I watched pretty much all the videos of Peter and I hate the fucking power of the corporations on Washington. But let GM bankrupt and someone that will produce cars more efficiently will take it over is not a correct argument. The theory of free-market is for small businesses. Automotive industry have few players all of them are big. By the way the mayor's argument on other countries are backing their own brands is true.
Wow both the mayor and reporter are dumb.. "Make all electric" <---- lol! first improve the pollution caused by electric batteries and improve the life of the battery then you can start all electric. For the mayor, fuck you, you piece of shit, backing up the greedy bastards.
The mayor is an idiot. He actually thinks that if they did not bail out GM, their assets would simply vanish into thin air. Of course in the real world, another company or other investors would have taken over the company and renegotiated the union contracts, which would allow GM to become profitable and maintain most of their employees.
This was just another favor by Obama granted to a Union at the expense of everyone else. We have some serious retards in America, but Peter is not one of them
What everyone seems to forget here is that the situation in which this was being discussed is not normal. There was a banking crisis during which money was very tight. No-one wanted to invest. In ordinary circumstances GM wouldn't have failed because investors would have intervened, but not in 2008.
Letting GM fail would have caused even more lost revenue to the economy at least during the bankruptcy proceedings. This would have made the crisis worse.
Peter is so right! We had a similar story here in Sweden where the automobile company SAAB was about to collapse. A lot of people wanted the Swedish government to save the company but luckily the government said no. And exactly as Peter said would happen, several other companies and entrepreneurs showed interest in SAAB and managed to save it from bankruptcy. The road ahead will be tough but hopefully SAAB will be a profitable company very soon - without the support of taxpayers money.
In the video when they said the GM Executives are only making $1 for the year and Peter quickly responded, "they're overpaid," I died laughing!!!! Peter is freaking hilarious!!!
This idiot to the Right, is one of the reason why U.S is going to go bankrupt... BANKRUPTCY IS A HEALTHY THING,, its the equal important part as making profit...
Bankruptcy is not the end,, it means a fresh start. With new owners, new organisations, new capital... My gosh!
Wait, it's bull that when the government bails out the auto industry they get the money from somewhere else? Congrats city in Michigan, you have elected a mayor without first grade level knowledge of how government works. And then on top of that he says Toyoto is only successful because they're supported by their government? People buy Toyotas because they actually make affordable cars that don't break down after three years, I doubt they would go bankrupt without support from their government.
screw the callers and this talking head. she makes some good points but she should practice staying out of it for a while. i wanted to see where peter would take the "debate" once the dumb mayor insulted him. obviously, he'd school him...peter would school the mayor that is.
Another dip shit moderator whose understanding of economics is less than that of a kindergärtner And I'm really tired of the disingenuous nature of the cries about people losing their jobs. The mayor is being regional and fighting over what he sees as a territorial issue. He doesn't care if the middle class gets skewered in FL or TX or ND as long as it isn't in his town so he lies and engages in rubbish..
That dude's a dumbass and doesn't know anything about economics obviously. He needs to read more of Peter's books and maybe something will click in that head full of rocks.
I love how that idiot tried to paint Peter Schiff as a status-quo Wall Street criminal. I really feel sorry for Peter, he is regularly forced to debate retards
haha surprising (not all all) the US already deterioiated to the level of having commercial intermissions every 10 minutes......i wonder when commericals will surpass 50% of the total time of a US TV shows. i guess next year.......
This is probably one of the easiest debates Peter has had on mainstream news. That mayor made a total ass of himself with his personal attacks and faulty logic. You can tell he was getting pissed about being wrong.
that's funny, i'm pretty sure Ron Paul still has all his and he's old! i think the point is that the majority of people in this country, who went to public school, (which is controlled by the government) grow up listening to what the media tells them and they learn to think of all politics in terms of just right and left which is not true at all. there's an up and down, you know. and then some of these publicly educated idiots end up in public office only cuz they know how to talk a good game.
Schiff is not for killing the auto industry, he's for killing zombie companies and freeing up capital and labor. The mayor's rambling set of talking points don't even get to the crux of the argument. FAIL
Not that I have anything against the car industry BUT when millions of Americans lost their industry jobs, who cared? They were told move, go back to school, find another career, your jobs are not coming back. They didn't have anyone worried about their jobs of 25,30, 35 years that raised their families. Look what was done to IT in this country & then lobbyist go to Congress & say we don't have enough highly skilled people. It's shameful what has been done to this country.
U know im all for going green....but somehow whenever talking bailouts or economics as soon as someone starts with green energy, or electric cars...Im like "not now ADULTS are talking"....4:35
it always seems so childish...for such a serious topic...even tho i support it!
Bankruptcy is healthy! When I went bankrupt, some other investors bought my assets and started from scratch. The new company kept my best employees, and gave them little lower salary, but they kept their jobs... I don't understand the policy "To big to fail".
Recessions are also very good because it re organizes the assets. Its simple, a company that makes bad decisions are left to fend for themselves, if they manage to revive the company great then they can continue to reap the profits but, if they fail they will receive no help from gov't and will go bankrupt and another company will take over the assets and replace the fallen company. Bad management out, competent management in!!!
the mayor on this vid is a complete moron and unable to comprehend. you would think being a mayor and all he would have some grasp of basic economics.
The overall picture is that the Big3 ( GM & Chrysler ) anyways , are being victimized by dealerships that have been running away with any profits for years , while they should have been passing on or increasing sales prices to support their own foundation suppliers. In effect the dealers have managed to rip off the manufacturers and destroy their profits through their own employment , not the GM workers or GM management as they would suggest.
All of the new car manufacturers need to take a good hard look at how long the Big3 have been providing a service in America , and how many companies rely upon them nationally. If they did , they would see who the dealers are , and why they are nothing but dealers. They have nothing but criticism for their own foundations. And the real criticism should be directed towards the dealers , their credibility , and how they haven't ever built a single part or car themselves through manufacturing
What's even more deplorable , is for a dealership to criticize GM , ( envelope themselves solely in GM sales & service ) , especially GM Detroit , but they always rely on GM Detroit for parts & manufacturing that indirectly created their businesses , by phone , fax or otherwise when there is any need for anything. The same people boast being in the same business for years , but still call and are reliant upon Detroit , MI for everything that sustains them. The sales market is a Big3 testiment
I really like the fact that this video was done Dec/08 , while Peter Schiff predicted , and extensively provided us with his "accountant " related informations to say that the American dollar would be "history " as of Feb./09. It didn't happen. It really makes me ill to think that people like Schiff are getting rich off of companies like GM , as a result of attempting to falsely discredit them. While many people use those companies to earn a living by doing the same.
you can't blame that mayer for saying what he's saying. but i have to agree with peter schift. if these companies are so big and curropt, the execs AND the unions than fuck them!!! fuck them up the ass, dude, instead of discussing bailing out the auto industry we should be discussing getting our tarp money back from the banks. just my opinion.
...These would be people who are qualified to pick winning solutions and begin the technical rebuilding process from within. Since all Americans would in effect be shareholders in these companies, they could be offered subsidized green energy cars, which would inject money back into the manufacturers (the local economy) and propel the evolution.
There are much more efficient forms of powering machines than through the old 'fuel engine' model. This technology is in the hands of the car manufacturers and oil companies. The US government should acquire this IP as part of a nationalization of its car manufacturers. It's valuable and would then be owned by the people. An Independent panel of sustainable energy experts could form steering committees for each of the car companies...tbc...
The ethanol example is a good example of the way things WERE. As you point out it is a fake, designed to fool the people into thinking something new and innovative and 'green' is being done. The new paradigm actually requires real green technologies to succeed, since that is the ONLY lifeline for the long-term prospects of your entire economy. There is simply no money for inefficient solutions any more. They will fall over naturally....tbc...
...You change the base of the economy thus forcing the rest of the world to follow (become a leader here), save jobs and repay the debt back to the American people in the future. Who has a better idea? Tell me what nationalising banks will do to propel the economy forward in the medium to long term and save VALUABLE JOBS? (I know none of you guys are saying that should happen, but I'm curious - does anyone else have any ideas??)
Nancy Pelosi, Harry Reid, and all the other clowns in D.C. are incapable of efficiently picking winners and losers in the economy. The inevitable result will be taxpayer's money being directed to the politically connected and powerful. The only reasonable option is to harness the wisdom of crowds, as embodied in a free and open marketplace, to direct allocations of capital and labor. We need to resurrect the idea of liberty and the rule of law, and abandon the politics of patronage.
I am not talking about a bail-out - I'm talking about Nationalisation. Take over the car manufacturers, use the technology they have refused to use (since they are so tied to the interests of oil producers), to make new generation cars, use the ideas of the workers to create efficiencies on the factory floor and in other aspects of the business, then sell the company on behalf of the people of the nation once it has been turned around.
I agree with you when you say that there are other car makers out there - but the problem is, they don't employ 3 million people yet. Car manufacturers can not fail!! It would exacerbate the already rampant negative feedback loop that is destroying your economy. Obama must use the opportunity to change the base of the economy from an oil reliant one, to one based on new green technologies. This would force the rest of the world to follow suit and put you in a leading position.
And you talk about investing taxpayer money in "so-called" green technologies. Who is picking the winners of this eruption of government cheese? The truth is that "green" tech winners will undoubtedly be folks who contributed the most cash to the political campaigns of the D.C. clown show. A good example of this insanity is the corn subsidies for ethanol. The input fuel costs to grow the corn, are higher than the ethanol produced! And taxpayers are forced to subsidize this stupidity!
see my comments. I think you make good points about the political process - influence of lobby groups etc, but the dynamic has changed. I agree that the direction your country takes should be taken from the collective wisdom of the people. I am a huge advocate of using the internet as a means to form huge 'people's lobby groups'. The internet and its ability to connect people means that 'the people' have more power than ever before. Americans should use it NOW. Start something.
no ideas (as opposed to my 'car manufacturing relaunch' idea) will make everyone not just poorer, but fight each other. The finance industry does not produce anything physical - it just shifts our money. Car manufacturers actually produce something - cars. You are right to say the govt shouldn't run businesses but that is a regrettable reality of this situation. Obama can remodel your economy from the ground up by controlling car manuf. and end your reliance on oil nations.
America doesn't have any great choices right now. If your country lets the finance industry fail and the car manufacturing sector fail you're in for revolution. They have to borrow (since, you're right, there is no money) and they have to prop up jobs somewhere. Car manufacturers have been sitting on a treasure trove of new energy systems for decades. Govt needs to come in and force fundamental change from within, force them to make green cars and relaunch the economy.
the caller that bought gm stock 2 days before is now down 50%.
the mayor talking about the lifestyles that gm's existence afforded over the past 30 years is a bit like talking about all the people who've taken on more debt (beyond their means) than they can afford during the same time. it was not a productive transfer of one group's savings to another's debt-load.
It will keep millions of people in real jobs - people who make real products not imaginary financial instruments. Manufacturing production is the way out.
Manufacturing production is the way out... but with who's money? The government? Peter is right, the government is BROKE. And they should not be in the business of buying manufacturing stocks.
Idea: If the American Govt is thinking about nationalizing banks (and they are, believe me) why not nationalize the auto industry instead? There are compelling reasons for them to do this. Barak wants to develop an economic model that has its basis in sustainable / energy efficient technologies and ends reliance on foreign oil. What better way to re-build the basis of the economy by forcing major change on the car manufacturers?
Ideas like that will make everybody poorer. How will the government buy and operate a car company? They have no money, and soon none of us will have any money of value.
Did I hear Peter Schiff right? No one should buy a car on credit? Money gets into our economy through credit. Federal Reserve asks U.S. mint to print money, which the Fed then lends out(issues). It is a completely debt based system. No debt, no money. How can Peter Schiff call himself an economist?
You need to go watch some more videos of Peter Schiff because you've misunderstood.
Schiff says time and again that the fed is the key to this whole problem. The fed has the power to create money at will and then gives it out for nothing which causes malinvestment. He was simply saying that it is wrong to focus on giving out more credit because that is what has brought the economy down to its knees in the first place.
Yes, the mint prints money, which is issued through the FED. The Fed issues the money primarily through banks in the form of credit. All money in our economy originated as debt. Without new money, the money in circulation will be absorbed by the banks in an effort to shore up their accounts from the losses they have incurred.
Also, note that the Fed ran a tight monetary policy from 2005-Sept. 2007. It was that tight policy coming on top of Greenspans loose policy that caused the crash.
Peter Schiff isn't anti-debt or anti-lending, as you seem to characterize him. He's saying that we need to borrow LESS these days because what we need is more savings and more production, not more borrowing and consuming. Schiff, I believe, was trying to say, 'don't buy a new car, keep the one you have for a few more years. Especially don't buy a new car with credit.'
Where are you going to get parts for your car if there is no auto industry? Foreign companies are cutting production here now, and there aren't enough horses to go around, not to mention the fact that horses cannot travel on paved roads.
GM and Chrysler are not so holy that when they go bankrupt there is no more auto-industry. As long as people have cars there will be people making money off of selling parts for them. This is called supply and demand, and believe it or not it works just fine without government bailouts.
That Lansing mayor needs to shut the f--- up about "patriotism" until GM, Chrysler & Ford move their factories & jobs out of China, Mexico and India!
Until the Big 3 do their parts to help restore OUR economy (bring their manufacturing plants & jobs back to the U.S. and stop manufacturing gas guzzlers that most Americans can no longer afford), they can go f--- themselves.
Arrogant bastards! Acting like Americans OWE the Big 3 a living.
they will bailout the big three because if they close the plants it will move through the whole economy and set off a chain reaction of layoffs from the reduced spending.
To the point of the Mayor of Lansing. The U.S. govt has not supported its domestic auto industry in the same way other countries like Japan have done. I do not see Japan and european countries allowing mulitple U.S. car manufacturers set up shop in their countries and sell those autos they make in those countries. To the point of Peter Schiff, he is right that the govt should not make decisions on how the taxpayers get hosed.
"Unequal playing field"? You mean when companies get rewarded for failing?
As for the government robbing from other people, that's not what Peter is saying. Peter is saying that when the government gives money to A, it can no longer be spent on B, even though B might be a more worthy cause. In this case, just about anything is a more worthy cause than bailing out incompetent CEO's of reckless companies.
-- Goverment should be closing military 722 bases around the world ,, IMAGINE how much that costs , 722 for what , THEY are oppening new ones , IRAq2003 KOSOVO1999 ,
-- CAR industry should be making FUEL EFFICIENT cars .. not gas guzzlers . EUROPE has been driving 4 cylynder cars for long time over 27 miles per gallon .. USA wants big pick ups 10-15 miles per gallon , THAT is not future , also 8000 Americans died for OIL in IRAQ .
This guy is just the average politician. He was getting cornered by Peter Schiff so he attacked like an animal. I beleive the Politician said he read Peter's book, but its clear that he did not or he would have been slightly more competent in this interview. The moral of the story is that we shouldn't have politicians arguing against economists. One will argue for his constituents while the other will argue based on economics. I rather just have two indepedent economists.
The mayor is totally biased. He's such a politician. That's exactly what's wrong with this country. Looking out for the special interest, and not taking the whole into consideration.
I almost agree with Peter Schiff 100% off the time but the Lansing Mayor made some very good points. This is probably the first video of his where I was like he's wrong on a point.
Toyota and Honda have a protected home market with subsidized national health care and subsidized national pensions. That way they can focus on exports only.
So his point that we have unequal playing field is correct. The government sets trade policies and should do what it can to make the field even.
Aren't the foreign auto company's plants, like Toyota, Honda and Mazda, located in America? Actually I beleive most of the cars that these companies build are located in Atlanta, Georgia. There employers only get an average of 38 dollars an hour compared to Ford's 78 dollars an hour average pay. I don't think these people get healthcare either??? but I'm really unsure. I know that they receive less benefits than American auto workers, so I think the mayors argument is moot.
Many gop Senators and people like them will next want our military to take pay cuts and lose there pensions. Next the police, fireman ect... shame shame on them. Soulless Evildoer fools. They are like sheep to the rich, foolish in thought and mind spineless jellyfish,is what they are.
Yeah to pay for the debt that all the liberal states have incurred over the past 2 or 3 decades. I find it hilarious that the state with the most democrats, who have always been know to be irresponsible with money, are in the most debt. I also find it even more funny how liberals claim to want environmental sustainability even though they live in cities, meaning they are the least environmentally sustainable people. By the way, just so you don't get any impressions, I'm not a repub.
Market forces should not be surrendered to, they are blind and amoral.
The resources of this world were given for the benefit of the whole human race yet millions lack adequate food, shelter, healthcare and education. Even in the USA about 40 million people go without proper medical care.
The answer to this unpleasant chaos is simple; we must share the resources more equally. Only if we do this can we achieve justice and peace.
Try the 'Share International' web site for more information.
Apulius, the market already allocates resources to wherever is most productive, through the price system. What's happening is that such a system is being manipulated by forces outside the market, mainly the FED and the Government. If people continue to allow governments to dictate prices and allocation of resources, there will be the artificial scarcity and waste. 'Sharing' resources does not make sense in itself without a price system and private property rights.
As I said the free market is amoral. But it is morality that gives fragrance to life, to coin a phrase.
I have heard it put like this: an economy can be likened to a cart which needs 2 wheels to go.
As has been proved, communism - pure socialism - dosen't work; now we're discovering that pure capitalism is also fatally flawed. Deregulation has lead to the chaos and collapse that we see.
I believe in a blend of the two systems and a sharing of the world's resources.
Apulius, just which deregulation was done that lead to this? Exactly what regulation was taken out of the books that originated the housing bubble and the collapse of the banking system? Did the FED suddenly stop working through the 90s? Because last I saw, it was the FED and its loose money policies that reduced the interest rates and enticed people to borrow like crazy. I agree with you that the market itself IS amoral, but that is because it is a SYSTEM, not a person.
I totally agree. The market, just like communism, is a system and we should never surrender to any system. It can lead people into a robot like existence where their only purpose in life is to serve that system. Human beings - including the millions in poor countries that our system does little for - are unique souls each with their own contribution to make. Rather than being ideological and enslaving ourselves to a system, we should be more humane.
finnally the republicans did something good, screw the automobile companies and the unions, they only careed about making a quick buck, and now they find themselves on the verge of extinction due to their own stupidity, I say good ridance to glorified imbeciles
For the record I live in ASIA, yes here the goverment doesn't fully support the industry but the ASIA goverment generally realizing the mistake they made during the 1997 economic crisis.
So by far they are trying their best to avoid the same mistake they did at that time...
So what Peter Schiff say is "generally" true because most ASIAN countries have more fund in the pocket than USA, we as the people just dn't see it, that the sad thing livin' in Asia
I mean, at first I was for the bailout, but seeing as everyone else will go down with the Captain who made the mistake, we'd be taking a big hit just to make a statement.
Yeah but unlike Wallstreet these are actual workers that need help. It's a different situation because even if we teach the board/CEO a lesson by not bailing them out, millions of workers will have to pay the price. The board and the CEO have their golden parachutes, but the workers don't.
I'm all for teaching a lesson to billionaires at the top that they can't just use the Government as their own personal bank; But by doing so we're sacrificing many jobs in the process.
big three have to have a plan show accountability lose private jets work for free yet wallstreet banks get bonuses pay keep jets go to fancy hotels expensive hunting trip one rule for blue collar worker companies another for the big lobbist wallstreeters gov needs to level trade agreements allow usa cars in japan also if bush would have bought all the bad mortgages it would have cost 200 billion and where and who is getting 2 trilion no one cares about that
i had a firefly auto got 50 mpg in city and 60 highway 1990 today you have to buy hybrid to get that wtf all car manufacturers are controlled by the oil companies they should buy the big three but the gov should buy them out it would be cheaper they need to save 3 million directly related jobs and at least 10 million indirectly related jobs how about having trade agreements that allow cars in japan they are allowed here
People need to support USA goods buy American made goods. Dont have the mind set of the 70s and 80s. That it cool,rebelish, to just not care and buy foriegn goods. Many of our polititians & media would have you believe this, they're in the back pockets of many foriegn companies And just like sheep many people follow them. Dont be a sheep help American workers out be Patriotic buy and look for USA goods in stores and on line We can not wait and be sheep to paid off polititains
The Am automakers have been at an extreme economic disadvantage. Foreign automakers Get gov't provided med ins & billions of tax breaks for opening plants here. The Republicans are lying about the salary of union workers to break the unions & Am industry in favor of the foreign companies in their states!
The private sector is the only way we get ahead and generate more jobs and a productive environment. The feds are NOT good at business, and should only be there for the small things they were created for in the first place.
Peter Schiff is an investor, and if you've listened to him more than just this video, you would know that he warns people against listening to stock advisors on TV. He talks about his opinions of how the ecnonomy should operate and where it is headed with the continuous bailouts and government interfering with too many regulations and dictating what businesses should and shouldn't do.
peter schff is an investor.he is suppose to lie and fleece u blind fools to make money for himself!!he does not,how can u ignore priceless information!!
Well I guess we are not Patriots and Mr. Mayor is. Peter is trying to protect the people, this is why he speaks with so much passion. Now that is Patriotism. Who ever said you have to support the Government to be a Patriot?.
That's right, just start slandering and lying about Mr. Schiff when you have no actual rebuttal. You make me sick. I wish I could move to Michigan to vote you out of office, but I have a bone to pick with Rick Perry first.
what is that guy in red tie talking about??? i like peters opinion, tax money for chrysler, gm etc. will bring absolutely nothing if they continue with the "good" work like in the past. these cars can be sold only in us, but nobody buys them in japan or europe.. if you cant export your product, there is something bad abbout it..
Everyone has to wake up. This buffoon is talking about patriotism? patriotism was Volkswagen making cars for Hitler. Was GM patriotic when it stifled ingenuity? Created vehicles that made us dependent on more oil than was needed? Hell no!
Whats needed is good ideas and people. The economy is in the shitter so theres no point bailing them out with a pipe dream that going electric will stimulate sales. NO ONE CAN AFFORD CARS PERIOD.
theorizing?! its fucking facts that people in europe, asia, south america and north america itself know for a fact that the big three manufacture shit cars compared to european/asian cars and he tries to say that foreign car manufactures are facing this problem since the government supports them? lmfao. first of all the government support wont get them to increase sales just because the government says to, that's why there's a word called consumer desicion.
God bless America...fuck the mayor. Thats patriotism. Get rid of lazy politicians who leech from society and wave the flag cuz they dont promote solid simple ideas. Anyone with a brain cell can understand Peter which is why the industry doesnt like him. He removes the facade of finance....
Its simple. make shit people need. save money to buy it. dont take things on credit. Problem solved.
The guy who forecasted the economic trouble at least 2 years ago or the mayor, who like most other politician, makes his living my lieing and manipulating people? That's a tough one...
I watch this caricature character Mayor and cannot figure out where these fools come from? Harvard graduates who live their entire lives next to Canadia and still have no idea that this is a different country.
Mayor! We are competing with fools like you that run this country, and it seems that you are winning. ToTink has a good idea for fueling cars. Hey, Mayor, did you read it?
You'll know Peter was right when there's more heat content in the dollar bills than in the barrel of oil they've purchased. That day is coming.
In the meantime, the auto companies will be delivered into the hands of the Fascists that destroyed them. That'll be the last gasp for manufacturing in America.
Americans should know already that China has been picked as the industrial base for the world economy
North America will be healthcare agricultural base
the last 40 years your industrial base has already moved the last vestiges are about to go under because the world does not want their products. the NWO has already come to America over the last 40 years.You have already been gutted raped and looted.your pensions and 401k are gone SA and SS checks are next to fall.
The Mayor was nothing but sound-bites, unsubstantiated blame, unfounded personal attacks, playing to emotions, and avoiding the questions posed to him.
Who fed him all of those cliched, meaningless, trite, rude, obviously coached lines, and why? Who owns your politicians?
ToTink: Haha! You know....you may have a viable point here. During the Weimar Republic in Germany it was cheaper to burn notes that to actually pay for wood to burn.
the so called "big shift" soon will take place...one world financial system ...the un will have a great role in that...it's all falling into place...slowly but surely... it's called the new economic order
Hahaha I can just tell by the way Peter smiles at the stuff the mayor says...he must sit here for days and watch these and laugh at all the stuff his opponents say. But hes right we do need an industrial revolution in this country. The only thing holding us back is our monstrous government that is growing by the day. The government needs to get out of the way and let us produce again!!!
I always hear about making the auto industry make cars Americans want like hybreds. They should never sell SUVs. The people WANTED SUVs. If they didn't sell SUVs they wouldn't have sold anything. If the government forces the US auto industry to make the same kind of cars Japan makes they will go out because people will by Japanese. Hell, Japan is making SUVs to. If the government let US auto make full size cars they wouldn't need SUVs.
This is a perfect example of a politician who has no clue, but thinks he does. I would say, 90% think like him. In the end Peter Schiff nails him to the wall. This politician had the guts to say our auto industry is viable. Peter took the opportunity to say if they are viable, why are they asking for a bail out? Let them fail, and let someone with know how purchase and run these companies like they should. Central economic planning never works, but idiots like this one think it does.
US automakres are so far behind what rest of the world is doing they soon will be unable to compete with Chinese crap cars. It's just absurd!
Marine475 3 weeks ago
I watched pretty much all the videos of Peter and I hate the fucking power of the corporations on Washington. But let GM bankrupt and someone that will produce cars more efficiently will take it over is not a correct argument. The theory of free-market is for small businesses. Automotive industry have few players all of them are big. By the way the mayor's argument on other countries are backing their own brands is true.
caskurlu 5 months ago
Hahaha. Man, this mayor has NO argument. He just accuses peter of living in a world of theory. Sorry my friend, that is not a substantive argument.
dustinseth1 6 months ago
Two wrong don't make a right. Didn't your mother tell you that?-Peter Schiff
That's an instant classic.
stockmarketfreak 6 months ago 3
Wow both the mayor and reporter are dumb.. "Make all electric" <---- lol! first improve the pollution caused by electric batteries and improve the life of the battery then you can start all electric. For the mayor, fuck you, you piece of shit, backing up the greedy bastards.
warmoviesboy 7 months ago
The mayor is such a typical mawkish liberal
dirtylos30 10 months ago
The mayor is an idiot. He actually thinks that if they did not bail out GM, their assets would simply vanish into thin air. Of course in the real world, another company or other investors would have taken over the company and renegotiated the union contracts, which would allow GM to become profitable and maintain most of their employees.
This was just another favor by Obama granted to a Union at the expense of everyone else. We have some serious retards in America, but Peter is not one of them
groam6666 1 year ago
@groam6666
What everyone seems to forget here is that the situation in which this was being discussed is not normal. There was a banking crisis during which money was very tight. No-one wanted to invest. In ordinary circumstances GM wouldn't have failed because investors would have intervened, but not in 2008.
Letting GM fail would have caused even more lost revenue to the economy at least during the bankruptcy proceedings. This would have made the crisis worse.
eshnajizzle 8 months ago
Peter is so right! We had a similar story here in Sweden where the automobile company SAAB was about to collapse. A lot of people wanted the Swedish government to save the company but luckily the government said no. And exactly as Peter said would happen, several other companies and entrepreneurs showed interest in SAAB and managed to save it from bankruptcy. The road ahead will be tough but hopefully SAAB will be a profitable company very soon - without the support of taxpayers money.
gnuochtapir 1 year ago
In the video when they said the GM Executives are only making $1 for the year and Peter quickly responded, "they're overpaid," I died laughing!!!! Peter is freaking hilarious!!!
DJAnthonyillWill 1 year ago
This idiot to the Right, is one of the reason why U.S is going to go bankrupt... BANKRUPTCY IS A HEALTHY THING,, its the equal important part as making profit...
Bankruptcy is not the end,, it means a fresh start. With new owners, new organisations, new capital... My gosh!
bjarnet3 1 year ago
Everyone ever pitted against peter schiff on tv ends up being a moron.
ronaldoelpaso 1 year ago
Wait, it's bull that when the government bails out the auto industry they get the money from somewhere else? Congrats city in Michigan, you have elected a mayor without first grade level knowledge of how government works. And then on top of that he says Toyoto is only successful because they're supported by their government? People buy Toyotas because they actually make affordable cars that don't break down after three years, I doubt they would go bankrupt without support from their government.
redsoxx2424 1 year ago
The mayor is such an idiot he can't even blink both eyes at the same time.
d1bx4pp 1 year ago
screw the callers and this talking head. she makes some good points but she should practice staying out of it for a while. i wanted to see where peter would take the "debate" once the dumb mayor insulted him. obviously, he'd school him...peter would school the mayor that is.
wunderbeast 1 year ago
Another dip shit moderator whose understanding of economics is less than that of a kindergärtner And I'm really tired of the disingenuous nature of the cries about people losing their jobs. The mayor is being regional and fighting over what he sees as a territorial issue. He doesn't care if the middle class gets skewered in FL or TX or ND as long as it isn't in his town so he lies and engages in rubbish..
equsnarnd 1 year ago 2
peter vs fool, prick
i'm getting bored
bobby4500 1 year ago 4
That dude's a dumbass and doesn't know anything about economics obviously. He needs to read more of Peter's books and maybe something will click in that head full of rocks.
cousinmccain 1 year ago 2
wow peter's opponents are so rude and come across as childish. his truth must have hit a nerve.
bonfirejovi 1 year ago 6
This mayor is a prick!
LibertySole 1 year ago 4
this mayor is an idiot
69uhaul 1 year ago 5
I love how that idiot tried to paint Peter Schiff as a status-quo Wall Street criminal. I really feel sorry for Peter, he is regularly forced to debate retards
BikiniBabe1985 1 year ago 26
"They're overpaid..."
nuclide 1 year ago
@nuclide
Peter Schiff is the king of fast replies.
Just like his reply to the question.."How do you become a real estate millionaire?"
Peter Schiff: Start out as a real estate biliionaire.
cnow123 1 year ago
This mayor makes me furious. This guy is completely clueless. He is the one that sounds like an out of touch politician.
jeremyraybrown 1 year ago
this mayor looked like a total idiot. there is a town somewhere in Michigan that is very embarrassed right about now...
rosskranz 1 year ago
5:32 They're overpayed :D
Visfen 1 year ago
That Mayor is not a moron. He is a professor.
rosewood223 1 year ago
definitely a moron
joslin01 1 year ago
@rosewood223 well, then he's a moron and a professor.
CptCrash21 1 year ago
@rosewood223 most professors today are morons.
bushbarnes 1 year ago
@rosewood223 The mayor is a moron. You need to learn a thing or two.
jeremyraybrown 1 year ago
@rosewood223 the mayor is definately a moron. holy shit you're clueless.
tmac9938 1 year ago 2
That mayor is a fucking retard.....wow I guess its not hard to get elected mayor for detroit
wannabestudd 2 years ago 3
Lansing, Michigan
jaffijoe 1 year ago
haha surprising (not all all) the US already deterioiated to the level of having commercial intermissions every 10 minutes......i wonder when commericals will surpass 50% of the total time of a US TV shows. i guess next year.......
zUkUnFtsBeAt 2 years ago
2:59 didn't your mutha tell ya?
Rzaforshiza 2 years ago
Peter Schiff won hands down.
headbanger623 2 years ago 2
that mayor is a moron, peter started his company from his house
white tower my ass
atomicdogg34 2 years ago 3
Man who the hell votes for people like Bernero? Guy's a moron.
goshoops23 2 years ago 3
This is probably one of the easiest debates Peter has had on mainstream news. That mayor made a total ass of himself with his personal attacks and faulty logic. You can tell he was getting pissed about being wrong.
thatmafiaguy 2 years ago
lol he already got mad and blamed schiff for causing collapse
Chslosers 2 years ago 2
LOL Schiff: 'alllright'
hahahahaha christ that was funny.
audiohi 2 years ago 2
"They're overpaid."
Lol, that's great.
marktrade88 2 years ago
$1/yr for the exec. is TOO MUCH!! LOL. How funny Peter can be sometimes but true.
jetmanrun 2 years ago
How is that guy Mayor seriously.
Martial024 2 years ago
The mayor lost his cool and lost the debate!
jonasnight 2 years ago
I hope Peter doesn't get elected, since public office obviously kills all your brain cells.
MOPEDBRAD 2 years ago
It only kills the brain cells of those who let them be destroyed.
ZackServo2point0 2 years ago 2
that's funny, i'm pretty sure Ron Paul still has all his and he's old! i think the point is that the majority of people in this country, who went to public school, (which is controlled by the government) grow up listening to what the media tells them and they learn to think of all politics in terms of just right and left which is not true at all. there's an up and down, you know. and then some of these publicly educated idiots end up in public office only cuz they know how to talk a good game.
wachman 2 years ago 13
Schiff is not for killing the auto industry, he's for killing zombie companies and freeing up capital and labor. The mayor's rambling set of talking points don't even get to the crux of the argument. FAIL
PEinHK 2 years ago
purely idiotic.
TheAlphaMael 2 years ago
Comment removed
TheAlphaMael 2 years ago
Not that I have anything against the car industry BUT when millions of Americans lost their industry jobs, who cared? They were told move, go back to school, find another career, your jobs are not coming back. They didn't have anyone worried about their jobs of 25,30, 35 years that raised their families. Look what was done to IT in this country & then lobbyist go to Congress & say we don't have enough highly skilled people. It's shameful what has been done to this country.
CentrlFlagrl 2 years ago
U know im all for going green....but somehow whenever talking bailouts or economics as soon as someone starts with green energy, or electric cars...Im like "not now ADULTS are talking"....4:35
it always seems so childish...for such a serious topic...even tho i support it!
weregarg 2 years ago
Bankruptcy is healthy! When I went bankrupt, some other investors bought my assets and started from scratch. The new company kept my best employees, and gave them little lower salary, but they kept their jobs... I don't understand the policy "To big to fail".
bjarnet3 2 years ago 3
Recessions are also very good because it re organizes the assets. Its simple, a company that makes bad decisions are left to fend for themselves, if they manage to revive the company great then they can continue to reap the profits but, if they fail they will receive no help from gov't and will go bankrupt and another company will take over the assets and replace the fallen company. Bad management out, competent management in!!!
NWAsMostWanted 2 years ago 2
the mayor on this vid is a complete moron and unable to comprehend. you would think being a mayor and all he would have some grasp of basic economics.
BadMonkeySyndrome 2 years ago 5
The overall picture is that the Big3 ( GM & Chrysler ) anyways , are being victimized by dealerships that have been running away with any profits for years , while they should have been passing on or increasing sales prices to support their own foundation suppliers. In effect the dealers have managed to rip off the manufacturers and destroy their profits through their own employment , not the GM workers or GM management as they would suggest.
fthrcast 2 years ago
All of the new car manufacturers need to take a good hard look at how long the Big3 have been providing a service in America , and how many companies rely upon them nationally. If they did , they would see who the dealers are , and why they are nothing but dealers. They have nothing but criticism for their own foundations. And the real criticism should be directed towards the dealers , their credibility , and how they haven't ever built a single part or car themselves through manufacturing
fthrcast 2 years ago
What's even more deplorable , is for a dealership to criticize GM , ( envelope themselves solely in GM sales & service ) , especially GM Detroit , but they always rely on GM Detroit for parts & manufacturing that indirectly created their businesses , by phone , fax or otherwise when there is any need for anything. The same people boast being in the same business for years , but still call and are reliant upon Detroit , MI for everything that sustains them. The sales market is a Big3 testiment
fthrcast 2 years ago
I really like the fact that this video was done Dec/08 , while Peter Schiff predicted , and extensively provided us with his "accountant " related informations to say that the American dollar would be "history " as of Feb./09. It didn't happen. It really makes me ill to think that people like Schiff are getting rich off of companies like GM , as a result of attempting to falsely discredit them. While many people use those companies to earn a living by doing the same.
fthrcast 2 years ago
you can't blame that mayer for saying what he's saying. but i have to agree with peter schift. if these companies are so big and curropt, the execs AND the unions than fuck them!!! fuck them up the ass, dude, instead of discussing bailing out the auto industry we should be discussing getting our tarp money back from the banks. just my opinion.
qweqqweqbt 2 years ago
The mayor's not patriotic as he does not support freedom and believe it's superior to controls which empirical evidence will support.
fomastephanovitch 2 years ago
...These would be people who are qualified to pick winning solutions and begin the technical rebuilding process from within. Since all Americans would in effect be shareholders in these companies, they could be offered subsidized green energy cars, which would inject money back into the manufacturers (the local economy) and propel the evolution.
digitalchris1 2 years ago
SeanEdwardsCa
There are much more efficient forms of powering machines than through the old 'fuel engine' model. This technology is in the hands of the car manufacturers and oil companies. The US government should acquire this IP as part of a nationalization of its car manufacturers. It's valuable and would then be owned by the people. An Independent panel of sustainable energy experts could form steering committees for each of the car companies...tbc...
digitalchris1 2 years ago
SeanEdwardsCa
The ethanol example is a good example of the way things WERE. As you point out it is a fake, designed to fool the people into thinking something new and innovative and 'green' is being done. The new paradigm actually requires real green technologies to succeed, since that is the ONLY lifeline for the long-term prospects of your entire economy. There is simply no money for inefficient solutions any more. They will fall over naturally....tbc...
digitalchris1 2 years ago
...You change the base of the economy thus forcing the rest of the world to follow (become a leader here), save jobs and repay the debt back to the American people in the future. Who has a better idea? Tell me what nationalising banks will do to propel the economy forward in the medium to long term and save VALUABLE JOBS? (I know none of you guys are saying that should happen, but I'm curious - does anyone else have any ideas??)
digitalchris1 2 years ago
Nancy Pelosi, Harry Reid, and all the other clowns in D.C. are incapable of efficiently picking winners and losers in the economy. The inevitable result will be taxpayer's money being directed to the politically connected and powerful. The only reasonable option is to harness the wisdom of crowds, as embodied in a free and open marketplace, to direct allocations of capital and labor. We need to resurrect the idea of liberty and the rule of law, and abandon the politics of patronage.
SeanEdwardsCA 2 years ago
I am not talking about a bail-out - I'm talking about Nationalisation. Take over the car manufacturers, use the technology they have refused to use (since they are so tied to the interests of oil producers), to make new generation cars, use the ideas of the workers to create efficiencies on the factory floor and in other aspects of the business, then sell the company on behalf of the people of the nation once it has been turned around.
digitalchris1 2 years ago
to reefpirate,
I agree with you when you say that there are other car makers out there - but the problem is, they don't employ 3 million people yet. Car manufacturers can not fail!! It would exacerbate the already rampant negative feedback loop that is destroying your economy. Obama must use the opportunity to change the base of the economy from an oil reliant one, to one based on new green technologies. This would force the rest of the world to follow suit and put you in a leading position.
digitalchris1 2 years ago
And you talk about investing taxpayer money in "so-called" green technologies. Who is picking the winners of this eruption of government cheese? The truth is that "green" tech winners will undoubtedly be folks who contributed the most cash to the political campaigns of the D.C. clown show. A good example of this insanity is the corn subsidies for ethanol. The input fuel costs to grow the corn, are higher than the ethanol produced! And taxpayers are forced to subsidize this stupidity!
SeanEdwardsCA 2 years ago
Hey mate,
see my comments. I think you make good points about the political process - influence of lobby groups etc, but the dynamic has changed. I agree that the direction your country takes should be taken from the collective wisdom of the people. I am a huge advocate of using the internet as a means to form huge 'people's lobby groups'. The internet and its ability to connect people means that 'the people' have more power than ever before. Americans should use it NOW. Start something.
digitalchris1 2 years ago
to reefpirate,
no ideas (as opposed to my 'car manufacturing relaunch' idea) will make everyone not just poorer, but fight each other. The finance industry does not produce anything physical - it just shifts our money. Car manufacturers actually produce something - cars. You are right to say the govt shouldn't run businesses but that is a regrettable reality of this situation. Obama can remodel your economy from the ground up by controlling car manuf. and end your reliance on oil nations.
digitalchris1 2 years ago
to reefpirate,
America doesn't have any great choices right now. If your country lets the finance industry fail and the car manufacturing sector fail you're in for revolution. They have to borrow (since, you're right, there is no money) and they have to prop up jobs somewhere. Car manufacturers have been sitting on a treasure trove of new energy systems for decades. Govt needs to come in and force fundamental change from within, force them to make green cars and relaunch the economy.
digitalchris1 2 years ago
the caller that bought gm stock 2 days before is now down 50%.
the mayor talking about the lifestyles that gm's existence afforded over the past 30 years is a bit like talking about all the people who've taken on more debt (beyond their means) than they can afford during the same time. it was not a productive transfer of one group's savings to another's debt-load.
pobaldy66 2 years ago
toyoda is asking for a bail out today
AJstar9 2 years ago
It will keep millions of people in real jobs - people who make real products not imaginary financial instruments. Manufacturing production is the way out.
digitalchris1 2 years ago
Manufacturing production is the way out... but with who's money? The government? Peter is right, the government is BROKE. And they should not be in the business of buying manufacturing stocks.
reefpirate 2 years ago
hey mate,
see my (long and elaborate!) response. Interested in your thoughts,
cheers!
digitalchris1 2 years ago
Idea: If the American Govt is thinking about nationalizing banks (and they are, believe me) why not nationalize the auto industry instead? There are compelling reasons for them to do this. Barak wants to develop an economic model that has its basis in sustainable / energy efficient technologies and ends reliance on foreign oil. What better way to re-build the basis of the economy by forcing major change on the car manufacturers?
digitalchris1 2 years ago
Ideas like that will make everybody poorer. How will the government buy and operate a car company? They have no money, and soon none of us will have any money of value.
reefpirate 2 years ago
Virg Bernero is a fuckin' idiot!
djangothecat 2 years ago 2
"the 3 big ceo's are working for 1 dollar a year"
peter schiff says, "they're overpaid." LMAO
I love perter schiff
kbard1285 3 years ago 4
Did I hear Peter Schiff right? No one should buy a car on credit? Money gets into our economy through credit. Federal Reserve asks U.S. mint to print money, which the Fed then lends out(issues). It is a completely debt based system. No debt, no money. How can Peter Schiff call himself an economist?
thoughtchallenge 3 years ago
You need to go watch some more videos of Peter Schiff because you've misunderstood.
Schiff says time and again that the fed is the key to this whole problem. The fed has the power to create money at will and then gives it out for nothing which causes malinvestment. He was simply saying that it is wrong to focus on giving out more credit because that is what has brought the economy down to its knees in the first place.
08MVPyouKnowWho 2 years ago
Yes, the mint prints money, which is issued through the FED. The Fed issues the money primarily through banks in the form of credit. All money in our economy originated as debt. Without new money, the money in circulation will be absorbed by the banks in an effort to shore up their accounts from the losses they have incurred.
Also, note that the Fed ran a tight monetary policy from 2005-Sept. 2007. It was that tight policy coming on top of Greenspans loose policy that caused the crash.
thoughtchallenge 2 years ago
Peter Schiff isn't anti-debt or anti-lending, as you seem to characterize him. He's saying that we need to borrow LESS these days because what we need is more savings and more production, not more borrowing and consuming. Schiff, I believe, was trying to say, 'don't buy a new car, keep the one you have for a few more years. Especially don't buy a new car with credit.'
reefpirate 2 years ago
Where are you going to get parts for your car if there is no auto industry? Foreign companies are cutting production here now, and there aren't enough horses to go around, not to mention the fact that horses cannot travel on paved roads.
thoughtchallenge 2 years ago
GM and Chrysler are not so holy that when they go bankrupt there is no more auto-industry. As long as people have cars there will be people making money off of selling parts for them. This is called supply and demand, and believe it or not it works just fine without government bailouts.
reefpirate 2 years ago
that mayor is one stupid fuck
ethanmaas 3 years ago
Patriotism?
Of all the damned nerve...
That Lansing mayor needs to shut the f--- up about "patriotism" until GM, Chrysler & Ford move their factories & jobs out of China, Mexico and India!
Until the Big 3 do their parts to help restore OUR economy (bring their manufacturing plants & jobs back to the U.S. and stop manufacturing gas guzzlers that most Americans can no longer afford), they can go f--- themselves.
Arrogant bastards! Acting like Americans OWE the Big 3 a living.
ANewDay2007 3 years ago 4
Comment removed
digitalchris1 2 years ago
they will bailout the big three because if they close the plants it will move through the whole economy and set off a chain reaction of layoffs from the reduced spending.
dx11101 3 years ago
To the point of the Mayor of Lansing. The U.S. govt has not supported its domestic auto industry in the same way other countries like Japan have done. I do not see Japan and european countries allowing mulitple U.S. car manufacturers set up shop in their countries and sell those autos they make in those countries. To the point of Peter Schiff, he is right that the govt should not make decisions on how the taxpayers get hosed.
iolanik 3 years ago 4
"Unequal playing field"? You mean when companies get rewarded for failing?
As for the government robbing from other people, that's not what Peter is saying. Peter is saying that when the government gives money to A, it can no longer be spent on B, even though B might be a more worthy cause. In this case, just about anything is a more worthy cause than bailing out incompetent CEO's of reckless companies.
shadyparadox 3 years ago
-- Goverment should be closing military 722 bases around the world ,, IMAGINE how much that costs , 722 for what , THEY are oppening new ones , IRAq2003 KOSOVO1999 ,
aviomaster 3 years ago 7
-- CAR industry should be making FUEL EFFICIENT cars .. not gas guzzlers . EUROPE has been driving 4 cylynder cars for long time over 27 miles per gallon .. USA wants big pick ups 10-15 miles per gallon , THAT is not future , also 8000 Americans died for OIL in IRAQ .
aviomaster 3 years ago
This guy is just the average politician. He was getting cornered by Peter Schiff so he attacked like an animal. I beleive the Politician said he read Peter's book, but its clear that he did not or he would have been slightly more competent in this interview. The moral of the story is that we shouldn't have politicians arguing against economists. One will argue for his constituents while the other will argue based on economics. I rather just have two indepedent economists.
verchow1 3 years ago 4
The hell with the auto industry.
JurkoffJay 3 years ago
Wake up!!!! Take the red pill
watch?v=9bcmapVmQpo
BobBrinkerisanIdiot 3 years ago
The mayor is totally biased. He's such a politician. That's exactly what's wrong with this country. Looking out for the special interest, and not taking the whole into consideration.
dchoker000 3 years ago 2
I almost agree with Peter Schiff 100% off the time but the Lansing Mayor made some very good points. This is probably the first video of his where I was like he's wrong on a point.
Toyota and Honda have a protected home market with subsidized national health care and subsidized national pensions. That way they can focus on exports only.
So his point that we have unequal playing field is correct. The government sets trade policies and should do what it can to make the field even.
PuckSlappy 3 years ago
Aren't the foreign auto company's plants, like Toyota, Honda and Mazda, located in America? Actually I beleive most of the cars that these companies build are located in Atlanta, Georgia. There employers only get an average of 38 dollars an hour compared to Ford's 78 dollars an hour average pay. I don't think these people get healthcare either??? but I'm really unsure. I know that they receive less benefits than American auto workers, so I think the mayors argument is moot.
verchow1 3 years ago 2
Wasn't really a fair fight, seems strange that CNN would put some ignorant politician up against an economist for this kind of debate
xdamousex 3 years ago
The female hosting
scottvanska 3 years ago
Many gop Senators and people like them will next want our military to take pay cuts and lose there pensions. Next the police, fireman ect... shame shame on them. Soulless Evildoer fools. They are like sheep to the rich, foolish in thought and mind spineless jellyfish,is what they are.
bestwayusa1 3 years ago
Yeah to pay for the debt that all the liberal states have incurred over the past 2 or 3 decades. I find it hilarious that the state with the most democrats, who have always been know to be irresponsible with money, are in the most debt. I also find it even more funny how liberals claim to want environmental sustainability even though they live in cities, meaning they are the least environmentally sustainable people. By the way, just so you don't get any impressions, I'm not a repub.
verchow1 3 years ago
I can't believe the mayor of Lansing inferred that Peter was responsible for the recession we are in now.
jhobbz45 3 years ago 2
The truth reigns on television? Amazing! Peter just annihilated that guy.
theadmiralburns 3 years ago
Market forces should not be surrendered to, they are blind and amoral.
The resources of this world were given for the benefit of the whole human race yet millions lack adequate food, shelter, healthcare and education. Even in the USA about 40 million people go without proper medical care.
The answer to this unpleasant chaos is simple; we must share the resources more equally. Only if we do this can we achieve justice and peace.
Try the 'Share International' web site for more information.
Apulius 3 years ago
Apulius, the market already allocates resources to wherever is most productive, through the price system. What's happening is that such a system is being manipulated by forces outside the market, mainly the FED and the Government. If people continue to allow governments to dictate prices and allocation of resources, there will be the artificial scarcity and waste. 'Sharing' resources does not make sense in itself without a price system and private property rights.
ftorresgamez 3 years ago
Thank's for your reply.
As I said the free market is amoral. But it is morality that gives fragrance to life, to coin a phrase.
I have heard it put like this: an economy can be likened to a cart which needs 2 wheels to go.
As has been proved, communism - pure socialism - dosen't work; now we're discovering that pure capitalism is also fatally flawed. Deregulation has lead to the chaos and collapse that we see.
I believe in a blend of the two systems and a sharing of the world's resources.
Apulius 3 years ago
Apulius, just which deregulation was done that lead to this? Exactly what regulation was taken out of the books that originated the housing bubble and the collapse of the banking system? Did the FED suddenly stop working through the 90s? Because last I saw, it was the FED and its loose money policies that reduced the interest rates and enticed people to borrow like crazy. I agree with you that the market itself IS amoral, but that is because it is a SYSTEM, not a person.
ftorresgamez 3 years ago
Thanks ftorresgamez.
I totally agree. The market, just like communism, is a system and we should never surrender to any system. It can lead people into a robot like existence where their only purpose in life is to serve that system. Human beings - including the millions in poor countries that our system does little for - are unique souls each with their own contribution to make. Rather than being ideological and enslaving ourselves to a system, we should be more humane.
Idealistic? Maybe.
Apulius 3 years ago
finnally the republicans did something good, screw the automobile companies and the unions, they only careed about making a quick buck, and now they find themselves on the verge of extinction due to their own stupidity, I say good ridance to glorified imbeciles
tico8007 3 years ago
Peter Shiff is too idealistic. Talks so much of ASIA. I am from Asia, he has to live in Asia and see how the governments help the local industry.
tkupusamy 3 years ago
Yup and Nah...
For the record I live in ASIA, yes here the goverment doesn't fully support the industry but the ASIA goverment generally realizing the mistake they made during the 1997 economic crisis.
So by far they are trying their best to avoid the same mistake they did at that time...
So what Peter Schiff say is "generally" true because most ASIAN countries have more fund in the pocket than USA, we as the people just dn't see it, that the sad thing livin' in Asia
tarawibowo 3 years ago
loll...did she interrupt them to speak about Victoria Secret! lol--Only In The U.S.A.
niceguy7583 3 years ago
Peter Shiff is talking so much os Asia, why are they tanking too.?
tkupusamy 3 years ago
I mean, at first I was for the bailout, but seeing as everyone else will go down with the Captain who made the mistake, we'd be taking a big hit just to make a statement.
HyperSonic9000 3 years ago
Yeah but unlike Wallstreet these are actual workers that need help. It's a different situation because even if we teach the board/CEO a lesson by not bailing them out, millions of workers will have to pay the price. The board and the CEO have their golden parachutes, but the workers don't.
I'm all for teaching a lesson to billionaires at the top that they can't just use the Government as their own personal bank; But by doing so we're sacrificing many jobs in the process.
HyperSonic9000 3 years ago
big three have to have a plan show accountability lose private jets work for free yet wallstreet banks get bonuses pay keep jets go to fancy hotels expensive hunting trip one rule for blue collar worker companies another for the big lobbist wallstreeters gov needs to level trade agreements allow usa cars in japan also if bush would have bought all the bad mortgages it would have cost 200 billion and where and who is getting 2 trilion no one cares about that
bam6956 3 years ago
i had a firefly auto got 50 mpg in city and 60 highway 1990 today you have to buy hybrid to get that wtf all car manufacturers are controlled by the oil companies they should buy the big three but the gov should buy them out it would be cheaper they need to save 3 million directly related jobs and at least 10 million indirectly related jobs how about having trade agreements that allow cars in japan they are allowed here
bam6956 3 years ago
this video shows why women belong in the kitchen
robertjohnson1337 3 years ago
Im happy there is No Bail Out for you big guys. You got yourself into this mess then you get yourself out of this mess...period!
Florecentcolor 3 years ago
Next thing they will want our military to take pay cuts and lose there pensions. Next the police, fireman ect... shame shame on them.
bestwayusa1 3 years ago
This has been flagged as spam show
People need to support USA goods buy American made goods. Dont have the mind set of the 70s and 80s. That it cool,rebelish, to just not care and buy foriegn goods. Many of our polititians & media would have you believe this, they're in the back pockets of many foriegn companies And just like sheep many people follow them. Dont be a sheep help American workers out be Patriotic buy and look for USA goods in stores and on line We can not wait and be sheep to paid off polititains
bestwayusa1 3 years ago
The Am automakers have been at an extreme economic disadvantage. Foreign automakers Get gov't provided med ins & billions of tax breaks for opening plants here. The Republicans are lying about the salary of union workers to break the unions & Am industry in favor of the foreign companies in their states!
suhu8 3 years ago
For 20 million a year GM couldn't have found someone to manage the company better????
Its not like a recession happend over night, the idiot CEO of GM has had 2 years to prepare
brainsboy 3 years ago
Very true. The same applies to housing, and the whiners with the bailout-seekers there as well.
BoogieWithStew 3 years ago
The private sector is the only way we get ahead and generate more jobs and a productive environment. The feds are NOT good at business, and should only be there for the small things they were created for in the first place.
MercSL65 3 years ago
Peter Schiff is an investor, and if you've listened to him more than just this video, you would know that he warns people against listening to stock advisors on TV. He talks about his opinions of how the ecnonomy should operate and where it is headed with the continuous bailouts and government interfering with too many regulations and dictating what businesses should and shouldn't do.
MercSL65 3 years ago
Mayor - owned....
dzka88 3 years ago 2
And the republicans are owned by Foreign companies
suhu8 3 years ago 2
and so are the democrats one party system.
Rebel4Life69 3 years ago
peter schff is an investor.he is suppose to lie and fleece u blind fools to make money for himself!!he does not,how can u ignore priceless information!!
sshapewa 3 years ago
Well I guess we are not Patriots and Mr. Mayor is. Peter is trying to protect the people, this is why he speaks with so much passion. Now that is Patriotism. Who ever said you have to support the Government to be a Patriot?.
ezrapago 3 years ago
Mr mayor put your own money in GM stock and then be quiet.
richrdroma 3 years ago
That's right, just start slandering and lying about Mr. Schiff when you have no actual rebuttal. You make me sick. I wish I could move to Michigan to vote you out of office, but I have a bone to pick with Rick Perry first.
starclopsofish 3 years ago
what is that guy in red tie talking about??? i like peters opinion, tax money for chrysler, gm etc. will bring absolutely nothing if they continue with the "good" work like in the past. these cars can be sold only in us, but nobody buys them in japan or europe.. if you cant export your product, there is something bad abbout it..
tobedna 3 years ago
that bitch got that blouse of 'purple rain Prince'
9thprotocol 3 years ago
LOVE IT...
Peter for Treasury...
Everyone has to wake up. This buffoon is talking about patriotism? patriotism was Volkswagen making cars for Hitler. Was GM patriotic when it stifled ingenuity? Created vehicles that made us dependent on more oil than was needed? Hell no!
Whats needed is good ideas and people. The economy is in the shitter so theres no point bailing them out with a pipe dream that going electric will stimulate sales. NO ONE CAN AFFORD CARS PERIOD.
ChristiansMustLearn 3 years ago
Jane: "Big 3 CEOs will be paid $1 a year"
Peter: "they are over paid..."
OWNED! ROFL!
flameblitz 3 years ago
theorizing?! its fucking facts that people in europe, asia, south america and north america itself know for a fact that the big three manufacture shit cars compared to european/asian cars and he tries to say that foreign car manufactures are facing this problem since the government supports them? lmfao. first of all the government support wont get them to increase sales just because the government says to, that's why there's a word called consumer desicion.
one word for this mayor
jackass
bearstearn3 3 years ago
Mayor = Flag waving moron.
God bless America...fuck the mayor. Thats patriotism. Get rid of lazy politicians who leech from society and wave the flag cuz they dont promote solid simple ideas. Anyone with a brain cell can understand Peter which is why the industry doesnt like him. He removes the facade of finance....
Its simple. make shit people need. save money to buy it. dont take things on credit. Problem solved.
ChristiansMustLearn 3 years ago 3
This Lansing mayor, Virg Bernero is a leech upon Americans.
He gets his paycheck leeching off the citizenry.
He uses the standard ploy of jingoism, appealing to country pride and trying to frame this as a war between countries.
He's a fraud, a deceiver and you should despise such garbage as this guy.
I'd love to meet his mommy and daddy to see what pieces of work they must be.
How could a little boy grow up to be such a lying scum human as Virg Bernero?
TruthAxe 3 years ago
hmhmhm who to believe?
The guy who forecasted the economic trouble at least 2 years ago or the mayor, who like most other politician, makes his living my lieing and manipulating people? That's a tough one...
QuelDr0ma 3 years ago
don't worry, this clown will be on a montage called "Peter Schiff Was Right #4" in 2010 of people who got it wrong.
emp0rizzle 3 years ago 2
I watch this caricature character Mayor and cannot figure out where these fools come from? Harvard graduates who live their entire lives next to Canadia and still have no idea that this is a different country.
ktougodno 3 years ago
Mayor! We are competing with fools like you that run this country, and it seems that you are winning. ToTink has a good idea for fueling cars. Hey, Mayor, did you read it?
ktougodno 3 years ago 2
Mayor is a retard, should never show up on TV, and I hope when this country collapse because of fools like him, people are going to fry his behind.
ktougodno 3 years ago 2
this mayor is an idiot!
bubbalouiex 3 years ago
You'll know Peter was right when there's more heat content in the dollar bills than in the barrel of oil they've purchased. That day is coming.
In the meantime, the auto companies will be delivered into the hands of the Fascists that destroyed them. That'll be the last gasp for manufacturing in America.
TaxSlaveRoark 3 years ago
Americans should know already that China has been picked as the industrial base for the world economy
North America will be healthcare agricultural base
the last 40 years your industrial base has already moved the last vestiges are about to go under because the world does not want their products. the NWO has already come to America over the last 40 years.You have already been gutted raped and looted.your pensions and 401k are gone SA and SS checks are next to fall.
dave777blaster 3 years ago
The Mayor was nothing but sound-bites, unsubstantiated blame, unfounded personal attacks, playing to emotions, and avoiding the questions posed to him.
Who fed him all of those cliched, meaningless, trite, rude, obviously coached lines, and why? Who owns your politicians?
mczerone 3 years ago
How about manufacturing vehicles that run on Federal Reserve Notes, they appear to be abundant.
ToTink 3 years ago
ToTink: Haha! You know....you may have a viable point here. During the Weimar Republic in Germany it was cheaper to burn notes that to actually pay for wood to burn.
silentonall 3 years ago
Is this that the Mayor of Retard or Cluless?
TiaSaysSo 3 years ago 2
I dont have speakers is this an eye twitching debate?
brainsboy 3 years ago
Two wrongs don't make a right!, didn't your mother tell you that?
fox20012 3 years ago 3
LOL only in America do debates turn into shouting matches XD
Oh and I agree with Mr. Schiff.
abarzilai664 3 years ago 2
Free health care is a subsidy. The mayor should have been pushing it years ago.
Otherwise Peter is right on all other counts.
updownleftrightinout 3 years ago
the so called "big shift" soon will take place...one world financial system ...the un will have a great role in that...it's all falling into place...slowly but surely... it's called the new economic order
chido05 3 years ago
Hahaha I can just tell by the way Peter smiles at the stuff the mayor says...he must sit here for days and watch these and laugh at all the stuff his opponents say. But hes right we do need an industrial revolution in this country. The only thing holding us back is our monstrous government that is growing by the day. The government needs to get out of the way and let us produce again!!!
IntoEternity0329 3 years ago 3
I always hear about making the auto industry make cars Americans want like hybreds. They should never sell SUVs. The people WANTED SUVs. If they didn't sell SUVs they wouldn't have sold anything. If the government forces the US auto industry to make the same kind of cars Japan makes they will go out because people will by Japanese. Hell, Japan is making SUVs to. If the government let US auto make full size cars they wouldn't need SUVs.
tomrdee 3 years ago 2
what the hell is wrong with his eyes
dlix 3 years ago
That mayor has NO clue what he is talking about... Just another ignorant liberal that wants to pass out money to whoever needs it...
inferno3387 3 years ago 4
A politician arguing with an economist-- a waste of time.
studybox 3 years ago 5
studybox~ no kidding. it's a sad fact that the vast majority of politicians do not know anything about economics, OR more importantly, capitalism.
larissan04 3 years ago 2
haha but they make bottled water and fruitopia tho. Lol I live in the south, that wouldn't go over well haha.
toddw14 3 years ago
This is a perfect example of a politician who has no clue, but thinks he does. I would say, 90% think like him. In the end Peter Schiff nails him to the wall. This politician had the guts to say our auto industry is viable. Peter took the opportunity to say if they are viable, why are they asking for a bail out? Let them fail, and let someone with know how purchase and run these companies like they should. Central economic planning never works, but idiots like this one think it does.
infopatriot 3 years ago 2