Peter Schiff, Daily Show, nails it "let the bankers fail"

[Mari333]

http://www.thedailyshow.com/video/index.jhtml?videoId=230058&title=peter-schiff

[Kerrytravelers]

1. Peter Schiff is a Ron Paul nut. He's a conservative.

http://en.wikipedia.org/wiki/Peter_Schiff

[Mari333]

2. well Jon Stewart likes him and I like what he said nt

[Kerrytravelers]

7. Jon Stewart is nice to most of his guests.

I wouldn't trust anyone connected to Ron Paul.

[CoffeeCat]

10. Why? Your thinking is flawed.

Listen to Schiff. Listen to him, in 2006, predict everything we're seeing now.

Listen to Schiff being maligned and mocked by Reagan conservative Art Laffer.

We've got to start opening our minds, and realizing that the only way out of this
economic crisis--is by listening to those who have the cajones to speak the truth.

There are SO FEW truthtellers out there! We are being lied to incessantly by
the MSM.

Isn't it horrendously foolish to discount someone who tried to warn us in 2006--about
this current crisis????

Aren't we a bunch of fools if we discount truthtellers and honest people just because
we don't agree 100 percent with their politics?

Come on.

[Kerrytravelers]

13. I'm sorry, but I completly disagree with you. I think your thinking is flawed.

It looks like we have reached an impass. You will never convince me that a man who supports and advises Ron Paul on the economy is some brilliant economist and that we should heed his advice. He was correct on calling the economic collaspe. However, it is not like he is the only one who said things weren't going well. A broken clock is correct twice a day, as the saying goes. You can call me foolish all you'd like, but if this is all you're arguing, it isn't going to change my mind. Who one aligns themself behind speaks volumes.

[CoffeeCat]

19. I think Peter Schiff is amazing...

...and I also think he's a truthteller. He called this crisis, and he was villified for it
and laughed at.

He not only called the crisis--he laid out the reasons why a severe recession was likely. He
described the danger of the mortgage crisis, at a time when NO ONE dared to step forward and
rain on our parade. Everyone was celebrating how wonderful the economy was doing. Schiff
stood front and center, and said it was all a house of cards that would come tumbling down.

Schiff also called out our rampant credit-card spending and people irresponsibly using their
home-equity for non-essentials. He correctly said that we were artificially propping up the
economy this way and creating bubbles that would eventually blow up.

If we had listened to Peter Schiff, in 1996, when he said these things--and if we had done something
to stop these behaviors---we might not be in this mess.

I guess I'm not going to change your mind. I'm ok with that. What I'm no ok with---is people
who attack a truthteller---and someone who had it right in VERY GREAT detail.

I don't really care about changing your mind. I just think it's important to point out that Schiff
was right---in incredible detail---and hope that others will listen to him.

We've got too many people confused by the MSM, and so few truthtellers. Schiff is one of those truthtellers.

[Grinchie]

20. Yep, look at Kerry and Lieberman, what a bunch of losers.

And that Obama being good buddies with Ayers really says a lot.

It's pretty clear that you love the Federal Reserve so much that you would self immolate to defend them. Maybe you should review a bit of Historical fact instead of relying on "Your Gut" to just the message based upon someone who agrees with Ron Paul.

Despite Ron Paul being a little strange, Paul stands behind getting rid of the Federal Reserve, which I have come to the same conclusion independently of ever hearing about Ron Paul.

For you to attack Schiff and then backing it up with ridiculous assertions, then throwing up your hands and claiming "we have reached and impasses" is pretty pathetic, but you're probably wiser to quit now.

[Kerrytravelers]

22. Ok. So if someone doesn't see things your way, then just insult them.

This is our first exchange. Instead of telling me your thoughts, you just get mad. This really isn't the way to make a point and have people reconsider. And bring Kerry, Liberman and Obama up isn't making your point. I was pretty clear that Schiff is connected to Ron Paul's economic policies, which I disagree with. It isn't personal, it is based on economic policies. And I wouldn't trust anyone connected to Ron Paul. That man has terrible policies and is not someone I would trust. Ron Paul wants us out of Iraw. I agree with that, but that doesn't mean that I agree with all of Paul's foreign policies.


ETA: Your post #21 was far more agreeable and approachable. I wish this had been your reponse to my post upthread.

[bobbolink]

27. Wouldn't it be "horrendously foolish" for a poor person to SUPPORT a LIBERTARIAN??????????

Or, are you as against us poor folk as Ron Paul is?

[CoffeeCat]

5. His politics are irrelevent...

You may not like some of Schiff's policy ideas or his political leanings--but he
damn well called our current crisis a few years ago.

He was as right as rain.

You know, sometimes we have to drop the partisan stuff. There are some conservatives
with good ideas. There are some conservatives who can put aside their ideologies
and call a spade a spade. That's exactly what Schiff did.

He called the mortgage crisis a few years ago. He called out our credit card and home-equity
spending--and said it couldn't prop up the economy forever.

Everyone laughed at him. And you know who laughed at him the most...CONSERVATIVES!! In particular,
it was Reagan conservatives who were angry at him for pointing out the truth.

Did you see Schiff's debate with former Reagan advisor Art Laffer? Laffer totally mocks Schiff
and browbeats him, as Schiff warned that the housing boom would come crashing down on us.
Here's the video. It's quite stunning, especially considering this was 2006. http://www.youtube.com/watch?v=IU6PamCQ6zw

[Mari333]

8. +1 !

[Kerrytravelers]

9. Yes. He did call it. However, Ron Paul is dangerous and so is this

libertarian idea of economics. Dropping partisan arguing is one thing, but the economics that Ron Paul supports is dangerous to the poor and working class. It only benefits the super wealthy. So, calling an economic crisis correctly doesn't mean that we should throw aside all of one's economics belifs and follow this guy. He also said quite clearly on TDS that he is for getting rid of a lot of regulations. That doesn't seem like a good policy to support. In fact, it makes no sense at all.

[leftstreet]

12. Ron Paul is held up as a boogey-man...

...while our politicians support and pursue Libertarian policies anyway

[Kerrytravelers]

15. And I disagree with the libertarian approach. However, this man worked for Paul's '08 run.

That is why I mentioned his name. It is relevant in examining his overall economic beliefs, not just hitting one nail on the head and not being afraid of letting others in his party laugh at him.

[Grinchie]

21. Unfortunately, it Libertainism for the Rich, while we get to be saddled with onerous regulations.

Paul is a realist.

I agree with him when he says you cannot develop land without paying all sorts of money and enduring regulatory hell just to develop a piece of land. Just that statement alone indicates to me. Extra cost for me, Extra cost for Government to enforce the regulations, and the Cost Benefit Analysis tells me that I really don't benefit from regulations that interfere with my right to live on my own land. It also raises revenue, which enforces a perpetual growth in Government.

Unfortunately, mixed in with all the common sense, Ron Paul tends to muddle the message and overcomplicate things, to his own demise. I believe that it is his way of retaining membership in the Republican club, to the dismay of the rest of the Repugs.

[Kerrytravelers]

24. I think this is where we disagree. I think land development should requre fees and regulations.

They are necessary to pay for what must be done. And I am one for strict regulations. And this is where I would certainly part ways with Paul, and, it seems, you, too.

[leftstreet]

25. If Sprawl-Mart had to pay actual development fees, they wouldn't be profitable

I think the poster was making the point that the regulations and fees are for us peons, not the Corporate Ruling Classers.

[Kerrytravelers]

26. Well, yes. However, Paul wants to eliminate this and I disagree.

I'd rather see things be more equitable in terms of regulations, etc.

[CoffeeCat]

14. I'm not saying that Schiff should be President!

Geez, I'm not advocating that Schiff's libertarian ideas and policies should be implemented
across the nation.

I'm saying that his economic analysis is frickin spot on. And it is. There's absolutely no doubt about that.

Did you watch the video? http://www.youtube.com/watch?v=IU6PamCQ6zw

You're arguing against points that no one is making.

I'm specifically drilling down to Schiff's economic analysis, as it relates to our economy and the position we
find ourselves in. He needed to be listened to in 1996. He wasn't. And here we sit in the rubble.

We need to seek out truthtellers, and if we discount the handful of courageous people who dare to go against
the elite corporate cabal that is destroying this country----then we are participating in our own demise.

[Kerrytravelers]

17. This is becoming circular. Anyone who advocates a libertarian approach holds no weight with me.

Period. Just because he saw what the problem was under Bush doesn't mean that he has the solution.

I never said you supported this guy running for president. Let's not get carried away. However, this man is most likely running for Dodd's seat. I think people seeing that he correctly saw the problem will automatically think he can bring about the solution. There is a streak of libertarian beliefs that is starting to take hold on the conservative side of the aisle that makes me nervous. This is one such example.

[sutz12]

18. His policies ARE relevant...

Just because he "knew" the crisis was coming doesn't mean he has the correct solution.

In short, his solution is: Let the depression happen.

Sorry, not an option.

[depakid]

23. If you'd followed Schiff's advice re: emergining market and the dollar you'd have lost your ASS

Not exactly something one ought to be crowing about.

[Johonny]

11. I agree half of that interview was him pouring out pure BS

And Jon just eating it up. A stopped clock is right twice a day and an idiot that keeps saying the economic is heading towards recession will from time to time. It's not enough to be right you have to be right for the right reason. The guys reasoning was pure crap.

[CoffeeCat]

3. Thanks for posting this video...

I'll bookmark this to watch later, but you don't need to see the video
to understand that Peter Schiff has been spot on about the economy. He
called the crash, and he identified the causes of the crash (mortgage
crisis, credit-card crisis, banks) a few years before this all came
tumbling down.

Schiff is President of his own investment firm. He's been wrong on some
calls. Who, in the investment world calls em right all of the time? No one
that's who. However, his less-than-100-percent investment record was used by
the MSM to malign him as some kind of crackpot.

Schiff has practically been prescient when it comes to economic forecasting, and
he's not a perma-bear. He simply laid out, a few years ago, everything that
is currently happening.

[BLS]

6. You're exactly right.

Schiff has been spot on with the whole economic collapse and his future predictions are worth heeding.

[Common Sense Party]

4. I said the same thing the other day here and some nut went on and

on about my "free market fantasies."

Let 'em fail. Let GM and Chrysler fail. If you make stupid decisions, you can't expect the taxpayers to bail your butt out.

[Grinchie]

16. I guess most people don't understand the term "Fundamentals"

Or lump the term Fundamental into the same realm as religious bumpkins.

Fortunately for Peter Schiff and the other 5% of Americans that actually undserstand that you cannot grow money by losing monaey and then making up for it by borrowing, Fundamentals are a good indicator of how fast the economy is going to go to hell in a handbasket.

At this point, the so called stimulus package is just now starting to affect the economy. Trillions upon Trillions of dollar will certainly make a difference to many of us, but the reality is that it is based upon NOTHING.

It is counterfeit money that the Government and the Fed is trying to convince people is real. They will certainly convince the shallow minded, uninformed people to take advantage of this next bubble, and thats the whole point, because it's all a matter of belief based of the fantasy that our Monopoly money is more than a symbol.

Our money is absolutely worthless today, and this just forces more people into the Rat Race where they find it difficult to make ends meet, let alone move ahead. Saving at the individual level is discouraged by policy that makes saving money a losing proposition by allowing the banks to be undercapitalized, yet offer no meaningful return on our savings. They can't, because if they did, the true cost of the banks paying for the use of our money would be 20% return on our savings at this point.

The banks have another source of reserves now. The Federal Reserve, which will just apply a perpetual tax on everyone indirectly by printing the money out of thin air and then making the Government pay it back with our money.

The low hanging fruit of the Earth's resources have been exploited almost to the point of exhaustion, and replacing these resources will cost enormous sums of money to develop, yet we still barrel down the road of perpetual growth without regard to the quickening depletion rate.

It 5 seconds before midnight folks. It won't take much of an event to trigger the mind numbing realization that we have squandered the resources of the Earth to the point of unsustainability. Perhaps this is a pattern that has repeated itself many times over the Millennia, leading to the various doomsday legends.

It does not matter if we have a mighty military or not. In the end, we are all citizens of a dying system.