Why trust the federal government to fix the economy when its own bad policies were to blame in the first place?
That’s what dozens of economist who correctly predicted the financial crisis want to know, according to “The Bubble,” a forthcoming documentary film by historian Tom Woods.
For Woods, the purpose of the film is to educate the public about what caused the 2008 financial crisis, by interviewing several financial experts who saw it coming.
“The regulators themselves said the housing market was fine, the fundamentals are sounds, there is no bubble,” he said. “I don’t care if we have a thousand of those or a million of those. If they are all saying the wrong thing, it’s not going to help.”
The film features interviews with Texas Rep. Ron Paul — a former Republican presidential candidate who advocates limiting the powers of the Federal Reserve — and investment banker Peter Schiff. The trailer shows Presidents Clinton, Bush and Obama championing the very policies that caused the crash, in Schiff’s view.
“They couldn’t see this train wreck coming, even though it was staring them in the face,” said Schiff in the trailer. “They’re the ones who are fixing the economy when they don’t understand why it broke. In fact, they broke it, and they’re trying to fix it by doing more of what broke it in the first place.”