Obama 2.0 & the Fiscal Cliff: Implications for America, the Markets, the Dollar, and Gold
Peter Schiff forgot to mention that had Mitt Romney won the election, Obama Care and Dodd Frank might have been repealed. Such a possibility is now completely off the table. As neither of these horrific laws were fully implemented during Obama's first term, the extent of the damage they will inflict on the American economy will not be evident until his second.
Therefore, it makes perfect sense that the U.S. stock market would be marked-down to reflect the permanency of these laws. However, the biggest mark- down will likely be reserved for the dollar, and the American standard of living that depends on its purchasing power.
Also, at the 3 minute 50 second mark, Peter Schiff misspoke. Peter Schiff meant to say that "when Obama finishes his SECOND term the economy will be in much worse shape than it was when he began his first term."
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