Nov 2006 Peter Schiff Mortgage Bankers Speech Part 5 of 8

[sha370z]

Jul 2008 $ 6 gas

[sha370z]

my dad said it was his house what a joke

[sha370z]

Mortgage mean buy now pay as you go miss payments your out

[ownerowner100]

peter is a fucking stud

[sha370z]

getting a house is easy making your payment each mo for 30 years or more very very very hard

[gaguy1967]

He wasnt invited back in 2007

[pretorious700]

wow, you can hear the audience squirming

[wilsonspaulding]

This is not fortune telling, just basic Austrian economics. This shows how much we need to pay attention to the same principles right now so we're not blind sided by the coming economic fiasco even as people were in '06....

[LesPaulElitist]

Yes, current government CPI measurements aren't an effective guage of inflation. But the higher inflation numbers he speaks of are from corrected/adjusted numbers from places like shadowstats, David Tice's statistics, comparing with PPI, measuring via commodities (gold, etc.) and using original CPI measuements/methods, etc.

[halbortico]

lol schiff used CPI argument, but earlier he said inflation is 10%, since CPI is a gauge of inflation something is wrong....

[PoliticsAddict]

cpi doesn't measure food and energy etc. thats core cpi.

[gotveggieoil]

Most people in this country do not even understand what the secondary market is, soI do not expect a rush of common sense to break out.

[lazy666leo]

you don't understand shit gotveggieoil you should stay away from kids you sick perv

[NoisemakerArrow]

Even from the attractive ones?

[BigRedMcCool]

Peter Shiff for the U.S. Senate 2010

[ajnako12]

the problem with that is all the money to do that first comes from taxes. Why would you want a more intrusive government who would arbitrarily distribute YOUR income when you could have had a tax break and spent the money where you wanted/needed to spend it? Right now our problem is government, and it's spending/borrowing still wont help. Read "Economics in One Lesson" by Henry Hazlitt for a quick lesson on the fallacies of government intervention.

[orangefield1]

is this in las vegas?

[ari1989]

yes

[bunyip2005]

I'm almost 18 and from what i know you buy a house and invest in it. You can't invest much if you sell it within a couple of years.

[Jakearoo14]

Houses are not investments they are assets like food

[ari1989]

they are liabilities

[Bilakaifa]

no, they are assets... they do have a cost to them to keep up and keep going, but it is a place to live, store stuff, run a business from... it is an asset...

[gaguy1967]

Food is an expense not an asset.

[pretorious700]

Depends on which side of the trade you are on. Food is now being manipulated globally as a commodity....Actually, it has been for a long time, but recently speculation has begun to affect supply, not a good thing.

[gaguy1967]

I agree food is maniuplated as a commodity. Also using food as fuel made it worse

[gaguy1967]

Food isnt something that is depreciated over time.

[Jakearoo14]

Yea i don't know why i equated an asset to food.

[NoisemakerArrow]

Leave it on the counter for a week and then come back and let us know how it went.

[Elbottoo]

Food goes bad after a certain amount of time. So guess again.

[Research0digo]

Am I the ONLY one who voted (wrote in) Dr Ron Paul???? - I did so in 1988 as well.

[malibuhur12]

I did this last year, wasn't old enough to vote in 88.

[Justprayfirst]

No, my entire family(4 of us) voted for Ron Paul

[kobe88124]

Ron Paul is a G.

[Sentinel4truth]

PAUL/SCHIFF 2012!!!!

[jgv1]

I second your nomination. I wish Milton Firedman could come back and we could have a geniuses manage the economy.

[Research0digo]

Sentinel

YEP

[Mediterraneanblue9]

At 1:50 Wow! 5 years ago all my single young female friendsbought home, in which many could not afford them.

[splintercell99]

I know plenty of those people

New house

new car

crap job and crazy cool "shoppaholics" ooo its just so cute to be one of those!

Fools and their money are soon parted

[imaginator]

now we know why he was so sure subprime will collapse. he backs his faith on his research and clear understanding

[BarkingDragon]

We need guys like this helping the government fix this mess. Instead we have the same jackasses "fixing" the problem that made it.

[trxtan1]

there are a lot of squatingz here in da pinas...

[bcrscahh198987]

There's nothing special about knowing this stuff in 2006 (things were already in free fall in 2006, just that mainstream media havn't picked up).

If this guy foresaw this crisis in 2004, it would be more amazing.

[Chieftain1776]

Perhaps, but take a look at his expert opponent in video 6, Dr. Barry Asmus who "has been named by USA Today as one of the five most requested speakers in the United States" and is "a Senior Economist for the prestigious National Center for Policy Analysis"

[hupatrick1]

just listen

[yetzoz]

he did so in 2002... search "peter schiff 2002" and watch the interview

[brian12934]

Try 2002.

[buff001]

FYI people, Schiff was one of RON PAUL's economic advisers... I highly doubt he will be working for a socialist like Obama...

[sonofaglitch2]

Just after the 8-minute mark is sheer genius. Not only was Peter correct, but some homes couldn't even find buyers when they were given away for FREE.

Incredible.

[AllHailDiscordia]

uh, he nailed it. I hope Obama hits him up for advice.

[addiktion13]

@waluum. What a lot of people fail to realize is that the Federal Reserve isn't just in the United States. Supposedly the United States Federal Reserve regulates other countries federal reserves, etc but assuming we annihilated the Federal Reserve it would have a global impact on a major scale.

Unfortunately I don't think we will see the Federal Reserve disappear unless we globally crash and realize the Fed was the culprit. Even then they are so sly they might point finger the other way.

[phogasm]

Wow, just wow! He hit that head on.

[mscott9000]

Chips Shot, you mental midget you. Since when did all your conspiracy theories start counting as actual fact? In a battle of wits you are completely unarmed. Why don't you go practice falling down somewhere and let the grown-ups have a discussion? Shhhh, there there...don't cry

[hypernation2007]

I would say "great foresight" except that if you know your economics like this guy does, this crash was the most obvious thing coming. Wonderfully explained.

[spleenblender]

Hence why they are trying to profit off of it now.

[ChipsShot]

Our Communist politicians pressured lenders to make these loans so they had to invent a way to incorporate it into free enterprise. They put up a fight but, when Clinton signed CFR then Biden, Frank, Dodd, Schumer and several others strong-armed lenders to do what they wanted.

They were just adopting to what was being dictated to them.

[ChipsShot]

NOT "CFR", I meant CRA...oops.

[monkeyman1140]

Wrong, the CRA 77 didn't balloon the home price market, as home prices actually DROPPED, then increased moderately with some fluctuations until 1999, when Glass-Steagall was eliminated by the GOP-led congress and the 1999 Gramm-Leach-Bliley deregulation bill caused the home market to balloon out of control. From 2000 to 2006 home prices skyrocketed at almost exponential levels, causing the bubble to burst.

[ChipsShot]

All that history doesn't mean jackshit!!

CRA was signed by Clinton in '98 or '99 and that's the beginning of the end for our economy.

WHY do I have to hand feed what you guys should damn well know!?!?

[e30m3izzle]

thats bullshit. cra mortagages account for a small number of failed subprimes

[ChipsShot]

Christ, a bunch of mental midgets.

List your ludicrous source so I can shoot it down.

[mscott9000]

Chips Shot, if you're so smart and you have actually "studied" this situation more than everyone else perhaps you could offer a little more insight than how stupid and wrong everyone else's opinion is. Tool.

[ChipsShot]

Put on your bib and daddy will spoon feed you what you should already know, buttclown.

[mscott9000]

Great! Standing by for spoon feeding, genius!

[ChipsShot]

It's already at your personal inbox.

You can't post links on here.

[eldoctorcandidoperez]

People used to say Weedspan was a genious...

[ChipsShot]

He warned of free mortgages to people who couldn't pay a long time ago....check it out.

[benmay]

Very Very Good!

[waluum]

This man is an economic genius, and he was Ron Paul's economic advisor. Just think, he could have been in charge of our economy if Ron Paul became President. Way to go on not voting for Paul, America!

[ChipsShot]

How stupid you little kids are.

Ron Paul's an idiot and anyone who follows him is just as bad.

So, if you want your drugs legalized, forget it!

[86kinky86]

that's exactly what I say

[typeinbolivianbug]

paul will never get elected now or in any election because the average american doesnt get him. hes knows his shit too well. ppl will not know wat hes talking about wen he talks in detail. the average person needs a candidate that will simplify the issues.

[ChipsShot]

You're a little confused as Paul is...his shit is too deep for reason.

[typeinbolivianbug]

guenchapa?

[austinisi]

I think Paul would take offense to your claim that "he could have been in charge of our economy". He has frequently said that no one should be in control of the economy.

[waluum]

Actually Paul alone could not disband the federal reserve until he had enough consensus in Congress to pass a law to do so. His best bet in the meantime would be to make Schiff the chairman and have him slowly dismantle it however he was able to.

[a012345]

Not to mention that we would have to pay off the debt completely to dismantle the central bank like the Federal Reserve. Look at history, Andrew Jackson did it to the Bank of US but after we paid off the national debt. 10 trillion....I doubt we can pay that off anytime soon. Just 750 Billion is 3k per citizen of US. Just imagine 10 trillion and counting.

[waluum]

I could be wrong about this, but I believe that the federal budget was around $2.6 trillion this year. It could be possible to cut spending enough to use the amount we save to pay off the internet on the national debt, then it would probably take at least two Presidential terms to pay off the debt as it sits now. Again, I could be wrong.

[a012345]

You're assuming we're not going to spend one dime from that on. You also have to consider the interest that's ticking daily. We're barely making interest payments already. What would you cut from the federal budget also? That's like saying a person not to pay rent or eat for years to pay off their credit card. We have another debt to pay off called social security. It would take way longer than 2 presidential terms to pay off this debt. There is no easy fix. US's empire is dawning as we speak.

[waluum]

You may be right.

[ngonea]

Have you ever wondered why we pay three times the cost of a home to own one home? The banks loan money they do not have thru fractional lending practices, and the Gov. approves that practice. There is a great video that expl's this: "Money as Debt" also "Global Imbalance, Imminent Dollar Crisis", Construction co started doing their own financing, but there was over production, they over built, many empty homes and condos all over America, rich cats will buy up the excess, like 1929, all planned!

[a012345]

It's pretty funny that they lend you something they don't even own or have in existence but you have to pay them back actual money but more than the amount supposedly that they lent you. There is a reason banking is so profitable. Selling nothing physical or actual services but get multiple times of what they promised to lend out. The people that oversee them are the people that get funding their elections, it's a full circle.

[zenmachinefilms]

Everything you say is sound, except Social Security is not in debt (today), the federal government actually uses SS surpluses to help keep deficits down when budgeting.

But that is about to end very quickly as the baby boomers retire. The bubble Peter talks about is completely accurate, but it's going to be compounded over the next 25 years as the national debt quintuples paying for SS and Medicare for retirees. Search YT for David Walker to learn more.

[NewDescartes]

We can't pay for it all. IMPOSSIBLE. It is already time to start talking about bankruptcy.

[waluum]

*interest, not internet :)

[mibrito666]

Peter Schiff, makes me feel like a wise old man. 6 years a ago I bought a fixer upper with the intention of living in it till I died at a 12% market price. At that time I sarted paying off all my debt and saving money. I had a gut feeling this day was coming. I feel like a frigin genius. ha ha

[ChipsShot]

This economy is due to communist redistribution of wealth and racist entitlements;

Planting Seeds of Disaster by Stanley Kurtz

ACORN, Barack Obama, and the Democratic party. Boston Globe,Frank's fingerprints are all over the financial fiasco

"Obama, ACORN, and the Financial Meltdown Stanley Kurtz The Real Culprits In This Meltdown IBD

Plausible deniability? by Dr. John Lott Fannie Mae Eases Credit To Aid Mortgage Lending 9/30/99

Timeline Show Bush, McCain Warning Liberals ofFinancial

[jch897]

ACORN receives no taxpayer or otherwise public funding -- they are entirely grassroots. They're not even a tax-exempt organization. Check your facts before you post idiotic, right-wing rants about "communism" in our government. You are far from informed about why we are in an economic meltdown.

[ChipsShot]

W-R-O-N-G!

A curosry search would prove you statement a complete and utter fabrication.

Please don't drool on me again.

[hypernation2007]

HA! What a retard.

[JustCharlie]

informative clip, thanks for posting it.

[dotbacher]

Sora - Check your math and don't believe the email FWD's from your mom, 700B Divided by 300M is $2,333 each.

[GodDESTROYER]

The Fed should not have given the bailout. Allowing the fake market inflation to collapse. Give us some faith in our funny money.

[NIMHFS]

i like boobies.

[Dorke1337]

i do too. a lot.

[Sora267]

People who say to divide the money are really uneducated about the matter. Rounding the population of the U.S. to 300 million, dividing the $700 billion evenly between the population is about 2.3 million dollars per person. Granted, that's a really impractical method. Either way, it would cause prices on everything to rise and the value of the dollar to drop immensely if they put all of that money into circulation by giving it away like that.

[TheChopSchap]

Try $2300/person lolz

[Dorke1337]

ur math is bad. lol.

[m3ndo]

2.3 million per person? Your decimals are off. Try $2,333 / person

[mattforce7]

i remember watching this in whole when the conference occurred and STILL no one was wiling to address it....anywho, youtube comments wont change the world, and niether will someone with a brain....its all money money money....untill we have non damn

[captZEEbo]

I'm probably more hardcore a libertarian than anyone else watching this video, but Peter Schiff is pretty overrated IMO. If you know anything about investing, if you always cry recession, you'll be right a fair amount of the time. Predicting it 2 years in advance doesn't mean too much. The people that are truly "great" economists don't dispense advice to the general population. They quietly trade stock based on their predictions and become billionaires like Warren Buffet.

[Spacemut]

Thats very true. But one cannot deny the point that he predicted the current market in great depth with great accuracy.

[ChipsShot]

You're right, only someone who has studied the situation could possibly know that he's full of shit...you on the other hand sing his praises...go figure.

[Parisjune]

Ron Paul 2008 -- demand it!

[seanobi]

It really is unfortunate that people are willing to allow candidates like Obama and McCain to just continue with the same kind of shenanigans that have brought us to the brink. This guy was one of Ron Paul's economic advisors. Ron Paul was lambasted constantly as being a radical, and yet he has been completely dead on when it comes to just about every issue, plus he had a guy like this to work on the economic angles.

This country, man, the fucking voting populace... it's so depressing.

[Ne0mega]

Peter Schiff is the right type of economist, one that doesn't use complex mathematical formulas and charts, but analyzes instead human nature.

[boosuff]

Wow, its almost eerie how accurate Peter is, and dead on, and how he foretasted our current situation now... Everything he was talking about is what I had gone through. I live in Las Vegas and can personally tell you this guy is 100% spot on. Wish i could have spoke with him before all this.

[sh0rtstop00]

but would u have believed him?

[86kinky86]

I want this guy to teach me everything he knows.

[cinderskenney]

people should END THE FED!

[jediimplse66]

People ought to listen to this guy. He knows his shit.

[phil0sopher]

too bloddy right. when banks ceo are raking in millions in bonuses for making hefty losses, why shouldn't this guy be handsomely rewarded.

[vicmac64]

This is the foremost economist in the world today - disregard what he says to you peril... There is NO GREATER LIVING ECONOMIST..... full stop

[RGT88]

My tenure in mortgage industry was since September of 2002 until February of 2007. As an early 20's punk, I made a ton of money. Anyways, it was in end of 2005 when I began to see threatening cracks within our wholesale subprime lending unit. On 02/01/07 it was over.

Problem was, and still remains, is it's still too easy to obtain a mortgage. Even if the applicant is aiming for a fixed loan, the DTI in some cases, is still ridiculously high. They are still trying to inflate a ruptured balloon!

[Oztrigger4]

Damn, this guy is good! 100% called it!

[cybersphere]

He totally nailed it, not because he made a deal with the devil, but because he has a solid understanding of real economics.

[Sentinel4truth]

Peter's the teacher everyone should have had for a proper education in basic economics. No wonder the CNBC management has banned him: How can they herd everyone into the next bubble if he's there telling them how markets actually work?

[cybersphere]

Next bubble? America will be bankrupt first.

[kidbilly1970]

Peter Schiff is a pure genius. Wonder what he thinks now?

[DanMorin007]

It is just the beginning. Prices of houses will fall further.

[1samothrace77]

alt A loans are next

[IKilled007]

God bless truth-teller Peter Schiff, Austrian School Economist.

[NicNasty1981]

i want peters crystal ball!! How many people do you think are signing up to europacific now? Must be the biggest increase for ages.

[CBound]

That "crystal ball" is real (Austrian) economic understanding and hard work in researching the complex financial instruments that Wall Street comes up with.

[NicNasty1981]

Well yeah i understand lol. I also listen to Max Kieser, Ron Paul and Jim Rodgers. I also Bought peters book Crash Proof but i need to read it. Ive only read the prefix lol.

So far ive been busy as hell doing other shit but from the little bit ive read so far makes the rest of the book seem really good.

[winkmastag]

Well the point is to learn from mistakes which of course we all make. If you listen to the mainstream media, especially FOX NEWS, CNBC and MSNBC then you are not being informed. These news outlets are totally complicit in the manufactured consent in real estate valuations over the past 10 years. Rarelly would they ever give the contrarian side of the situation. The only reason they brought Peter on is to use him as a punching bag! At least his ideas along with others have been confirmed!

[bighitter42]

One smart fella. Wish he'd been handling my money the past four years.

[Omnis2]

Yeah, and I wish I had money for him to handle now.

[trent2429]

Borrow it, beg for it, steal it... Sell your body for it, sell drugs for it, because it's the best investment in history.

[Omnis2]

Hahahaha. Tell me about it.