Peter Schiff: "Somebody should stand up to this lunacy"

[flaank1]

we have fascist corporatism in this country

[BMANZZS]

"You're the one who mentioned it!" Luskin sounds like a whiny little kid.

[dankfizzy]

excuse me peter, this is my turn. lolol, made me literally laugh out loud.

[standinginnothing]

Peter keep getting it out before they cut you off like CNN

[godszen]

The only thing worse for America than the Federal Reserve is the Federal Government, who has purposefully put American manufacturing out of business. Now there is only one way to keep the economy moving; "PRINT MONEY!" I would assert that manufacturing has had a steady decline since 1980's, and that the economy of the 1990's and 2000's were artificial, expanded money supply bubbles. Unfortunately, these same policies seem to be accelerating, and will likely continue to.

[joeycusack80]

Luskin is such a cunt.He deserved a punch in the mouth for being such an obnoxious prick.

[SuaveSavant]

The dude in the top right's argument is so vague and psychological. What a crock.

[OnTheDrog]

'excuse me peter, excuse me. this is my turn'

what a douche.

[marktrade88]

A rounding error compared to a typical farm bill...

Ugh, Luskin, STAND UP.

[tedfopreident]

pharm*

[vikingscool]

GM will file for bankruptcy tomorrow.

[noothername2pick]

Peter Schiff is The MAN!!!

So logical, so precise, so smart, simply genius.

[BayFlow408]

Agree. When the market corrects itself, everyone could practice the classic theory.

BUY LOW AND SELL HIGH

Bailout will keep stocks overvalued and products artificially high, and the dollar ends in a realistic LOW value.

I would rather buy GM at .55cents with the efforts of creating a more viable, functional, and profitable direction. I would not touch GM today.

[pigfukker]

Peter Schiff is correct. The market will correct itself. Do not try to postpone market corrections! Let companies that deserve to fail, FAIL.

Bailing out mismanaged, subpar companies simply delays and cheats new, more efficient companies from emerging!!!!

[milkmandan77]

the market will never, EVER be allowed to correct itself, as long as a democrat or a republican is involved.

[l1onheart617]

wise, grasshopper

[evilsinz]

What right does our government have to send our money to private companies like GM and prevent new companies from competing with good products??

If you have a bad product, then die! Die off and die alone! Why have some drowning company reaching out and taking the rest of us with it?

Pisses me off these banks are lending us OUR OWN MONEY, what the fuck!?

Paying these POS automobile companies to continue to make shit cars? Are we that stupid? We deserve to fail..

[ChronoLegionX]

Unfortunately, GM and Ford forgot how to make vehicles somewhere in the late 80's. Instead of crying for our money they should tell the union fat cats to shove off and start building cars that are in demand. If not, they should roll over and die so solvent companies can take their market share. That's capitalism.

[ngonea]

Not true, Gm & Ford are making great cars and big money in Europe, This is the fault of the Gov. who is responsible to create jobs and a stable economy for this country, not Globalism, a fancy world for colonialsim and Imperialism.. Bill Clinton gave us Nafta and a service economy and this country has been going down the drain since.

see: The New Rulers Of The World, & Larouchpac webcast for expl on real economy, not false economy for last 30 yrs. When Gov & Corp. are in bed together = Facism

[VenisonFajitas]

i can stand behind my statement without calling names. you obviously had nothing of substance to say.

[VenisonFajitas]

any american who bought a foreign car should be ashamed

[jblack1854]

I bought a Jap car in '02 after 30 years of trying the Big 3. From now on...it's foreign cars for me. U.S. cars are junk.

[shwantz3]

All of these people were saying this would pass 2 years ago. EVERYONE of these lieing, out of touch, talking heads was WRONG over & over & over again.

Peter Schiff is the only person that predicted our situation 10 years ago! He is the only SOB up there that should have a platform. These other fools shoud be beheaded for treason. they mislead the American public repeatedly.

Americans are getting angry & tired of this Jew media propaganda lies. Revolution calling! Heads will roll.

[pretorious700]

"car czar"-that's just what we need, more cutesy catchphrases.

The US congress is a disaster.

[jejojassy76]

Notice at 6:55 the pro-bailout dude even says that the only thing keeping a catastrophy away IS psychology. That means it's not based on anything. Schiff sure is right alot. America will come out on the other side of this better, but it will be tough. We need a purge

[ggadguy]

Peter speaks the truth. Check out his videos, articles, and his podcast, all on one page at Peter-Schiff . com.

[MrSmithKnows]

Froelich is totally out of his league.

The other guy is just a prick that is smart but is a coward and little spiteful because Peter Shciff has been right all along.

ROck on Peter

[hugolp]

When Peter Schiff said that the car companies will be back for more. Today GM is recieving 6 billions more from the TARP. I think he didnt spect it to be so soon.

[nyrangerfan1]

terribly smart wall street investment types... you mean the ones who ran the economy into the ground? those guys? make new friends, start by getting rid of luskin, how this guy can still show his face on tv is beyond me...

[FaceOfGod2]

amen to that!

[CommanderYo]

It all comes back to centralized -socialist-overreach of Wash DC. We did not have free markets over the last seven years. We had the exact opposite. The Federal Reserve keeping credit rates too low, Fannie Mae and Freddie Mac, GSEs, pushing subprime mortgage markets, the CRA mandating lending, greedy banks trying to cover their but with CDSs and insane leverage, and corporatism/fascist access to get regulators to look the other way...

Take care hyperrreal, good talking with you.

Yo

[bagOprions]

"free markets" are a pipe dream as long as human beings (read politics) are involved

[Soupdragoon]

We're all fucked! This is the tip of the speer that drives us to total chaos! That is their agenda to drive us to disorder so that they can rebuild the world in their image! These dick heads have no clue what or who they are dealing with.

[emeraldsteve]

hyperreal isn't there some middle ground between between what the UAW gets and the average working wages by other in manufacturing.? (what few are left) I myself just got laid off of a job making wood pellet stoves where I was barely making above minimum and health care after 60 days but nothing like the UAW's got: lifetime jobbank, skyhigh pensions comeon-I don't know their wages,(I'm in Oregon) but I sure know it's a hell of a lot more than $10 or $12 an hour. Come on.

[zzxzqwq]

Hoover was right wing he cut taxes for the elites and created the depression by being too right wing do not fall for this right wing propaganda. FDR saved millions of lives Hoover was right wing and killed millions. The right wong controkl the media owned by evil corporations who lie about what FDR did. If he was so bad why did he win 4 elections.

[zzxzqwq]

==Satire of right wing ==

It is about time someone stood up to the working man. It is all the the fault of the workers. We need more more money to go to milliionaires and the poor to be wiped out by death. Fuck the poor let them die like millions died in the depression under Hoover. Bring back ther free market and kill the weak off.

[CommanderYo]

Hyerprrreal,

What justification can you make for taking from the successful and productive and giving it to the failing and unsuccessful?

Honda, BMW, Toyota all do well making cars in in America, why? Also the three million jobs stat is s a way over estimation of jobs.

Also would not having the bankruptcy consolidation of incompetent three automakers into one or two or five or ten new lean and vibrant companies be better?

You Republocrat retards can't process information can you?

[hyperrreal]

Um, because the successful in this case would probably mean China or Japan. Why are Republicans so intent on shipping our jobs and manufacturing capability overseas?

In Michigan auto plants have went broke for the last 30 years and those jobs are gone forever, no new and vibrant companies emerged. The Republican "free Market" ideology has been a failure that has cost America all of the gains of the FDR era. Putting 3 million workers in the unemployment line is the Paultard plan for the economy?

[CommanderYo]

Whoa, Hyperreal address the question. Why do Honda and Toyota and BMW make good cars in America using American workers? I counted eight Toyota plant in the US in a google search just now. No bailouts needed.

So you support taking from the successful and giving to the failures huh?

We are living the legacy of FDR you tard. FDR birthed Fannie Mae which gave us the subprime market. I don't know why I bother with people as uninformed as you!

Free markets don't exist Fannie may is a GSE.

[zzxzqwq]

Nope Hoover killed millions of americans in the great depression. FDR saved the USA with WW2, ending the depression, and winning 4 elections. It is Reaganites who have destroyed the USA and continue to get rid of USA industry. Fannie Mae did not cause this recession it was private banks unregulated toxic debts. Do not fall for the conn trick. FDR saved the USA.

[CommanderYo]

Wouldn't that be Hitler and Hirohito who saved the US according to you logic because they started WWII? I have never heard the stat that millions were killed in the depression, if they were that would have been under FDRs watch because FDR ruled over- and extended- the depression. Hoover also tried to stop the depression with government intervention BTW .

zzxzqwq and hyerrreal are evidence of the public school failures. Think for yourself folks.

[zzxzqwq]

CommanderYo fuck you, you snobish arrogant yob. I have postgrad qualifications you ignorant nazi scumbag. FDR won WW2 get over it you nazi creep. Hoover was right wing and cut taxes for the elites. Get over it he was right wing like you nazi boy. FDR ended the depression and gvae money to the poor that is why you hate him Hoover killed millions due to right wing policies. Read some books you ignorant moron. Anyone can make up history.

[CommanderYo]

I guess that would be Dr. ignorant Nazi Scum bag to you then as I have a Ph.D. But you are the one who brought up qualifications... Hoover Killed Millions ? Yesh, what College did you go to again? You should read more you know?

From Wikipedia about Hoover:

"It is often inaccurately stated that Herbert Hoover did nothing while the world economy eroded. " It is interesting that some of Hoover started many reconstructive efforts that were continued by FDR.

[hyperrreal]

Fannie May worked fine for decades until Republicans insisted on repealing Depression Era legislation and deregulating business.

The issue here is keeping 3 million people in their jobs while we undergo the greatest economic crisis in 80 years. Do you understand the reverberating effect that putting 3 million well paid workers on the unemployment rolls would have? Not to mention letting on of our largest industries collapse.

If you're for foreign control of American industry just say it...

[CommanderYo]

Fannie Mae and Freddie Mac were central in our financial crisis. Listen to Maxine Waters at around 5:30 in this video she admits the creation of the subprime market by fannie and Freddie. watch?v=_MGT_cSi7Rs

FDR issued an executive order to confiscate Gold Bullion, sick. FDR prolonged the depression. FDR is giving us another disaster waiting in the wings, and that is Social Security, a horrible deal for young Americans.

Wallstreet journal quotes $75 for UAW compared with $45 FYI

[zzxzqwq]

The depression started before FDR took over. You say fannie mae was a disater waiting in the wings for "80 years" what a dumb moron. You reallty are a lame idiot if you fal for such lame right wing crap. The elites must love suckers like you keep sucking larry carigs dick moron.

[CommanderYo]

He thanks for providing the high-minded tolerance that I love when a progressive liberal socialist gets mad.

There is a little thing called the Community Reinvestment Act that caused Fannie and Freddie to lead us towards disaster. The Fed/fannie/freddie/ and central economic planning play a heavy role in our current situation.

I am done with you BTW. Stupid is as stupid does. If you want to educate you/me great I'll listen. But shallow crude insults just make you look dumb.

[hyperrreal]

Oh Jesus. It's the CRA again. A worldwide depression isn't caused by thousands of poor people defaulting on their 100k mortgages.

Do yourself a favor and look up "credit default swaps". The real problem was caused by investment bankers and corporations trying to game the system (isn't that how this shit always goes down?). Ever ask yourself why the insurance giant AIG was one of the first to go down? Look up "credit default swaps" and you'll find your answer.

[CommanderYo]

Ahh I totally agree! Estimates of the CDS and derivatives out there in the world are upwards of a whopping 500 trillion dollars! Crazy huge. But why did these guys do this. And why are we bailing them out? These people should fail, its called moral hazard. These guys did this did this because so much loose credit was out there and The Fed/Fannie and Freddie! Everyone wanted a piece.

What is insane is that Obama's buddy Rahm Enamuel is in thick of it all! Thats change? Ha.

[hyperrreal]

Deregulation of the financial services industry and the repeal of the Glass-Steagall Act-both were spearheaded and supported by a Republican majority congress.

That's why they did it. Because the government turned their back and made it legal for them to steal. Corporate America is out of control again and here's Ron Paul saying that the government needs to get leave Corporate America alone. WTF? We need more regulation, not less.

Ron Paul is either a corporatist or a stooge of big business.

[CommanderYo]

You are right the Glass-Steagall repeal signed into law by Clinton was a big mistake. But you have it dead wrong on what The Revolution is all about BTW. We are deeply against Corporatism, using the power of government through special interest access to enrich the elite. Rahm Emanuel is the picture boy of this, an investment banker himself.

CDSs became staggeringly popular as credit risks exploded during the last seven years in the United States. Due to the Fed/Fannie/Freddie/CRA.

[hyperrreal]

I don't think so. Look at Ron Pauls record. He's walked in lock step with Bush over 75% of the time. He's no Maverick. And his steadfast belief in deregulation and tax cuts does nothing but benefit the wealthy and corporate elite.

Trickle down economics hasn't worked. The middle class has shrunk and wages have went down while productivity has gone up. Republicans have held the presidency 20 of the last 28 years, so for you to try to lay this problem at the feet of Democrats is laughable.

[zzxzqwq]

It was the the right wing republicans who forced the act through look at the voting records in the congress and senate, the demoracrs tried to stop it but the republicans held power Clinton was forced to p;ay along. Blame your hero Gingrich.

[zzxzqwq]

CommanderYo Fuck you commander duicik. You called me public school failure showing your arrogant snobbish bullying nature. I had done fuck all to you just insult me with that crap Fuck off and die you evil cunt. Can you even work out you are offensive cunt. So what if fannie mae was created 80 years ago, it never did anything wrong before you idiot.

[hyperrreal]

$75 is ridiculous estimate quoted by a the right-wing rag The Wall Street Journal that is run by Rupert Murdoch of Fox News. Do you really think auto workers make $150k a year? Lol. You're being duped by corporatists who want to bust up the Unions and lower American wages and slash our benefits.

Big Business would love to see us all working in sweatshops again. I'm sure they love the fact that they can uses stooges like you to cheerlead their destruction of the middle class.

[sianghan]

Are you retarded? Toyota makes cars in the US, with the same rules as the US car makers. The difference is that they don't overpay their workers ($48 vs $68/hr), and they make better cars, not American crap.

[hyperrreal]

America workers make between $27-$36 an hour. Where did you get that $68 dollar number?

The problem is American auto companies lobbying against raising CAFE standards. Who wants to buy a car that only gets 15 miles a gallon?

[Junk4Q2]

Paultard?

Hyperrreal you are just as uninformed as you are unoriginal.

"You can't fix stupid"

[jbryant13]

Kudlow is a CFR shill and a flaming asshole

[hyperrreal]

If these companies go bankrupt America will lose 3 million jobs. Is that what you want?

You Paultards just don't live in reality.

[tranzitionz]

hyper, you are fucking retarded. You think the government created the middle class? You are a waste of life, just die and stop stealing our precious air.

[hyperrreal]

Ha. You have nothing to say. Just lame insults. Exactly what I'd expect from the Paultard Reloveution or whatever the fuck you called it.

[saibjai]

i doubt that will happen even if they don't get the bailout. Someone will buy them up eventually. Its a sweet deal. Just make sure its not the government that buys it up.

[hyperrreal]

It'll be the government that buys them up alright. The government of China.

[dreiss]

Fuck the people, we have a theory to uphold.

[thequietkid10]

wow, such a short statement and yet so much truth.

[oilsander1]

The pension funds for these car companies are empty, and the government will have to make good on them, at least in Ontario, that is. This is what governments are terrified of.

[lanz1987]

I was torn about what i thought about the bailouts but Peter changed that. Why invest money in these companies run by morons, making products of the last century, shipping all work over the borders, CEOs pocketing a large part of the earnings. Let them go bankrupt and let newer better companies fill the spot. If they want to invest, invest in companies like Tesla.

[ericd543]

Right. If the automakers go through bancruptcy it won't be like the factories go unused. Someone else will buy them and build new cars. It's too big of a capitalization to sit idle for too long before someone else picks up the ball. Govt should incent greener cars via tax breaks.

[offramp23]

You couldn't be more wrong. Who is going to buy up all those assets? There are plants in Detroit and Flint that have been vacant for 25 years. There isn't even money to tear them down. Be under no illusions, there will simply be no U.S. based auto industry and we will all be affected. I'm not saying that we should bail them out - but you will see 10%+ unemployment within months. Mark my words, you will be affected.

[hyperrreal]

Yes, and that's when China will come in and buy up our deunionized auto industry, creating millions of new jobs paying $6 bucks an hour thereby destroying the middle class that would buy Tesla cars. Great idea!

[Junk4Q2]

Memo to hyperrreal; Middle class has been destroyed.

See the film on youtube then post ignorance about it. What a very sad and lonely past time.

From freedom to fascism.

[healthhavencom]

Luskin is a repulsive human.

Peter Schiff rocks the house again.

[jestertru]

Luskin is such a wannabe moron.

[justgetsome]

Agreed, but these guys don't want to diss peter because guys like me send hate mail.

[darkreign16]

Threatening letters from his brethren? lmao...

STOP SENDING PEOPLE PSYCHO EMAIL, JEEEEBUS.

you only make schiff look bad when you do that sycophantic shit...

[af0n]

To be honest; doesnt that douche deserve threatening emails? I mean, I'm not going to send any weird emails, but if people do..

just make it short & sweet, like

"If you dont stop being such a douchebag, im going to tape bacon to ur cat when u r gone"

[andy4443]

Apparently Peter Schiff knows Don Luskin pretty well and it was an inside joke.

[tito2b2]

Where is America?

We have certainly lost our ways. We killed Capitalism and replaced it with socialist soft-fascism. Shame on us all!!

[wowthungsten]

I agree with the fact that the US has lost its way, you just word it badly. You have no idea what socialism is and fascism also appears to be a nebulous concept.

Also, just as not every capitalistic idea is a good one, not every socialist idea is a bad one. What if somebody came up with an idea to bring the best of both worlds together in a manageable way? How about that as a policy challenge?

[tito2b2]

ALL Socialism is a bad idea. The free market works if you let it. Bring the best of Fascisim and majority rule Democracy together? That's what we have!

[wowthungsten]

Oh, all socialism is a bad idea. Guess we don't need the military anymore then, right?

I mean, you'd have to be brain damaged to have some asshole yell at you and send you within range of some douchebag in another country to get your head blown off for something that's none of your goddamn business in the first place. Right?

Next time they come calling 'to serve with honor' you tell them to go fuck themselves. You don't do socialism and there's no money in dying for someone else's pleasure.

[thomasw78]

No we don't need the military anymore. Allow everyone to own firearms, every person becomes a citizen-soldier and you just watch someone try to invade us. We couldn't win the Vietnam War and we can't even control Afghanistan with our trillion-dollar a year military. Pathetic.

"Every citizen should be a soldier. This was the case with the Greeks and Romans, and must be that of every free state." - Thomas Jefferson

[seid0067]

GO PETER SCHIFF!!!!!

[Epic878787]

Luskin better be laughed out of the country when inflation spikes and keeps spiking but unfortunately some of these guys have the memory of a fly and he'll say, "oh, that was a month ago so it doesn't matter now".

[Epic878787]

Subject line of this video is perfect. Peter has been explaining economics to people for a while and now he needs to start characterizing opposing views accurately, "lunacy". I hope he keeps up this kind of abrasive and assertive talk.

[tbackes]

bush is trying to get paulson in the face of senate and house non passage . to uses bank funds for bailing out auto industry. bush is a pee hole. or a dick shoved in the ass of the middle class

[jstnalex]

bravo peter schiff! let the free market weed out the bad companies and bad debt...Reward success not failure!

[JohnR22926]

Good!! Lets be clear on what the REAL issue is here. The Dem package was designed to protect the union (UAW). Period!

The Reps refused to support the plan because it has ZERO prospect of fixing the industry's fundamental problem which is that it costs them about $2,000 more to make a car than the foreign manufacturers. Until the costs are brought into synch (through reduced union wages/benefits), the Big 3 cannot compete.

The Reps offered a good alternative plan, but Dems say NO!