Page 4 - Crash Proof News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Capital to finance investment. we have to borrow it all from abroad. but when we let interest rates go up, the u.s. government can't pay its debts, many of our major banks are going to fail. you think that $2 billion loss at j.p. morgan is big, wait until you see how much j.p. morgan and morgan stanley and bank of america are going to lose if the fed lets interest rates go where they need to go. >> the name of the book is "the real crash" and he predicted everything that's happened before and i hope you're wrong but you seem very confident that you're right now. >> thank you, peter. a teacher ...

And it is the subject of this new book. >> so you don't think anything has changed that allowed this crash to happen in the fall of 2008? >> no, the problems are much worse. we're much more deeply indebted now than we were then. all the problems have been exacerbated, what we have now is not a legitimate recovery. all we've done is borrowed the money and spent it. we've counting the spending as economic growth when it's not. debt is growing faster than the g.d.p. and ultimately, we'll have to pay this money back with interest and the only thing keeping us afloat right now is 0% interest rates....

Barkers. i guess one of the things i'm trying to understand, maybe you can help me. if i were the people who had fined you, what is the rationale for saying that they have to give permission in order to hire people? >> they tell you how many reps you're allowed to have and how many you're allowed to add. there's a safe harbor rule that says you can add a little bit more than that. i went through the safe harbor rule. i was a small firm and i was getting a lot of new business because i had a book that came out, crash proof. a lost the forecastses were coming true. a lot of people were seeking m...

Barkers. i guess one of the things i'm trying to understand, maybe you can help me. if i were the people who had fined you, what is the rationale for saying that they have to give permission in order to hire people? >> they tell you how many reps you're allowed to have and how many you're allowed to add. there's a safe harbor rule that says you can add a little bit more than that. i went through the safe harbor rule. i was a small firm and i was getting a lot of new business because i had a book that came out, crash proof. a lost the forecastses were coming true. a lot of people were seeking m...

Impossible. i wouldn't have had the resources to overcome the barriers. >> now, i guess one of the things i'm trying to understand and maybe you can help me, but if i were the people who had fined you, what is the rational for saying that they got to get permission in order for you to hire. >> they tell you, tell you how many reps you're allowed to have and a safe harbor rule that says you can add a little bit more than that. i went through the safe harbor rule, i was a small firm and getting a lot of new business in 2008 because i had a book that came out. "crash proof" a lot of the forecasts...