S & P AA+ rating on U.S. Sovereign Debt not Low Enough
“The conventional wisdom on Wall Street was that the economy was growing — that the worst was behind us,” said Peter Schiff, president of Euro Pacific Capital. “Now what people are realizing is the stimulus didn’t work, and we may be headed back to recession.”
“What people are realising is the stimulus didn’t work, and we may be headed back to recession,” said Peter Schiff, president of Euro Pacific Capital, summing up the general uncertainty that has gripped investors.
Investment broker Peter Schiff says no politician will emerge unscathed from the tense negotiations. “They’re going to have to raise the debt ceiling again before 2012,” the president of Euro Pacific Capital told CTV News Channel on Monday. Schiff said he does not believe Washington’s current agreement adequately addresses government spending. He said it puts America on the path to financial ruin. “I think the economy is going to be back in recession,” he said in an interview from Westport, Connecticut. “The question is, who will Americans blame?”