Before you go blaming Bush for this, this economic collapse was put in motion way before him. Clinton compounded the situation and Bush did as well. In alot ways however, i believe a truly fiscally conservative administration would have seen this bubble growing and recognized the horrific consequences, and therefore would have taken the necessary steps the curb it.
If you read more on Schiff, he is a staunch small govt conservative from the austian school of economics and he blames this crisis primarily on too much Govt intervention in the free market in 3 major areas; radically cutting interest rates, out-of-control spending, and govt forces subprime lending. however, these just ignited the fuse that set the bomb off. the bomb has been building over the last 30 years as we have gone from the largest lending country in the world to the largest debted country. over the last 30 years we have effectively given away our ability to make money through manufacturing, turned it into a service based economy, and have gone on a wild borrowing spree.
Following 9/11, the feds dropped interest rates dramatically and began to print money in order to stimulate the economy. As a result they began an inflationary cancer in our whole economic system that is beginning to become realized. According to Schiff, these bailouts of the financial markets, AIG, and Detroit will do nothing more than make the situation alot worse because when unemployment reached 10-12% and the economy is in a depression, the dollar will effectively collapse and therefore, we will have no way to pull ourselves out.
By 2011, the US dollar will be worthless, we will be in a 1929 type depression AND we will not have the manufacturing capacity to export and therefore bring fresh capitol into our country. We will effectively be FUCKED!!!!! Remember, as nation we have no assets other than weapons because we shipped our manufacturing abilities over sees. we will be bankrupt with no way to work ourselves out.
The only way to weather this and survive this as a country is if instead of printing paper for bailouts that will lead to hyper-inflation, we have to let poor managed companies and industries fail, file chapter 11, and rebuld. We will be in a depression for the next 3-5 years but after that we will begin to rebuild .we have to get away from being a consuming/borrowing nation and once again become a manufacturing/saving nation....according to schiff
What can you do to help yourself? take everything you have in US dollars and buy gold NOW!