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Peter Schiff On CNN: "The Govt. Is Throwing Gas On The Fire" watch!
youtube.com — 10 - 4 - 08
Stryder81- 943 diggs
- digg it
- Stryder81, on 10/04/2008, -1/+54PT 2: http://www.youtube.com/watch?v=eMN5POiY0Ec
- poxonyou, on 10/05/2008, -12/+6To summarize, so people don't waste 10 min of their life: 3/4 of it is Mr. Hyper-ventilation saying the government must do something, and Peter Schiff's solution is, "don't do anything, the market will work itself out." I didn't gain anything from watching it. Stick to articles and essays, ignore dooms-dayers and strict ideologues.
- nick1971, on 10/05/2008, -0/+12If you hide under the sheets and sing God bless America loud enough intermingled with moments where you shout USA USA under these situation your investments are safe.
/s - pnkmtlflyd, on 10/05/2008, -0/+35:28, "let me finniisshhhh" Leeb sounds like a little girl
- Schmich, on 10/06/2008, -0/+1He should have said "The Govt. is throwing dollar bills on the fire"
- macman2k, on 10/04/2008, -1/+43The moderator never let Peter talk... if the economy goes south the only way to keep government power limited is to not give it ANY ground and to take away powers it used to create the mess!
- nick1971, on 10/05/2008, -4/+3In US politics facts are really bad. Think values look Sarah Palin is against abortions, lives in Alaska and can see Russia from her house, she can create incongruous quotes and act vacuous, anserine and asinine within a 5 minute TV spot.
What do you expect from a potential presidential candidate, leadership?
/s - leelandpalmer, on 10/05/2008, -0/+5The squirrelly looking fellow knows how to steal air time, but it was sweet to see him run into Schiff's wall of 'NO!'s on occation.
"No................. NO!!!" - OneLess, on 10/05/2008, -0/+13I think "moderator" is a misnomer. She was arguing against Schiff as much as Leeb was.
- JeffersonTrust, on 10/08/2008, -0/+0"But with respect to future debt; would it not be wise and just for that nation to declare in the constitution they are forming that neither the legislature, nor the nation itself can validly contract more debt, than they may pay within their own age, or within the term of 19 years."
Thomas Jefferson, September 6, 1789
- nick1971, on 10/05/2008, -4/+3In US politics facts are really bad. Think values look Sarah Palin is against abortions, lives in Alaska and can see Russia from her house, she can create incongruous quotes and act vacuous, anserine and asinine within a 5 minute TV spot.
- marcabminion, on 10/05/2008, -1/+27Wow .. what about letting the man speak. It's so annoying with these hyber-tvshows, where so little time is available and thus people fight half the time for airtime and/or to get their points through.
http://www.europac.net/media/PeterSchiff_09-24-200 ... for Peter's latest radio show - a lot better and wont wind you up.- nick1971, on 10/05/2008, -0/+5You don't really want to have facts because they are far to frightening.
I love the US, and have many friends there, but if you want to hear what we are thinking outside the US, including my party a couple weeks ago, which was in Germany with a 5% group of US expatriates read http://digg.com/2008_us_elections/A_Mighty_Wind_bl ... Its not pretty but its true. - jeffvvisoft, on 10/07/2008, -0/+1Oh noz!!! If you don't bail out Goldman Sach of *****, children all over the world will starve!!!!
- nick1971, on 10/05/2008, -0/+5You don't really want to have facts because they are far to frightening.
- emazur, on 10/05/2008, -2/+32Why can't the freakin' farmers write a check for the fertilizer instead of buying it on credit?
That guy Keeb was OK in pt. 1 (not nearly annoying as last time he showed up on digg against Schiff), but in pt. 2 he went back to his old ways, and Schiff didn't get nearly enough time to talk. I'm looking forward his 1 hour meeting with Glenn Beck on Monday on CNN.
"Letting the inmates run the asylum" - damn straight. And those clips made Paulson look pretty bad. Dugg- techmaster, on 10/05/2008, -0/+2Stephen Leeb is an idiot. I was wondering the exact same thing. They keep saying things like without credit, there are all of these companies that won't be able to make payroll. Do you think I would want to work for a company that has to get a loan just to make payroll? Not really. These companies that have to get loans just to pay their employees, are obviously not profitable businesses, and they should fail so that profitable businesses can take over. That is the problem with this country. We have no GDP, we do nothing but buy from overseas, meanwhile we hardly export anything to other countries. We cannot sustain an economy like this. And the first step is letting these companies that run on credit die, so that companies with sound business models can step up to the plate and boost American productivity. A company should be able to make enough money off of one business cycle, to be able to pay their employees and buy the raw materials needed for the next business cycle. The same thing goes for farmers. You cannot keep propping up bad credit with more bad credit. Once again, Stephen Leeb is an idiot! (Not to mention his voice is like fingernails on a chalkboard.)
- alappat1, on 10/06/2008, -0/+1Umm guys.. ever heard of cash flow? A farmer may make a profit in the long term, but in the short run, cashflow shortcomings will require short term loans. The same applies for nearly EVERY business i know of. Restaurants, car manufacturers, shoemakers etc. That is not to say however that the bailout was the right way to go. I would suggest a full freemarket approach and let the banks crash, - yes this will lead to the biggest economic disaster since the creation of free market ideas but atleast the organisations responsible will be crushed.
HOWEVER, without strict government intervention in the growth of certain banks through buyouts, you risk a monopoly/oligarchy situation. That is something to be avoided at ALL costs.- aletoledo, on 10/08/2008, -0/+1"A farmer may make a profit in the long term, but in the short run, cashflow shortcomings will require short term loans."
Farming has been around for thousands of years and they managed without short term credit. The problem of course is corporatism and the corporate farms. Suggesting that farming will fail without credit is wrong, what will fail is corporate farming.
So the question is, do we prop up failing corporations or allow them to fail in favor of better models. I think everyone that has looked into the subject recognizes that corporate farming is doomed. That is why the Farm Bill provides them with huge susidies, so that they don't collapse. Pumping more money into a bad model isn't going to make it better, it only prolongs a bad model.
- aletoledo, on 10/08/2008, -0/+1"A farmer may make a profit in the long term, but in the short run, cashflow shortcomings will require short term loans."
- brewvy, on 10/07/2008, -0/+0Here's the deal. Farming is basically a commodity business. Commodities have been in a giant funk since the '80s and until pretty recently (going down again). You simply can't make a reasonable living growing food. How else do you explain the massive exodus from rural to urban areas?
Why can't they write a check? They're 4 million dollars in debt after buying the farm, repairing the tractor, being flooded out for a year, upgrading their dairy facilities to adhere to the latest standards, suddenly paying 2x what they were expecting for fertilizer and herbi/pesticides, and then investing what free cash they had into a new corn silo to take advantage of the ethanol boom that shows all signs of going bust.
The bigger question is "Why isn't farming profitable?"- aletoledo, on 10/08/2008, -0/+1The answer to your question is that "farming" is failing because of corporatism. After ww2, the US needed to feed the chemical and manufacturing corporations, since war production dried up. What they did is shifted farming over to a model of "bigger is better", which lead to expensive machinery and chemical fertilizers.The problem though is that farming using chemicals and expensive large machines wipes out profits. The chemical companies profit, but the farmers don't.
This process has occurred in virtually every other sector of american life. Fast food, retail chains and even banking is dominated by a few large corporations and they are nurtured by the federal government. When anyone discusses ending corporate welfare programs, the "experts" come out with fear mongering tactics and everyone placates the rich corporate owners again and again.
Farming on a small scale is profitable. It's only the large corporate farmers that are hurting. The real problem though is government protects these failed models of farming and prolongs their final demise. It's not a question of if, but when corporate farming will end at this point. When it does happen, people will have to go back to eating local foods that are in season.
- aletoledo, on 10/08/2008, -0/+1The answer to your question is that "farming" is failing because of corporatism. After ww2, the US needed to feed the chemical and manufacturing corporations, since war production dried up. What they did is shifted farming over to a model of "bigger is better", which lead to expensive machinery and chemical fertilizers.The problem though is that farming using chemicals and expensive large machines wipes out profits. The chemical companies profit, but the farmers don't.
- ziggyone, on 10/05/2008, -1/+33Propping up a bad economy is only going to lead to worse recession... I love how our "representatives" are making the same mistakes that helped lead to the great depression.
- hugolp, on 10/05/2008, -3/+8They were not mistakes. They did exactly what they were suposed to do.
- sigg14, on 10/05/2008, -0/+13exactly. this is all according to plan. next comes the crash of the US dollar and then the "amero" then the NAU. when that happens what will people think of the "conspiracy" theorists who warned us that all this would happen?
- quesi, on 10/05/2008, -0/+5yeah, and what will people think of the "coincidence" theorists that tried to prevent the truth from getting out?
SOMETHING must be done. yeah, about the armed fascist coup on the United States. - sigg14, on 10/06/2008, -0/+3
same thing we think of them now, same thing the nwo thinks of them, useful idiots
- brewvy, on 10/07/2008, -0/+0Do you have any understanding of what actually happened during the great depression, or are you just throwing that phrase around because it sounds impressive?
Differences between now and the great depression:
1) The response in the late 20s was to raise interest rates, further exacerbating the reduction in money supply caused by individual retail banking customers panicking and withdrawing whatever they could.
2) The flexibility to devalue the dollar really wasn't there in the late 20s. Each dollar had to be backed by precious metals. In an economic sense a dollar under the mattress is a dead dollar. It's not in circulation, so it really shouldn't count. If all dollars are suddenly stuck under the mattress, and you can't conjure more dollars out of nowhere, then what? Then you hit deflation.
3) Deflation. Not gonna happen. As a debtor nation we can't allow deflation. What's worse than owing eleventy bajillion dollars to China? Having a dollar be worth twice as much as it was before. Then our debt to China is worth twice as much as it was before. This will not happen. Period.
4) Bank runs. Not happening because people have faith in FDIC insurance. Sure maybe institutional investors are ***** a brick or two, but banks with large bases of individual deposits are doing just fine. For example: Wells Fargo and Citi - dueling over the remains of Wachovia because they can.
So better luck next time.- CurtHowland, on 10/07/2008, -0/+2I'm sorry, you are exactly wrong.
Interest rates were kept low in order to add "liquidity", just like now.
Price fixing was put in place, to prevent falling prices. The problem being that falling prices is a symptom of a monetary contraction, not a cause. So holding prices high (which they are trying to do again) is like stapling your eyes shut to make sure the sun doesn't shine.
Deflation is a normal response. This is a monetary contraction because of fractional reserve banking. Now that the loans are going bad, the illusionary "inflation" of the money supply is shown for the illusion it is, and there comes a "deflation" which is merely a re-adjustment of the books to show the real quantity of money.
How are you going to not "allow" that to happen? There is only one way and that is to print money like crazy in order to try to fill all the holes. That makes the dollar worth even less, very quickly. It's called "hyperinflation".
Look at those "depressions" where the government did nothing: 1836, 1907, 1921. They lasted 6 months to 1 year, prices dropped very fast as resources were realocated quickly, and people got on with their lives.
Now take a good hard look at 1929-1946, where the government did all those things you are advocating: Misery, starvation, death, massive and prolonged unemployment.
Thank you very much, I'll take deflation any day, over the hell of "intervention".
Read some Rothbard, "America's Great Depression", and learn something. - aletoledo, on 10/08/2008, -0/+1I think CurtHowland made all the necessary points to refute your scare tactic of "deflation". I'd just like to add that this boogeyman claim is really tiresome to hear as a reason to support continued inflation. It boils down to relying upon an artificial government manipulation of the money supply or a natural supply and demand for the currency. Clearly supply and demand is the winner, so you're only left with scaring people about deflation.
The simple fact is, the current fiat currency should never have been put in place and now we see why it was a bad idea. Things aren't going to magically fix themselves by the Fed printing more money, it's only going to get worse.
- CurtHowland, on 10/07/2008, -0/+2I'm sorry, you are exactly wrong.
- hugolp, on 10/05/2008, -3/+8They were not mistakes. They did exactly what they were suposed to do.
- PeppermintPig, on 10/05/2008, -0/+28Saw this on earlier today. Stephen "Let me finish!!!!!" Greeb just spewed nonsense about giving government the power to do whatever it wants while ignoring the source of the problem.
Peter Schiff was on point and nailed the problems that the vast majority in government either do not understand, or are not willing to face up to.- CurtHowland, on 10/07/2008, -0/+2They don't want to face it, because they caused it.
The cold hard fact is that this bubble was caused by manipulation of the banking system and the Federal Reserve.
Abolish the Federal Reserve, eliminate the protectionist crap that props up bad banking practices. Get government entirely out of banking.
- CurtHowland, on 10/07/2008, -0/+2They don't want to face it, because they caused it.
- uHaveASmallDigg, on 10/05/2008, -13/+10That weaselish furking weasel guy is a furking weasel because he's furking weaselish.
- HumanCattle, on 10/05/2008, -1/+4WEASEL
- leelandpalmer, on 10/05/2008, -1/+2RATTY WEASELS ARE RATTY
- brad3378, on 10/05/2008, -1/+34Guys like this ***** with the glasses are the reason why everybody is scared ***** with his ***** fear mongering.
- MWeather, on 10/05/2008, -1/+3I bet smart guys you could make a killing buying financial stocks while people are scared. It's not like there's a real problem. You're guaranteed to make money!
- brad3378, on 10/05/2008, -0/+2I would agree with that statement except for the fact that we're dealing with the largest financial bubble of history, and I'm not directly referring to the stock market. According to my link below, we're also dealing with a quadrillion dollar derivatives bubble. Derivatives are financial instruments that have no intrinsic value but derive their value from something else. Basically, they are just bets.
For some perspective, $1 Quadrillion is 100 times greater than our $10.1 Trillion national debt. Maybe we'll make a killing if the bubble keeps growing, but what happens if the bubble resting on this house of cards pops?
http://www.webofdebt.com/articles/its_the_derivati ... - MWeather, on 10/05/2008, -0/+1Stop fear mongering!
- brad3378, on 10/05/2008, -0/+2I would agree with that statement except for the fact that we're dealing with the largest financial bubble of history, and I'm not directly referring to the stock market. According to my link below, we're also dealing with a quadrillion dollar derivatives bubble. Derivatives are financial instruments that have no intrinsic value but derive their value from something else. Basically, they are just bets.
- mikelist, on 10/05/2008, -0/+4well, he was certainly scared, he kind of reminded me of the dustin hoffman character in "rainman" when he was getting shrill about the agricultural issue.
- sigg14, on 10/05/2008, -0/+3the media handpicks guys like this with a specific result in mind. I can't believe anybody gets their information from the mainstream corporate propaganda media anymore.
- MWeather, on 10/05/2008, -1/+3I bet smart guys you could make a killing buying financial stocks while people are scared. It's not like there's a real problem. You're guaranteed to make money!
- Ciryon, on 10/05/2008, -2/+22I can't watch this. That little rat's voice is chewing through my brain.
- leelandpalmer, on 10/05/2008, -0/+2Sadly, the poor little thing died of starvation.
KA-ZING! - OneLess, on 10/05/2008, -0/+3I didn't trust him even before he started talking. As the camera was zooming in on that first shot of them both, you can see his hands fidgeting on the table.
- leelandpalmer, on 10/05/2008, -0/+2Sadly, the poor little thing died of starvation.
- blippityblop, on 10/05/2008, -1/+14Let it burn already. The more you prolong chaos, the crazier it'll be when it finally lets loose.
- mattikolu, on 10/05/2008, -0/+20Peter Schiff, along with people like Roubini, has warned about exactly this situation arising for many years. Here's an interview with him in 2006:
http://www.youtube.com/watch?v=LfascZSTU4o
Maybe, just maybe, people should listen to them a bit more. - tempysmurf, on 10/05/2008, -0/+15I think it's funny that the amount we've spent on the war is pretty much the same amount as the bailout. Now we're paying twice, when if we wouldn't have went to war we'd be paying nothing.
- cdigioia, on 10/05/2008, -3/+2No. The war sucks & the bailout sucks, but they're pretty much unrelated. The financial meltdown was due to shoddy lending practices in the mortgage sectors.
Now our kids, THEY will have to deal with all the extra debt from the retarded war.. - akhomestead, on 10/07/2008, -0/+1The war was used to pump more money into the system. Search Money as Debt on youtube. We're at a point that we owe so much, and interest is so much we need to borrow a lot more to cover our costs plus our interest. It's why our banking and monetary system sucks. It's a pyramid scheme for a very very very few.
- cdigioia, on 10/05/2008, -3/+2No. The war sucks & the bailout sucks, but they're pretty much unrelated. The financial meltdown was due to shoddy lending practices in the mortgage sectors.
- misterrock, on 10/05/2008, -17/+7Peter Schiff is wrong on this.
Just because he saw this coming doesn't mean he's right about the causes.
To simplify it to "too much government involvement causes all ills" betrays the complexities of the situation and makes real solutions impossible. Here's an excellent article on Fannie and Freddie: http://www.nytimes.com/2008/10/05/business/05fanni ...
Weasel guy is wrong too.
Total regulation isn't feasible nor is total deregulation. Both are extremes and neither are ideal scenarios. The current crisis was caused by an excess of deregulation. We didn't learn our lesson from Enron and the government didn't mandate the kind of accounting transparency that is necessary for the market to operate. It's really a question of optimization: at what point does regulation become a detriment to the market?
I hate to see people overly simplify what is a complex problem. It's okay to not understand every aspect, but to say that it is wrong because you don't understand it is an argument from personal incredulity, and it is a flawed argument.- NeoConned08, on 10/05/2008, -1/+6The Community Reinvestment Act + easy credit from a private central banking group known as the Federal Reserve + a lack of understanding of Austrian Economics = the end of the US and one step closer towards a one world socialist system. Thanks for helping that along mister rock.
- nalicosh, on 10/05/2008, -1/+1or maybe you are simply missing the forest for the trees. fear and panic have a way of doing that to a persons focus. Do you require a Ph.D in Physics in order to throw a baseball? If you and I were arguing about how to predict the weather and I suggested maybe we should start with the Sun, would you criticize me for oversimplifying such a complex phenomenon?
Well Money is the Sun to our economic weather. Monetary policy is the one area that our government has the greatest amount of control over and the least amount of public oversight on. Maybe we should start there.
http://en.wikipedia.org/wiki/Occam's_razor - Blacksoth, on 10/05/2008, -0/+1"Total regulation isn't feasible nor is total deregulation. Both are extremes and neither are ideal scenarios."
I agree. I think Obama said it best when he said (and I'm somewhat paraphrazing) "[the governement] wanted to set the markets free, instead [they] let it run wild." Deregulation can be a good thing but NO regulation is what led us to this.
I agree pretty much with Schiff with one exception.
Not everything can be determined by hard economic indicators. Consumer spending and positive market sentiment HAVE been propping up unrealistic expectations of growth. However, these same indicators CAN prevent a worse disaster by preventing people from panicking.
I think the key point Schiff was trying to make with his position on the bailout is that it won't end with just one. And I agree with him on that.
- jaksu, on 10/05/2008, -0/+17why are the interviews on so important topics so short? Does everyone have ADD?
- stranglethorne, on 10/05/2008, -1/+15Game plan:
1) Pump billions upon trillions of money into the economy, out of thin air.
2) Pretend to 'save' the economy whilst sky-rocketing inflation and destroying the value of the dollar. This will act as a pretext for future contractionary actions.
3) Use the media to highlight the impending inflation threat. Now, wittingly acknowledge the inflation that's been caused. Use this a legitimate reason to create the greatest depression the world has come to know. Contract the money supply and squeeze the life-blood out of the economy.- SundayBrunch, on 10/05/2008, -10/+1Those are tax dollars they're using, so inflation isn't the risk here, that money would have been spent by the gobament anyway. The problem is gobament debt.
- avengingturnip, on 10/05/2008, -0/+5Which is the primary cause of inflation since they have to be created by the fed to be borrowed by the gubmint.
- PeppermintPig, on 10/05/2008, -0/+3Debt is a problem, but they never bother to pay it off.
Inflation is a form of taxation.
- SundayBrunch, on 10/05/2008, -10/+1Those are tax dollars they're using, so inflation isn't the risk here, that money would have been spent by the gobament anyway. The problem is gobament debt.
- duckley, on 10/05/2008, -18/+2Hey, go ahead. Don't stop the banks from burning down.
Don't stop the businesses from LAYING YOU OFF.
Don't stop people from starving in America.
The "let the market fix itself" would be on the backs of YOU and average Americans.- edebolt, on 10/05/2008, -3/+6prozac could be right for you my friend
- hugolp, on 10/05/2008, -1/+10Little rat with glasses: -"... and that means that if we dont do something quick we could have mass starvation,not only in this country but all over the globe" ... and the sky will be set on fire, it will fall over your head and the apocalipsis will begin. That is unless you give the wallstreet guys 700 billions that you earn. Its a small price for not going to hell guys, hes being reasonable, isnt it? Anyways it doesnt matter because the congress allredy sold the US people.
- leelandpalmer, on 10/05/2008, -0/+2Then when the market shelves are emptied, let us take off his glasses for future use and throw the rest of the rat on the barbey!
- SundayBrunch, on 10/05/2008, -0/+13I don't mind the ratty guy's voice or demeanor, but I think he's wrong on this one.
- leelandpalmer, on 10/05/2008, -0/+1Hahahah.. he does look like a ratty little weasel doesn't he. But he squeals like a swine.
- zsavior, on 10/05/2008, -0/+17Just in case you don't understand what a wolf in sheep's clothing is that Guy Steven Lead could probably knock down a house made of STEAL! Using the fear of All things STARVATION, he saying "Better to give the government some power now, then too much later" Peter Schiff goes on to say that is B.S. the money won't be enough and they will end up doing an even bigger bail out for this bail out.
So what does that snake say? Pay real attention, to the double talk "Yes yes, you might be right, but give them what ever power they need now, and maybe more later So we don't have a total dictatorship later on!"......WHAT? First Steven lead says give them some power, then when the argument is countered that it won't work he says again WELL ok give them more. He argues he doesn't want some over blown huge government right away, but instead give it to them bit by bit, little by little. If that isn't double talk what is, and just to show you how in on it everybody is: The host Never calls him on that fact that he argues NO NO NO dictatorship full government control wrong, but then says Give it to them little by little by little.- dialectical, on 10/05/2008, -0/+4Yup, he made no sense and was a complete hysterical mess.
- techmaster, on 10/05/2008, -0/+2That's EXACTLY how dictatorships are created...little by little...before you notice it happening, it's too late to do anything about it.
- defunctlife, on 10/05/2008, -0/+17Wow let the man talk.
- dafragsta, on 10/05/2008, -0/+2and the OTHER douchebag is saying "Let me finish! Let me finish! Peter will you let me finish!"
- SargassoX, on 10/05/2008, -1/+10Lets be clear Paulson, Bernake and all the other insiders have known what was comming for months. However thier job is too inspire confidence in the banking system. All of the earlier clips were of them lying through thier teeth to discourage people from believing the calamity we are now seeing. They cannot be trusted. Thier job is to spin everything.
- hugolp, on 10/05/2008, -0/+5"Their job is to spin everything" It is so cute to see someone that still believes the US goverment is not completely corrupted.
- edebolt, on 10/05/2008, -14/+3Dr. Doom as Shiff is known has been crying wolf for 20+ years... Maybe he will be finally right but if you bet on him in the past then most times then not you went counter to the trend. He has caught some previous down markets but he is known as a perpetual bear. Markets tend to go up 35% of the time. Down 15% and sideways the remaining 50% of the time. Trying to catch the narrow slice of 15% down action is going to be painful like catching the proverbial falling knife.
- dildoolielly, on 10/05/2008, -2/+5Simply put, you are lying. If you are going to lie about someone, at least know how to spell their name.
Peter Schiff has been right on almost everything he has predicted over the tenure of Bush.
But I think the real problem here is, you're too stupid to understand economics and real Democracy, too stupid to understand high treason and too stupid to find the fvcking recruiting office or a library.- edebolt, on 10/05/2008, -6/+3Well you might be grossly overestimating your power of analysis as I have been a trader and investor for 30 years and Shiff has been tracked by Mark Hulbert's Market watch service for quite a longtime and he is nowhere near outperforming the market(S&P etc) and maybe you should do some better research and perhaps learn how to use a dictionary before busting a "treason" gasket. Funny though. I take it your just a monday morning investor. Haha the joke is on you.
http://www.marketwatch.com/newscommentary/newslett ... - dildoolielly, on 10/05/2008, -2/+3------Haha the joke is on you.-------
I checked out your link but theres not any verification of the BS you are spewing about Peter Schiff. I gave you the BOD.
Please point to all these discrepancies or STFU, you maggot
- edebolt, on 10/05/2008, -6/+3Well you might be grossly overestimating your power of analysis as I have been a trader and investor for 30 years and Shiff has been tracked by Mark Hulbert's Market watch service for quite a longtime and he is nowhere near outperforming the market(S&P etc) and maybe you should do some better research and perhaps learn how to use a dictionary before busting a "treason" gasket. Funny though. I take it your just a monday morning investor. Haha the joke is on you.
- NeoConned08, on 10/05/2008, -1/+2He's not been crying wolf, he's been warning of the ever inflating DOLLAR bubble. What the government has been doing is reinflating every burst bubble brought about by the Federal Reserve System. With each reinflation they weaken the dollar even more. We don't see it as dramatically here because our number one export is our inflation as the whole world needs dollars to purchase petroleum with. It has now reached the point where the US is so far in debt that it will never be able to work its way back out and the rest of the world is realizing it. Don't be surprised if China and Japan began ditching their dollar reserves and a hyperinflationary crash of our currency occurs.
- dildoolielly, on 10/05/2008, -2/+5Simply put, you are lying. If you are going to lie about someone, at least know how to spell their name.
- sgt99999, on 10/05/2008, -1/+6What! Not bailing out the schyster bankers is equivalent to saluting Hitler? What an idiot.
- DD2CC2U, on 10/05/2008, -1/+3David Broder: “I find Sarah Palin lively, impressive and, dare I say it, informative. Then again, I'm fluent in gibberish, and never fault Republicans, no matter how unprepared they are to govern.”
- yourbrokenoven, on 10/05/2008, -1/+1hooray for fire!
- getatmedigg, on 10/05/2008, -0/+9Nice videos. I like Peter Schiff. The bailout is a harbringer of doom.
- Mustard911, on 10/05/2008, -1/+2http://reasonradionetwork.com/_archive/PS_20081003 ... listen to this.
- xutopia, on 10/05/2008, -1/+1This is a horrible mp3! Blaming things on the "Jew bankers" and saying they're all terrorists is not helping the debate.
- quesi, on 10/05/2008, -1/+1if the Jew fits
- Mustard911, on 10/10/2008, -0/+1The facts are either true or false. Don't cry foul without proving so.
- xutopia, on 10/05/2008, -1/+1This is a horrible mp3! Blaming things on the "Jew bankers" and saying they're all terrorists is not helping the debate.
- PlutoRascal, on 10/05/2008, -0/+9Peter Schiff - Always cool, always in control ... always right.
And once again they pair him off with that turd of a man sitting next to him. - Jude007, on 10/05/2008, -1/+4Believe the liars !
Hate the people who were right all along !
Give more money to the crooks ! - dildoolielly, on 10/05/2008, -1/+11Peter Schiff has been right 100% of the time. Go look at his predictions last year and the year before.
How pathetic that his intelligence and experience has been dwindled down and translated by some plastic head fake journalist bimbos.
Unbelievable!
I think it is time to boycott mainstream media. These people are a joke! - RationalXubrnce, on 10/05/2008, -0/+12Peter Schiff has been on fire lately. Watch the clip of him being mocked back in 2006 for predicting all of this. http://in.youtube.com/watch?v=IU6PamCQ6zw&feature= ...
- dildoolielly, on 10/05/2008, -0/+9Stephen Leeb is a complete dweeb. He is a carbon clone of Art Laffer (Former Ronald McReagan Economic Advisor). Both of these idiots have been wrong almost every time in the past while Peter Schiff has been right. "A few months ago this idiot was babbling on about how "strong" the economy is and will be. A few months later the moron is shouting "The house is on fire"
Art Laffer (Former Ronald McReagan Economic Advisor)
http://www.youtube.com/watch?v=IU6PamCQ6zw&feature ...
Turn these neocon idiots off. You'd end up smarter watching Saturday morning cartoons.- iamdak, on 10/06/2008, -1/+1Such a clone, I had thought Leeb WAS Laffer and thought the penny would be handed over at any minute!
- VitriolAndAngst, on 10/05/2008, -2/+9Peter Schiff and Stephen Leeb are both wrong.
Peter is right, that the government shouldn't be doing anything LEGALLY, and that they are throwing gas on the problem. His idea that the free market will solve this is wrong - because all this was manipulated. It also had nothing to do with "forcing mortgage lenders to be kind to the poor" as the ***** NeoCons like Anne Coulter love to tell us. A Predatory Ninja loan to someone who can be in a thirty-year fixed is not kindness, it is blatantly ripping someone off by a lender that should be thrown in jail. Allowing the financial houses to go from 12 time leverage to 40 times leverage was the most irresponsible thing. All the regulators should have known better -- and probably did.
I've talked many times about what can be done -- Schiff and Leeb both are nowhere near what should be done. But this problem will not be solved by giving money to banks. The wealthy are putting money in T-Bills, Gold and offshore. Why is there no liquidity? Because nobody trusts the game -- Paulson and Bernanke have let everyone lie. No bank can be bribed to put money into the US economy if they think they aren't going to get a return. Also, the Fed is manipulating things so that money is drying up -- probably to make mainstreet feel some of the pain so that Congress gets convinced they must act.
This is another 9/11 but in the financial markets. And the talking heads are there to confuse you.
Hoover also put money into the banks and totally failed. It was not until FDR's third year in office, when all the "financial" tricks had been exhausted, that he started putting money into the hands of the people. Without the people making more money -- there is nothing for any company to invest in. Car sales are off 35% -- that was the harbinger of the last Republican Great Depression, which happened after Republicans had three terms in office and created the exact same mess. These guys don't need to make speeches -- they can just repeat all the same things that the street and government told the people in the 30's.
This Great Depression could possibly be worse. In the 1930's America made all its own products, lived on 100% local energy, and was a creditor to the rest of the world. That situation is now reversed, and BushCo is making sure they bail out foreign multinational interests. When we try and work our way out of this, we will be sending the profits overseas. Spain will own toll roads in the North East. Saudi Arabia will be owning weapons manufacturing plants. Japan will be owning the entertainment companies. Big Oil isn't investing in drill bits -- they are buying up old folks homes and municipal water supplies.
Ron Paul and his helpers are doing a good thing -- by screaming about the crooks. - MalBurntwood, on 10/05/2008, -1/+2I have watched digg for a while, but after looking at this, I decided to sign up just to comment. I have always tried to pay attention to the world around me, but this is exactly the kind of fluffy ***** that hampers my ability to determine what is going on. I can't believe so many people have dugg this. I had to sign up just to vent my frustration.
- Ineedanap, on 10/05/2008, -0/+2welcome to the madhouse.
- Ineedanap, on 10/05/2008, -0/+6I am really starting to think its time to stock up on ammo. God thats a nasty thought.
- mrzack, on 10/05/2008, -0/+5common sense such as free market austrian economics Schiff, and government Keynesian economics Larouche all saw this crash coming.
- bigp3rm, on 10/05/2008, -0/+2Stephen Leeb reminds me of Wallace Shawn.
http://www.youtube.com/watch?v=TUee1WvtQZU- techmaster, on 10/05/2008, -0/+2LOL "INCONCEIVABLE!!!"
- trackerbishop, on 10/05/2008, -10/+1His name's Schiff, Peter - a paranoid schizophrenic, former patient at Arkham Asylum...the kind of mind the Joker attracts...what do you expect to learn from him?
- mablung, on 10/05/2008, -0/+11I love how he just so happens to use fertilizer as his argument. What better way to instill fear than to threaten with starvation.
- heresyforme, on 10/05/2008, -1/+3Well, thank goodness Obama voted for it.
- Ricemanstm, on 10/05/2008, -0/+4More like pissing on a live power line.
- fancypantscz, on 10/05/2008, -0/+8Did network television air anyone with the balls to say the king has no clothes on during the run up to the Iraq war?
Television has proven itself to be nothing but a source of obfuscation in matters where public opinion might turn to challenge the status quo and upset our current social hierarchy. The massive media corporations are children of the system that has lead to our current financial collapse. They have no interest in getting to the root cause of this mess because their economic model of massive profits for the wealthy elite would be shown to be unsustainable and harmful to our society as a whole.
If there was another bubble we could inflate to bridge this crisis it would have happened a long time ago. Its time we dealt with the fundamentals of our economic system that are by definition dependent on massive debt creation. I have become convinced that the very nature of our banking system must change if we are ever to achieve any long term economic stability.
Capitalism doesn't need massive regulation if our money is sound. Fractional reserve, Fiat money, and the Federal Reserve are a recipe for disaster even with the tightest of regulations.
Without limitless resources and free energy there is simply no way to continuously outgrow the ever increasing interest payments on the debt that must be created to make our current economy go around. The only way to make sense of this cyclical defect in our economic system is to understand our Money as Debt: http://video.google.com/videoplay?docid=-905047436 ... - dialectical, on 10/05/2008, -0/+5"The freaky part of all of this is that we are so far removed, in our daily life, from the system. Even worse, most people who were once considered Capitalists ("Banks", financial institutions) do not even participate in any sort of Market.
Capitalism is alienated from the Market!"
... you read it here first - oriondr, on 10/05/2008, -6/+1I seem to recall that the last time the government did nothing during a financial meltdown, employment rates rose to 25%, and people were forced into work camps just so they could secure a nightly meal.
- chadpyle, on 10/05/2008, -0/+2There hasn't been a time in at least a century where the government did nothing. Since the inception of the Federal Reserve, Government has been regulating interest rates and printing more money than we could back with gold reserves. The "financial meltdowns" that ensued were a direct result of those policies.
- muckemuck, on 10/05/2008, -0/+2Go read this article on what Bernanke said caused the Great Depression: http://www.worldnetdaily.com/index.php?pageId=5940 ...
- rowlodge, on 10/05/2008, -0/+4that women compared it to nuclear war, so this bailout is spawned out of FEAR and irrational thought, which is worse.
- nickstang, on 10/05/2008, -0/+4here is a nice collection of his interviews
http://csinvestor.com/peter-schiff-videos-the-econ ...
Have a listen to this interview of him I have been sending to family and friends.
http://rapidshare.com/files/150697250/fsn2007-0310 ... - edwinjose, on 10/05/2008, -0/+6Peter Schiff: "We can only loan out money that somebody saves.... And the government can't replace credit with the printing press".
Classic! - Nboy514, on 10/05/2008, -0/+2Stephen's hissy fit made the Digg.
- earful, on 10/05/2008, -1/+1"If we want the fire to go out we have to let the free market work" — the unregulated portion of the free market was what got us here in the first place. Fannie and Freddie were chasing market trends, not setting them.
- nalicosh, on 10/05/2008, -0/+2Jim Cramer vs. Peter Schiff
No Holds Barred. -
Show 51 - 58 of 58 discussions
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