Peter Schiff: The Latest Bank Bailout Is Another Nail In Capitalism's Coffin• https://www.zerohedge.com BY TYLER DURDEN
But it is going to be high enough to cause a massive recession and another financial crisis that's worse than the one we had in 2008."
On March 13, 2023, Peter was on Ingraham Angle again, this time to talk about the beginning of that financial crisis.]
In the wake of the failure of Silicon Valley Bank and Signature Bank, the Federal Reserve and the US government came to the rescue, quicking putting together a bailout that includes a promise to protect all of the banks' depositors, along with a Fed program that will offer loans of up to one year in length to banks pledging US Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. Banks will be able to borrow against their assets "at par" (face value).
Ingraham started the interview by referencing Citadel founder Ken Griffin who said the rescue package shows American capitalism is breaking down before our eyes.