Peter Schiff August/2005 - CNBC (discussing real estate)

[Airmanf7]

I love how reserved Peter is in 2005. Funny to look back.

[TheBlitz1]

yeah david what about that

what about that david

[macktasticjoshflava]

Did this guy seriously try to say that Housing was savings? What an idiot.

[spectrum2000now]

Real estate bubble is a part of the past which still affecting our economy today. But it is never too late for us to recover from the past crisis.

[nsolcis]

you see the stocks the other guy's naming?

coach, canival cruise, cox cable, ect.... and this is what the economy was based on? sounds like a party, not and economy!

[aviomaster]

libertyeconomics (- The house itself is the savings, - You are not aware that people borrowed money , when houses were overpriced with easy money from the banks , and Mortgage lenders, It is destruction of savings ,.,,, You make 4000$ a month and pay 3200$ in mortgage , is this called savings ,,,

[libertyeconomics]

What Peter says that is salient here is that home "equity" is NOT savings. The house itself is the savings, not the prices, which are distorted through the process of inflation. Same goes with silver and gold bullion. If you have an ounce of gold, your savings is not $995, i.e., the present spot price. Your savings is one ounce of gold.

[msegreto2]

peter schiff FTW

[mustang607]

Wish I took his very logical advice. Now it is too late. Not much left except a house.

[libertyeconomics]

But Peter is a "nut" and a "kook." Anybody who speaks truth that runs afoul of prevailing orthodoxy is a "kook."

[alyr315]

Are you that dumb? This is a video from 2005 and he was right on everything he was saying. The housing bubble has burst and yet worst to come. It's all a fictious economy. He's not a kook, he

was right.

[libertyeconomics]

I don't know where I am wrong. I agree with what Peter said. Equity PRICES are not indicators of savings. The HOUSE ITSELF is the form of savings. At artificially low interest rates, everybody paid the wrong prices for homes.

[msegreto2]

peter mentions something key here in 2005 which is right on point... and i remember in 2005 thinking the same thing...they threw lending standards out the window, this created a huge supply of people who could "now afford" houses, thing was they couldn't just that the bank gave them the money...this made prices go up for housing supply/demand...now it is collapsing, which is why i've been a renter since then and now, and i'm sitting pretty with large amounts of capital

[msegreto2]

as always peter schiff FTW!!!!

[ndsong]

these so called "experts" has to stop the BS and start providing facts.

[EdwardRommel]

David Sowerby in this video(the bull) was recommending Pulte Homes(PHM) stock when it was trading at 45 per share. It is now 10 per share. Great advice. What a moron!

[olh1152]

And Centex Homes is no more. I have a Centex Home bought in Dec 2006, already lost $10,000 on it.

[drakflyga]

Another "bull" idiot owned by mr shiff...

[winner3000]

This is a very interesting video from '05, thanks for posting.

[THEREALSTRICKER]

This fool's been Schiff'd like so many others before (and after) him...

[tyronebiggums3]

David Sowerby of MICHIGAN!!

"I wouldn't say it's anywhere near the internet bubble"

EPIC FAIL!!!

[hugolp]

Actually, he was right. This bubble was anywhere near the internet bubble. Its much worst.

[PeterSchiffVideos]

I googled that guy and can't find him since 2005. Wonder if he got canned.

[tyronebiggums3]

I did a Yahoo search on David Sowerby Loomis & Sayles.  You can find MSNBC videos of Sowerby from just days/weeks ago. And there are videos of Loomis & Sayles buying Lehman bonds/debt, stating Lehman is in very good shape. EPIC FAIL Part 2. LOL

Exactly how is Loomis & Sayles still in business??

[PeterSchiffVideos]

I'm gonna open an account with those guys.

[Justbeatit999]

I always go to financialtruth0.blogspot . com they follow all the videos of PETER SCHIFF, JIM ROGERS, MARC FABER and RON PAUL there. Thanks for uploading anyway!

[thefordshowcom]

stop spamming

[tsmith2187]

Another expert pimpslapped by Peter. It never gets old, watching these experts spew their idiocy. In retrospect, it seems so clear. Peter has a grasp of the American economy that most "experts" severely lack. Like a great chessplayer, he see's more and understands deeper what is really going on. That is why he can make predictions that come true, even though at the time they look completely crazy.

[hawash78]

This guy (Peter) should be a chief adviser for the president or something.

[hugolp]

Peter Schiff wants the FED to disapear and go back to the gold standar. Obama has apointed the New York Fed chairman as a tresoury director. It will never happen under this president. Obama is going to try the same Bush did, and that is inflate another buble through inflation, and prices are going to rise a lot. And I think this time it will fail.

[myliverwurst]

I agree, we won't get any reform under the next administration. What we will get is more of the same thing we have now which will exacerbate the problem and prolong the correction needed.

The question is whether the dollar will survive the next four years? Objectively I don't see how it can withstand this kind of assault, but we'll see.

[hugolp]

The only way the dollar is going to survive is because Europe, China or Rusia (or any combination of the three) go down first. Otherwise I think the dollar is going to suffer a lot.

[myliverwurst]

Could be, problem is that too many foreign entities hold US debt, China a great deal of it. If a sovereign power liquidates their holdings of US debt in an attempt to help their own economy we'll have to monetize all that exported inflation, which is a bad deal.

The probability is slim but it's every catastrophe we respond to with stimulus / bailout increases the probability of that happening.

Everything our Govt. does right now requires someone else to finance it because we don't have the $

[PeterSchiffVideos]

What if WWIII breaks out and America tries to destroy China & Russia?

[hugolp]

USA doesnt have the money or the soldiers to attack China and Russia. It would be a suicide for USA to attack the same countries that are financing its debt.

[Jaycephus01]

War may break out, but it won't be America that launches some kind of war of agression. What happens if China snaps up Taiwan? After the dollar has crashed? Nothing but talk. If China then goes farther? A lot depends if Russia sees China as an ally or threat. The West will not oppose either except as a last-resort self-defense measure.

[PeterSchiffVideos]

Posting 3 more vids older than this one in the next day or two. Make sure you watch Philosopher Stone video (featured on my channel) in High Quality with the volume blasting if you haven't already seen it.

[hugolp]

This should go into another Peter Schiff was right video.

[sportsfreundberlin]

amazing.. thanks for posting this.