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Peter calls a recession "necessary medicine", to put the US economy back on course.

The Fox host tries to float the idea that all the recent media talk about a recession is worsening the situation, as Americans become more aware and cautious about what is happening.

Peter has another point of view, he says the main reason for a recession is, Americans are broke!  They borrowed and spent like there was no tomorrow, and now the chickens are coming home to roost.

Thank goodness someone like Peter Schiff is able to get on these shows and state the obvious.  Too bad more people weren't paying attention a couple years ago.

Which brings up a related point, I wonder if people here in Canada are paying attention? 

These two wide ranging interviews cover the psychological elements of the credit crisis, as well as the new interconnections between nations that are causing the crisis to travel around the globe. Some ideas about damage mitigation are explored. Robert Shiller argues in favour of a bail-out, but one with long term vision that will not result in a pattern of future bail outs - a bigger new deal, that will smooth over these troubles. Problems like the securitization and the lending with adjustable mortgages to people who couldn't afford the adjustments - to prevent future problems, people should get disinterested financial advice that could prevent similar problems from developing.

Housing and the British economy - interlinked.