Nov 2006 Peter Schiff Mortgage Bankers Speech Part 2 of 8

[shalomJudah]

The insanity of the Bush Greenspan economic policy led us to a delayed recession were one should have taken place to a near collapse of the economy. A second great depression had to be averted once President Obama took office. Paulson and Bush tried to stave off the collapsing economy by bailing out Goldman-Sachs with a $30 billion no strings attached advance. And, they lost 2 trillion dollars under the Bush watch after 911. The President's stimulus as to keep America afloat until a cure.

[booyakasha68]

Atleast thats what you hear ay? haha

[Pdrum2]

Maybe the recession or depression will do more than purge the economy of malinvestments maybe it'll purge society of it's insanity.

[angeliaparish]

yay! 04:05 Ayn Rand reference :)

[TheAttackRat]

you'd almost have to accept Orwellian double-talk to still be a Keynesian after understanding the argument of Shiff (Austrian Economics)

Orwellian double-talk: the art of holding two mutually contradicting views simultaneously

[TheAttackRat]

haha i totally think schiff has tried heroin.

Vote Ron Paul 2012

[mumuchu99]

8 people voted down for this? i dont understand. 

[TheBlitz1]

@mumuchu99 they are tards, disinfo agents, or hit down on accident Xo

[pixelsmart]

This video can be found at the web page: spectacularprediction

[emkayenne]

this guy should be predident, such an amazing man, i don't know if there was anybody else who knew all this before, but i don't think there are too many. he is just a blast

[TheTempestSpark]

My apologies on that last comment guys! Ive removed it. :-)

[DTASK666]

Think what you will - history proved him 100% correct. I would submit that you are one that disrespects fact and logic and are simply projecting when you use the terms "idiots" and "brainwashed".

[TheTempestSpark]

I'm glad you noticed! Yes I was being Disrespectful, I'm not being hateful.

Sometimes I like to project my feelings towards those who I feel should be held responsible for a lot of whats going wrong with today's financial system. Yet I'm only human, you appear to hold me responsible and want me to account for what I say. Yet you have no argument with what Mr Schiff has to say. Whats up with that? Regards~

[OK2BCK]

@TheTempestSpark lol @ unelected - dude you should bring your pc keyboard back to the store and get a refound. seriously.

[TheTempestSpark]

lol

[NYyankeeboi]

Of course Schiff has to explain basic economics to these "financial people". Their education consists of passing a 3 1/2 hour state real estate exam. And off to work they went...I have run into some real estate agents and mortgage brokers that know less about the transaction than their client does.

[Nintendomanwill]

It's very funny how he has to lecture on basic objectivist economics to people who SHOULD be well educated, who earn so much! I'm not saying he is misguided in delivering such a speech, I mean it's worrying that he obviously DOES need to!

[myfletcher]

You are right, it is sad that Schiff has to talk to financial people like they are kids. It all goes back to common sense.

[magicalhats15]

@Nintendomanwill

Objectivist economics. Lol.

[Nintendomanwill]

Meant subjectivist economics and Austrian Theory of the Business Cycle which is based on credit expansion and fraudulently low interest rates inducing malinvestment and overconsumption as opposed to the analysis or lack thereof of the quackish mainstream economists. I was obviously thinking about Rand and Objectivism when writing that statment. If it really offends you I'll change it!

[Grotekristiaan]

If you ever hold a speech yourself you'd know that notes are very handy to keep infront of you, to guide your story. It doesn't matter if you prepare your speech in advance and scroll it down on a teleprompter, or prepare it in notes on your desk, what matters is the contents. The delivery is up to the person's liking. I can imagine as a president there is a whole lot more pressure not to make any mistakes in any of your speeches or divert in any way of the storyline.

[hairstyleriioohhh]

if one is very good infromed about a topic.. one can speak so freely and without a teleprompter... this speech is impressive!

5 stars!

[jwinter228]

Schiff shows you don't need a teleprompter to speak the truth.

[gaguy1967]

He isnt reading off a teleprompter. This is all improved or memorized. probably some of both. Omaba cant go anywhere without the TOTUS

[nsolcis]

buy gold and silver now!

[Mediterraneanblue9]

Maybe Sean Hannity should learn some economic history instead of placing blame on Obama.

[garybsg]

Are you listening to what this man is saying? Are you listening? THIS IS THE INSANITY OF OBAMA -- HYPER INFLATION, MASSIVE DEFICITS. You need an economic lesson.

[Mediterraneanblue9]

we have massive debt. American's cant change, or have no idea to change. That's are problem. Gary, what did Americans do last year? When gas was $4+/ gallon we bought hybrids and gas guzzling SUVs and trucks just sat, but a soon as both the barrel and gas prices dropped, the demand for hybrids dropped and the demand for gas-guzzling auto increased.

Don't give me this bullshit that I need an economic lesson. I would of liquidated the big 3. I worked for VW. so I know a bit.

[gaguy1967]

Ford didnt need liquidation

[pjamesbda]

@garybsg - it amazes me that from this, you can have this to say about Obama. If he is guilty of anything, it is of trying to patch the massive holes that the Bushes punched in our economy during their irresponsible administrations. But obviously, this matters little to you, or anyone who watches this string. 21 votes up, ridiculous.

[garybsg]

@pjamesbda I voted for Obama and the democrats. I thought he was something different. Grow up about Bush that shit is old and why I'm leaving the democratic party. This welfare state has been growing since FDR, social security 1937, Medicare 1965, Medicaid 1967, (notice all before Bush). Obama has turned into a classic give other people's money away politician. The country is broke and he added trillions more of debt(notice after Bush). This is insane, I'm done with Obama.

[pjamesbda]

@garybsg - your done, cause like a lot of people you are a short sighted prick, who looks at the way it was and thinks everything was better. It was coming to this point, always has been. Even Greenspan said it , "Duh, there was a flaw in our premise about the free market." If you think everything is equal explain 95% of the wealth held by less than 5% of the poputlation. So you want to make these F heads fatter? Go ahead...lick those dirty boots.

[garybsg]

Ok I will explain it. Here's your premise" if 1% of the population has 33% wealth(the actual stat from IRS) then the free market is bad. Imagine a town where 2 men make $10k per year, 50% of the wealth held by 50% of population. One day one man discovers a cure for cancer. He now makes 1 million/year and hires the second guy to be his cook for $100k. Here's the liberal spin: 90% of the wealth held by top 50% and income gap explodes. You have been duped by the left and I was too. thanks

[pjamesbda]

@garybsg - well thanks to your explanation, it is now perfectly clear. You ARE f'd up!

[garybsg]

@pjamesbda Classic mindless leftist when you explain with logic why they are wrong, they answer with "you're fucked up". Insults are no substitute for thinking. This is why people are leaving the democratic party.

[Pdrum2]

@garybsg Right, it's mainly why people hate liberals, and this is exacly why democrats are not compassion contrary to they want you to think,.

[Pdrum2]

@pjamesbda He's doing the same thing Bush is doing.

[pjamesbda]

@Pdrum2 - that string is nearly a year old. A lot has happened since then, and most of it sucks...so honestly cannot see how Obama could expect re-election. The really screwed up part about it is he probably will, because there is nothing on the right that even approaches him, as bad as he has been for the working class.

.

We are going another direction now. Too slow to wait for change. We are becoming the change. Here is a cool explantion: watch?v=qOP2V_np2c0

[Pdrum2]

@pjamesbda I agree that I don't expect Obama to be re-elected, If people do they are pretty stupid,

[Mediterraneanblue9]

Oh, I see you are a Hannity fanatic. I've been reading about historical economics for ten years, so I don't need a history lesson. I didn't say I was in agreement on Obama. So when the republicans agreed with a stimulus package ( governemnet subsidy) last summer it was great, but when Obama suggest a stimulus package it's unamerican.

[Mediterraneanblue9]

Reaganomics. Clintonomics. Bushonomics. Bad economics policies. It never changes, it's the same game over and over. Let's blame WALL STREET for instance, then the fed, the supreme court, economic costs of war, butter for guns.congress, tax reforms of 1982 and 1986, NAFTA, Gramm-Leach-Bliley act, the patriot act, and most importantly frivalous and unresponsible citizens

[mjgormley]

We need a recession. It is necessary. My dad asked me, "Well, what should the individual do if this guy is right?" And I said, "well, he's talking mostly macro-econ, but... well, we need to dump our debts now and start saving massively to weather the storm coming. After all, the dollar will be worth a lot less in a few years."

crap.

[lacon007]

actually if the dollar is going to drop massively you might want to take on more debt. And don't save your dollars ... exchange them for something else.

[seeroftruth]

Gold. Ron Paul was right.

[Mediterraneanblue9]

No one saves because BUSH/OBAMA/THE FED redused interest rates to zip

[Kwicherbichen]

Hmmm? Every time a video of this nature or a speaker of this nature post a video parts of the series get the message "We're sorry, this video is no longer available." Of course not YouTube. We're starting to see how you try to hamstring information.

[kolarshooter]

"Reload" the page, and it will play. It's not a conspiracy against Mr. Schiff. I've noticed the same thing, but on all sorts of video clips.

Keep yer powder dry!

[throwerofturds]

our big trouble is that we have been to rich ,for to long.this eads to us being like like spoiled kids . we mature slower (40 year old kids )and therefore we are effectively retardedor to use another word we are set back by 10 or 20 years.

when we get married ,we get out of the marriage because were not having fun anymore .the same applies to our work ethic .

the coming depression will do us a good turn in the way of d-spoiling us .we need it desperately .

[Mediterraneanblue9]

MAdoff chaired Nasdaq. HAHAHAHA

[Mediterraneanblue9]

"Calgon, take me away!"

[SpeedingStudent]

Schiff is an economic god.

This man knows his shit.

[Wcoltd]

I agree with this entirely, what we consider "Normal" economic growth is actually far more unsustainable, it was as if we were all euphoric - on some kind of drug high, and we thought it was possible to stay high forever. I hear in public speeches that the US has good workers - but that's bullshit, if we had good workers then we'd be making crap people would want to buy. America has crappy workers, that's the problem.

[jonmustang]

I think the problem was that America had expensive workers and people didn't mind buying crappier foreign products, as long as they were cheap. If we care about quality more than price, we'd get quality from our own products... but we don't.

[Mediterraneanblue9]

I think it was the surplus of homes. I can remember 10-15 years ago all the housing developments in urban sprawl and thinking: is there really enough buyers for all these home. I mean why are there $300-400 homes being bulit in rural areas.

[Wcoltd]

I worked at a bike shop, and I sold bikes made in the United States of the America which were 3-4 times more expensive and than Chinese bikes - and the Chinese bikes were just as good [and in many cases better] than U.S. made bikes. I think are trying to fool themselves in believing rhetoric that the United States has good workers - we may have some, but for the most part we have poor workers - especially when you compare us to the rest of the world.

[Mediterraneanblue9]

I would have to agree. Look at it htis way: no one ever accused Shimano for making shitty bike components.

[icfnord]

Shimano is Japanese not chinese

[icfnord]

>> I think are trying to fool themselves in believing rhetoric that the United States has good workers - we may have some, but for the most part we have poor workers - especially when you compare us to the rest of the world.

Agreed. Americans are lazy from too much television and stupid from public schools. Historians will look back at the 20th and 21st centuries and ask:

"How is it that they claimed to fight a 50 year war against communism when they were a communist country?"

[Jandlers]

Ehh, I would I agree with you, but I'm hoping the alternative doesn't come to fruition:

That historians will say "Now in the year 144 A.O., we enjoy so many things, like daily food and water, compared to the Dark Times before...in what they called the '20 and 21st' centuries. In this primitive time--and this is hard to understand--there were no Underlings and Overlords...all were called 'humans', and most believed a relative equality among both races" (continued)

[Jandlers]

(the historian continues)

"Until it was realized that we the Overlords were, in fact, superior to the Underlings, comprising then, just as now, about 0.001% of the population...this was called the 'Great Baelought', when the Overlords used their superior minds to, to some small degree, make the Underlings realize their clear inferiority, and that they are, in fact, little different from tools and property of the Overlords. This is the date from which we mark our calendar, at 0 A.O."

[Jandlers]

(the historian makes one final comment)

"As a note, it is clear, by our psych-iologists, that from the state of their notions of relative 'equality'--completely irrational, as we understand today--between Overlords and Underlings, that any type of survival on a large scale by Underlings (of course, needing the wisdom of the Overlords) could not have been realized prior to this time...as such, historians are not sure why this time was called the "20th" or "21st" century."

Note: A.O=After Obama

[x7isrich]

its good to see schiff in a forum where he doesn't have to cram all his ideas into a 30 spot.

[Mediterraneanblue9]

I remeber 10 years ago when all of these new $300K homes were being created-ofcourse in urban sprawl--and thinking this: Areb there really enough buyers to purchase these home. I live in the Minneapolis-st Paul, Mn area.

[70road]

WOW I thought the same thing. I also thought there can't be enough high paying jobs to afford all these houses.

[Mediterraneanblue9]

Is Bernard Madoff direction this real estate theater of pain. I remember how effort and coin it took my parents to maintain a house. That's why I hate the show flip this house, or whatever it's called. Just think, my frind made 13/hr 5 years ago, and bought a $200,000 house with no money down. I knew something was up with that.

[mannyfeseha]

thehelpfund.blogspot

[skmurray99]

great video, thanks for posting. 'boom is the problem, bust is the solution' - love Peter's points. I can't believe this audience would invite him to speak at that time. They must have hated the truth.

[zenmachinefilms]

Great vid, thanks for posting this.

As an aside, at 5:55 he says "1982" but actually means "1992".

[gaguy1967]

no he should have said 2002. He is right. The Fed short circuited the 2001 recession with 1% interest rates, giving us the recession today

[thebrinksf]

he's definitely got it right on the money.

[rosewood223]

More malinvestments will be created in these bailouts.

[DinaStrange]

THANK YOU, Peter for your HONESTY!!!

[prmd142]

pure genius!!

[waluum]

Peter Schiff is to economics what Ron Paul is to politics.

[boosuff]

i like how this guy puts all this in layman's terms. I can understand whats going on.

[tommyenglish1]

and then you try to explain to others and its hard, well i fuck it up anyway, even though he makes me feel like i know everything lol

[painisanillusion7]

WOW

[NorceCodine]

The thing is that a lot of people know what he's saying. Its common sense. Its not everybody's stupid in this country, despite the world-wide "stupid American" movement.

The problem is that we have a segment of Wall-Street, Show-business and Congress (maybe call them Bling-Street?) who make billions and billions out of the insanity what they call new-economy. And there is not a damn-thing the people can do to stop them. They just suck dry the country and then bail out to Switzerland.

[UnconcernedCitizen]

As a descendant of a Revolutionary War Hero (they were all heroes), I am exempt from any further bad news regarding America.

[Lucky7wins]

The recovery has not happened yet!!@ the bubble is not deflated yet. more pain to come!!!!!!!! scary!!!!!!!!!

[Stan1208]

We need a magic negro as our president. He will stop all crime and poverty and hurricans and bad colds. We have never had a negro president and I think we need one. The White House Staff can learn to fix chitlins, black eyed peas, catfish, and watermelon. And the next administration can take 2 years to get the stains out of the furniture from that stuff they put on their hair.

[jimpips]

Your sheet is showing there, Rex...

[Stan1208]

If the magic Barrack Hussein Obama had been president last night, there would have been no hurricane. Well, according to the liberal media there would have been no hurricane. He is the savior of the world!! And of course, he is magic.

[metivs]

I dont know what drugs you are taking but seems to be a good shit what you buy.

[LucyVanPelt22]

To Peter, Bush is the destroyer of the economy.

To Bush, Peter is a terrorist.

[Oztrigger4]

I hope some of these mortgage guys listened, otherwise they had their asses handed two them 2 years later!

[farhadcoyote]

Peter Schiff is a great teacher.

[ashishum]

hey bro,

needed some help,half the videos that were posted here have gone offline.what happened?have they been moved to a different website?this is really valuable info and it needs to reach the widest audience possible.

[Youreallsheople]

All he says is commonsense. Any idiot can work out all this. What I want to know is why he doesn't talk about the Zionist neocon policy of starting the war that has created this financial crisis? Maybe because he's Jewish? You can be as brave as you want talking about these topics that he does, who has the courage talking about the 1000 kg elephant in the room - the Zionist control of the nation?

[TickerTapeWorm]

I agree. The US is in the middle east because Israel says so. Iran is probably next on Israel's list of enemies.

Nonetheless, Peter is 100% right in what he says. Read his book Crash Proof is you want to learn more.

[MetalMillz6]

My buddy is in the army, and he said they have already started passing out Iranian and North Korean Camo.

[mrzack888]

i dont understand. what do you mean??

[MetalMillz6]

They are distributing new Camouflage to our troops designed for Iran and North Korea. Apparently it is different from the Desert Camo. He's about to enter ranger school, so I don't know if it is for all soldiers, or just SF.

[klined]

you can disregard metal millz6 comment

[MetalMillz6]

Hey man, that's what he said. The army is this dude's life, so I don't see why he would bullshit. But I don't know for sure.

[elbuggo]

He has to be careful or he would be labeled as a self hater and end up on the shit-list. Then, by the help of the attack dogs from AIPAC, he would not get time on TV.

[steelhorses2004]

Too bad Ron Paul isn't gonna be president. He'd make Peter head of the Fed.

[Paetaor]

But when Ron abolished the fed he'd have to fire Peter.

[steelhorses2004]

OK so make him Sec of Treasury after he abolishes the fed

[nmbypmby34]

WOW either this guy is Christ himeself or he is the ANTI-Christ.

[launchpadmcquak]

That's a good way of putting it!

[xLeeRWilsonx]

Peter Schiff for President. Just kidding, I don't want him to be president cuz he would get elected on friday, inaugurated on saturday, and assasssinated on sunday.

[chewbaca1989]

and in Van Nuys, CA!

[fasmod]

and in Ireland

[chibbledorf]

Peter Schiff Rocks!!

Even here in the UK!

[DanMorin007]

Also in Canada.

[ElCapitan1985]

5*s favorited! GO PETER!