If you were wondering why Congress has the lowest approval ratings of all our branches of government, you have to view the following Congressional testimony by Peter Schiff and his confrontational treated by the FHA committee members as contrasted by the accommodating reception to lobbyists.
If the definition of insanity is doing the same thing over and over and expecting a different result then our economy is headed “Over a cliff” because of the insanity of our inside the beltway Washington Elite. The following was distributed by Peter:
On Friday, I sent you a link to the video of my June 7th Congressional testimony regarding the Federal Housing Authority loan policy. Given that the exchanges I had with the Congressmen so clearly illuminate the flawed legislative process and the ignorance that many have about the workings of the free market, I wanted to take this opportunity to resend this important video.
If you share my opinion on economic issues, please help me make this video go viral. For those of you who haven’t had the chance to watch the full 33 minutes, I have compiled a guide to the juiciest highlights below.
<6:06 - My Opening Statement 11:16 - "I don't know whether to go to Mr. Schiff or not, but I guess I will" - Judy Biggert (R) I explain to Chairwoman Judy Biggert why federal involvement in home lending has created more problems than it has solved. 16:22 - "Despite all the sound and fury, there's not a lot of details..." - Robert Hurt (R) My proposals that old regulations be repealed, rather than new ones proposed, in order for the free market to come up with solutions are repeatedly lost on Congressman Robert Hurt. 25:16 - "Mr. Schiff, I just have one question..." - Emanuel Cleaver II (D) Congressman Emanuel Cleaver II unsuccessfully tries to 'nail' me. Instead, a spirited discussion ensues in which I remind the congressman of the moral hazard and economic costs of government subsidies. 30:38 - "Maybe that happens in an Ayn Rand novel..." - Brad Sherman (D) Congressman Brad Sherman asserts that as a practical matter the federal government, in one way or another, insures all homes, and that only characters in an Ayn Rand novel would believe otherwise.