schiff had with Arthur Laffer on CNBC back on August 29, 2006. Schiff predicted the deep recession that is now underway and made mention of China’s role in our unfolding economic troubles. Laffer’s talk about our economic policies “working beautifully” makes him look utterly ridiculous in today’s climate.