I certainly do not get the impression that Peter Schiff is endorsing or encouraging non-payment, he is merely pointing out how strong the incentive for non-payment is. He is saying, “Here are the unintended consequences, plan as day.” There is no refuting his logic that there will be blowback for this bailout. Incidentally, Rich has been making the same arguments. I hold these truths (that the bailout will not work as advertised) to be self-evident. What never ceases to astonish me is how almost no members of congress are able to grasp these truths, even after they have been spelled out so clearly.
