It`s another bubble. The Federal Reserve inflated the first housing bubble and when it bursted and we had the financial crisis, their solution was to blow it back up again. But there`s a big difference between the bubble they created this time and the last one. The last bubble was a main street bubble. Individuals were buying houses, flipping houses, remodeling, extracting their equity out of their houses and spending it. So you had a big phony GDP that resulted from the first housing bubble. This time around is different. This is a Wall Street bubble. The average american is too broke to buy a house, home ownership it at 19-year lows, most americans are renting.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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