Peter Schiff a/k/a “Dr. Doom” is known for extremely bearish views on the United States stock market, bond market, the US dollar, and the United States economy in general. He tells Yahoo Finance why the Dodd-Frank financial regulation reform law will fail:
1. The bill doesn’t get to the root causes of the crisis. Schiff blames former Federal Reserve Chairman Alan Greenspan’s ‘too low for too long’ interest rate policy, combined with government-guaranteed mortgages for the rise and fall of the housing market. “That’s continuing today, it’s untouched by this bill. In fact, the Fed is more reckless today with zero percent interest rates than when they were one percent,” he tells Aaron in this clip.
Plus, with so many private lenders out of business, the government is guaranteeing an even greater…
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