8/29/2009 Peter Schiff On Your Money: The Turning Point?

[livestreamz1100]

eh just go to freedollars.info its way better

[rmccay88]

What was up with the intro? She says how Norbenie or however the hell you spell the NYU economist name called the crisis when he isn't even on the how, but she has someone who called the crisis on the show and she doesn't mention that. Another example of the media trying to diminish Peter.

[MarkMillionaireGuru]

Hi PhilDeCarolis

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I really enjoyed watching it.

Already looking forward to more of the same in the future.

Cheers to your success.

Mark McCulloch

[BrittPhillips]

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[dxartist]

why the fuck would I or anyone listen to a magazine editor on the economy? The only "experience" this fool has is trying to sell magazines. Getting advice from Gross is like getting advice from a cook to fix your car.  With people like this, no wonder our economy is going down the tubes.

[shakaama]

one person sells magazines. he has to make sure the english is perfectly correct, and that the headlines grab your attention.

one person is the ceo of a brokerage firm.

uh... what? why is there a magazines editor giving out financial advice? and why are we listening to him? and cnn couldn't find anyone else to talk opposite peter schiff? was senator reid on vacation?

[gigiontube]

shakaama,

They could not find anyone with a brain to talk opposite Peter Schiff because Peter is right ALL THE TIME. He has an impeccable record of being right.

Anyone getting there and talking against him becomes ridiculous.

SO, who are those who dare to get there and contradict him ? Only the idiots who are arrogant enough not to realize their stupidity. And their ego let that show up shine and clear.

[shakaama]

lol

[wisted]

That last line .. "If you can't see that --"

What do you think Schiff wanted to say?

[waluum]

As usual, common sense prevails.

[acchichi1]

The big problem in the West in 2009 is that arrogant frauds like Dan Gross and Paul Krugman are calling the shots.

[Jaycephus01]

Gross: "I think that where Peter may be wrong, the difference now is that we have much more competent policy makers... I personally have more faith in what's going on now..."

Schiff: "I don't know what you base that faith on..."

Gross: "Experience for one..."

OK, Future "Peter was right" cut right there!

[Jaycephus01]

Gross said inventories of housing (new?) are coming down, but I'm not even sure that is true, but if so, it's almost irrelevant when foreclosures are STILL CLIMBING, and we have not even gotten 40% of the way through the expected foreclosures due to sub-prime and recession (thanks to ARM resets & jobless recovery). If you look at the BANK inventory of foreclosed homes and neversold homes, we have an INCREASING inventory. This is the deflating bubble Schiff is referrring to.

[fox20012]

Jesus Christ where in the hell do these stupid economists come from, Peter has to deal with complete failures left right and center

[bajoverga]

God Schiff is good.

[g0ssage]

"I will continue to think that he is correct until i hear a more logical explanation." You won't hear a "logical" explanation of why Schiff is wrong. There's nothing more logical than mathematics. Do the numbers. Forget words like "hope", "future", "psychology", "experience", "confidence". Numbers are numbers. They don't lie. The government may try to defer the consequences (god knows they have the power to do so) but they won't be able to do it for ever.

Do the math.

[shoeman3434]

Wake-up sheeple!

[xeroone1]

Deregulation is like letting a great big rabid dog off the chain! Deregulation in the Eighties led to this economic situation. The financial institutions took advantage and now here we are. I'm not sure if Peter is absolutly correct with his approach.

[Iamfatbrain]

Love Peter Schiff. Comparing him with whomever he debates... It always sounds like "his opposer" is regurgitating talking points handed out by the administration. -"Say this, calm the masses, liiiezz! *evil laugther""

[Vunks2000]

In 2010 put Peter Schiff in.

In 2012 Ron Paul must be put in.

Anything else and we are done!

[NormanMoran]

2nd time in a week Peter spanked Dan.

[dazzagazza6969]

Every great empire comes to an end and most economists in the US must realise this, but hope that its not in their lifetime. Maybe Peter Schiff is correct in saying that it will happen soon. Maybe it will be in 5, 10, or 50 years, who knows. Poor and middle class Americans will be in for a shock when it does. The worrying thing for the rest of the world is how much more will the US use it massive military to protect its economy. How many more invasions?

[novawolverine]

Whether you're a deflationist or an inflationist, I don't see any way you could see a recovery anytime soon or conclude that we've reached a turning point due to policy.

I personally think we'll have more deflationary pressure for a ways w/ nasty inflation soon after, but I have no idea what this recovery is that people are talking about.

Peter's absolutely right that so far our policy has made things worse.

[70road]

If the US economy is so dependent on the consumer and the consumer has tapped all the credit and real wages have been stagnate for decades. This is why it is so dangerous for all the income wealth to go to such a small percentage of the people. Hold on it's going to be a rocky ride!

[secretarul]

You know why PETER is finally on CNN, FOX ?

Because THEY are preparing you ! The KING is preparing us !

It's no reason to hide it ! Just prepare the paysans !

Prepare ya GOLDEN PLATE !

[Paetaor]

It's like a ballast on a ship. You overweigh is to one side and it capsizes.

You need spending but you can't do it all on spending.

Savings have to balance it out.

[UmPhishMcGeek]

As soon as peter laughed, that other guy got real nervous. He knew his BS would be called

[jhr001]

The stimulus was too small?? Let them pay it back then.

[gemseeker005]

the lady knows how to handle the situation in a diplomatic and perfect way.... she should have let peter complete his statement

[nogameovert]

"We have much more competent policy makers."

Haha, I had a good laugh!

[Rustyshackleford08]

Its a real joke, they put morons on tv and parade them as legit.

[pk525]

I'm going to finish Peter Schiff's sentence.

"... If you can't see that, you don't know what the hell you're talking about."

[EMPIRE0FLIES]

Spoke with a realtor. He said there is soo much inventory, its a joke. Recession over? Can you say propaganda?

[soundmoneyfan]

haha. i love how peter closes, "and if you can't see that.....you know....uh (no word could be said on tv to explain how dumb you must be to think that doing the same thing over and over will yield different results)" peter, thanks for not calling Dan a boob on tv, even if he sounds like one in his economic analysis. We have better managers in our govt and the Fed now? That is why you think govt deficits live in some sort of financial anti-gravity land and will not be a problem in the future?

[RexNunc]

They put fires out with gasoline.

They spend to get out of debt.

Yep. Makes complete sense. O_O

[kenjams]

Schiff on the money. We're heading for the brick wall.

[pgguy3]

I don't know what housing sales were last year but if they declined 50% they would have to increase 100% to be at the same level.

[jarden69]

I know he's a really smart guy, as are so many other guys out there, but I'm really starting to wonder...is it possible that Peter Schiff is wrong about all this?

[bdc03]

69, no respect.

[jarden69]

What do you mean?

I'm just asking a legitimate question.

[4rcane]

The only way I could think of where Peter predition could go wrong is IF USA comes up with a technology so great, that the rest of the world wants to buy, thus growing the economy and helping US reduce their debt. Without it, I'm 100% certain Peter prediction will come true

[grumpone]

They made that cold fusion laser for "energy purposes" in Cali this year. I am sure they'll use it for something sinister, not energy.

[pro404]

4rcane that's why we are trying to create the biofuels industry so that we can use our forests to create oil for cars, barring that i don't see there being any technology so amazing that the rest of the world would want it. If it could exist, the Japanese are probably beating us to developing it.

[panther9mm]

I like Marc Faber better on economics, but his idea about inflation being at a minimum of 16% a year for the next 10 years makes me belive that the cpi could show 6% inflation due to hiding with government numbers. The only difficult thing is that over longer periods, it would be difficult to hide inflation that high. Example, he says that inflation is 10% now, and the cpi is low.

[panther9mm]

But I think that the price of individual sectors in the basket of goods in the cpi can change, and people like Schiff, and all the doomsayers point to 2-3 items, and say they go up at 10%. Shifts in the cpi are not nescessarily a bad thing, because household expenditures are ultimately limited to 100% of household income.

[vulmark]

Household expenditures are not ultimately limited to 100% of household income because they can be supplemented by debt and additional streams of purchasing power.

The rest of what you say is suspect.

Incidentally, Schiff acknowledges that he does not understand everything that goes on in the whole global economy.

That's why he wants market forces to have a more transparent role.

They may not absolutely know how high inflation will be, but we all know it's a coming.

[panther9mm]

I guess you have a point, you don't have to pay debt back, and I look at debt purchases as a cash flow. And the definition of income could be different depending on how you want to define it, but over the long term your cash in can't exceed cash out. But people can always die in debt.

But the Schiff's sheep think he knows everything.

[panther9mm]

The problem is everybody knows inflation is comming. Crowded trades are not always profitable, so I don't think it will be as bad as people say.

[rodolphesimon]

I see another "Peter Schiff was right " video in my crystal ball.

[vinny1010]

A Suckers Rally

[AFRIKTODAY]

Dan Gross is simply "GROSS-LY IGNORANT!!" Pathetic Keynesian! And very ugly as welll!

[99cachorro]

a senior editor for newsweek debating a real economist. couldnt they find someone who really understands economics?

[jarden69]

I suspect Dan Gross IS an Economist. I don't think you become Senior Editor in charge of the magazines Economics section without a background in Economics.

[Polyphemus08x]

You people understand that these "substantial" rises are the product of eleven months and $24 Trillion dollars? When that money runs out, and those rises level out, wanna guess what happens?

And JessicaBelle, production is not a result of savings, savings are a result of production. We have no production, we have no savings, our service industry has been the only "growth" area for five years.

Manufacturing=Production=Jobs. An infinite growth economy with zero production is self-contradictory.

[natandchieko]

as per usual peter makes so much logical sense, as for the other guy, nothing to back it up, 1-2 years aye peter, i will take that as gospel and start to prepare

[elnnito]

I'm not sure what it is, but there's no way I can take that reporter seriously. How vehemently she tries to emphasize each of the loose, tunnel-vision data that she presents as evidence for a recovery is actually humorous. Home sales up by 9.6%? That's after a fall of how much? If you don't answer the latter question, the data provided in the former is inconsequential.

[99cachorro]

home sales are up because 48% are getting the govt.  first time buyer tax deduction, and the rest are investors thinking housing prices are at the bottom. I am starting to get anxious about all of our futures.

[gutrp]

true

[mustang607]

HA! When the greatest depression hits, the politicians will claim that the trillions used to increase the national debt for for us and future generations of Americans was too small.

[PressForFreedom]

Peter is a Bulldog! Go get em boy!

[JessicaBelle81]

Production is a result of savings.

[totalfloat]

Clip this one and stow it away for PS was right part 2.

[gilbertl2000]

hahaha yeah, I wonder how many of those he'll need for people to finally listen to him: "Peter Schiff was Right Volume 7"

[gutrp]

lol. true

damn but its scary the way peter is predicting. is any one investing outside of US dollars? how r u guys investing out of dollar? any one suggestions?

[AM429]

When stocks go down the dollar goes up. The consumer is phony as well as the dollar. This is a tough one. I made my dad buy an oil fund in december but now its a coin toss where it goes next. I got a silver fund, brazil currency fund, and US dollar cash. Anti-dollar hedges mostly move WITH the DOW.

[grumpone]

Buying stocks on foreign exchanges or non-US stocks on US exchange. I have 1/3 in Chinese stocks, 1/3 in Gold and Silver and 1/3 in Oil and gas.

[surprise1982]

Haha, he wrote a book: Pop, why bubbles are good for the economy.

[danbowski40]

They replaced the retard Steven Leeb with another moron retard. There is is an endless supply of Keynesian retards.

[StoneRock454]

Anybody that is author of the book, "Pop! Why Bubbles are Great for the Economy!" automatically has no credibility on whether the recession is over or not IMO.

[Vertigo2903]

PUMP AND DUMP PUMP AND DUMP

Watch out in September /October

[packoo]

second recession? or this is a fools rally and the next leg down?

Next leg down...

[rik1515]

no jobs no manufacturing = third world country

[svenp]

And HOW do people talk about housing turning around with we still have the Alt-A and Option ARM mortgages left to default?

This second wave starts RIGHT NOW and won't end until 2012.

[herbs814]

CNN seems to think if they can lie to us enough, we'll buy stocks and reelect socialists.

[svenp]

Wow. This is definitely going in the Peter Schiff was right 2012 edition.

Something tells me it won't be all that fun to watch after the shitstorm we've got coming.

[MrMP81]

It's really not that complicated to understand. If you look at the sectors that are doing "better"

Homesales, Consumer Confidence ( Buying ), Also More people saving, etc.

All these things are NON PRODUCING. Nothing comes out of this. The Products that are being sold are built by foreigners Not U.S.A. No one is making anything, or mentioning anything being made as exports to make profit from and so forth.

I don't understand these people of the Keynsian School of Thought, they are delusional

[mike6459]

look at insider trading...sells vs buys are 5 to 1

[kenji4861]

Link?

[herbs814]

what's your preferred source on tracking insider trading?

[kobe88124]

dude, that newsweek guy's a deuch but that anchor chick is waaaay waay hot! damn cnn...i won't mind you putting on dumb bitches as long as their hot....sorry guys. p.s. peter could have brought up more points against that newsweek fag but i've also noticed that news channels will let the optemist talk more than the pesamist and so peter doesn't get as much of a chance to talk i think

[FunkhouserMemorial]

STAY ON VACATION ALI VELSHI !

For generations we've produced an American culture that blindly latches on to the 'fast money, quick fix' solution w/o understanding the initial causes of the problem.

We're in the EYE OF THE STORM people!

As long as we DO NOT address the dangers of fiat currency, these inflationary to recession cycles will be perpetual with a collective death spiral into debt.

Robert Reich is a Fabian Socialist who fails to understand that YOU CAN'T SPEND YOURSELF OUT OF DEBT!

[JimboJammer1]

I went to a party last night and brought up this topic...  Nobdy there cares one bit... and they are in the dark about it.... They just talk football..

[slangsd]

lol...that situation you bring up is the state in which our society is in. Our culture is concerned with superficial and hallow subjects that amount to nothing in regards to the bigger picture. So sad...

[1972challenger]

Well they have a valid conversation if it's fantasy football... :)

[Mathannix]

Sunday school picnic! you go get em Schiff!

[REOGURU]

60% of all foreclosures are NOT on the market. The Fed keeps giving more money to the banks behind the scenes. Its also buying its own debt through intermediaries. How can we possibly have hit bottom on any measure? I guess if you repeat "we're recovering" often enough it will happen.

[AcidIntheRain]

peter shouldn't run for senate. He's having a good fame now for saying the truth and prediction accuracy. But there's no way his ideas, which are the right things to do like short pain, fast recovery etc, can be popular. Dirty politicians and media as well as lots of voters will crush that good fame of his, and maybe even worse. In some circumstances, problems are too bad to be solved, so you only need Moses to guide the few who understand.

[eurohim]

Our current economic system and approach is much like Jenga. We're sacrificing stability for an illusion of growth.

[tyronebiggums3]

Around 5:05, jesus christ b*tch, can you squeeze any more syllables out of that maw, faster?

[NowisEvollovetion]

Typical TV/MSM, what is NOT the TRUTH is pushed into the public's faces, as being THE TRUTH.

Peter is 'BANG ON' again.

[sonofaglitch2]

Does the fact that banks are keeping vacant unsold/foreclosed homes off the market contribute to the rosy statistics of home sales?

Peter is spot on again, as usual.

[labartic]

Dan Gross needs to go to the Schiff/Celente boot camp. You get hazed every day by Austrian economists and only survive on what you manage to PRODUCE in the garden, not what you can borrow from a chinaman.

[ExquisiteDoom]

I keep getting into arguments with people like these, brainwashed individuals, it is so easy for me to see, but liberals for example actually beleive greed caused this, then i blame the fed , they totally deny that the fed is the source of the leveraging to begin with. It's like whenever i destroy ALL their points they rotate in the same mindset and repeat the same rhetoric to which i just destroyed. It sucks to watch ourselves drive off a cliff.

[davidpark68]

Don't Bother, Your wasting your time. they believe gumdrops will fall from the heavens & Obama will take care of them. the argument is useless.

[ExquisiteDoom]

You are right, i should just move on to the other person. Though, sometimes these individuals bring up some good points for me to then research, most of the time it's just talking to a wall. Thanks for the making me feel better though, i tend to let these things get to me.

[Shaunt1]

It could take a while for Peter's predictions to happen.

[panther9mm]

Will you still be his sheep if it doesn't happen in 10 years?

[jarden69]

That's what I'm wondering...is Peter Schiff a "Pied Piper" playing his flute with a long-line of sheep-like followers?

Is it possible he is wrong about all this, and his predictions are WAY off the mark?

[americanswan]

I understand the concern. The problem here is it is really hard to see the underlining base of logic that justifies what he's saying. That is what he needs to work on.

[panther9mm]

Schiff does not go into much detail about how asia will function after the dollar falls 90% except that life will go on without the USA.

[grumpone]

@ panther9mm

It'll function just fine, infact even better as they won't have to bankroll the US. Their currencies will rise as will their purchasing power. I have an agent in China and it is a normal part od the conversation there for the last 10 years that the West is finished and how they'll capitalise on it. They are keeping it on life support for now.

[panther9mm]

So I guess later the people in shang hai can trade their 400 sqft apartment for a 2000 sqft one in manhattan

[panther9mm]

I think you can still make money in emerging markets and gold, but his predictions may not come true.

If americans have trouble buying food, then maybe the africans will die off faster, and leave more food on the table for the rest of the world. Cause there will be less donations.

[panther9mm]

Jim Rogers has a few followers, and he said to be rich you need to ride a tractor, and the wall streeters won't be rich, it will all be agriculture people. It can catch a few people, but it is all about ownership of the company, and wall streeters will still be rich. Riding tractors will be for the illegal imigrants, and they will get low wages.

[grumpone]

@ jarden69

Anything is possible, but not probable.

[panther9mm]

Schiff said don't buy housing because it would fall ove 50%, but he totally missed it with his decoupling nonsense. Foreign markets fell in comprable amounts, and he pumped them all the time. He did not see it. He missed the china bubble, and its overcapacities. How did he get it totally correct?

[pro404]

the difference is that he invested his money into productive companies, and while the price of certain stocks may have dropped, he still owns those shares and has recovered his money. The people that bought houses now have the same house minus expenditures and maintenance, and they will never recover the money they threw away to purchase the house in the first place.

and its not nice to call people sheep

[panther9mm]

If he knew what was going to happen, why would he ride the stocks to the bottom? You could even say that the people who bought houses at the peak still has a house, and the price can recover. Schiff doesn't know what the household expenditures will be like even in a hyper inflation scenario, nobody does.

Anybody who thinks Schiff is infallible is a sheep.

[panther9mm]

Schiff says the government can't micromanage the economy, but how can Schiff understand everything that goes on in the whole global economy. It is not possible. He will get some things wrong of course. His sheep would disagree though.

[pro404]

the problem with the anchors that interview him is that they often only look at what he is saying and don't listen to the reasons why it makes sense. What he is saying makes more sense to me than any faulty reasoning which i have heard people who disagree with him. I will continue to think that he is correct until i hear a more logical explanation of why he is not.

[AFRIKTODAY]

The time frame is irrelevant here! However, the current policies are only increasing the chances of a dollar break up in a near future with all the imaginable consequences that might incur from it.

[panther9mm]

Isn't the world going to end in 2012 anyway?

[brendandylanmaloney]

No, it is just beginning.

[wcarlpdrysdale]

Thank you for your donation of $100.00 to Schiff Exploratory

Committee.

PERSONAL INFORMATION:

First Name: carl ,,,, :)

[thane17]

If only people followed economics as closely as they do politics, they would see that socialist policies are economic suicide and there is no possible way one could support these liberal ideas in good faith.

[DNATS]

Nice Job Mr. Schiff. You jump in for the last lines and continue to spread your message!

[seks03]

Dan Gross is an idiot.

[DesTroYeRuS7]

Where are they growing and diging them ? LoL Brainwashed Vegetable Economist Legion of anti-truth and goverment action butt-licking :D There so much shit in this world and so few Peter Schiff like people whos willing to fight against this "tsunami" of bullshit

[boots920]

All these stats are pure propaganda...unemployment could be as high as 30%.

Say bye bye to the US dollar.

[cmstyz]

Correct.

The theory (as usual) seems to be that if you say "things are great" often enough people will fall in line like good little consumers.

It's just not true, and this time around people cannot avoid the truth because it's hitting them hard and they know it'll get worse.

[boots920]

Its the equivalent of the Roman Empire imploding

Endless War

Endless Welfare

Endless Corruption

Endless Government Spending

In Rome's case when they debased their (Coins) until the coins became tin.

USA -1964 - all silver taken out of coins

USA -1971 - Nixon the ahole stops backing the US dollar with gold

USA 2009 - No made in the USA product 70% of GDP based on consumer spending - say bye bye USA

3rd world reality coming right up

[Elasaltaculos]

It is sad, but true.

[boots920]

The good American people have 30 days before they cross the line in the sand.

[4rcane]

I think to create a healthy empire, one MUST never debase their currency. War/Welfare is just another word for TOO MUCH SPENDING and government cheat by debasing their currency so they could spend more

[AFRIKTODAY]

I think you must restate your quote!

"To create a healthy EMPIRE?" What about mixing water with petroleum and try to drink it?!

If you want to create an empire, you must spend money and energy in that direction; therefore inflation is a perfect tool although eventually short-lived.

BUT,

If you want to create a HEALTHY R-E-P-U-B-L-I-C, then hard money is the essential tool to keep the invasive government at bay!

[sublimetrance]

"The theory (as usual) seems to be that if you say things are great often enough people will fall in line like good little consumers."

Yep!

Even before this economic crash, I often felt the ONLY thing holding the economy afloat was that people were SO OBLIVIOUS to what was really going on that they continued to spend money and go deeper into debt.

When people REALLY get a clue that their jobs are not safe, their credit will be cut back, then the economy will totally fall apart even more!