"Basically, we're doomed."

Special Report: Is America the sick man of the globe? - Yahoo! News: "Peter Schiff of Euro Pacific Capital, who predicted the housing-fueled crash (and made an unsuccessful bid for the U.S. Senate this year), is among the skeptics who fear that Washington isn't owning up to the problem.

Schiff said he favors ending long-term unemployment benefits because he says they prevent Americans from taking low-paid jobs. "Nobody wants to tell the truth and say that lower paying jobs are here to stay," he said. "One way or another, America is going to be poorer. Basically, we're doomed."