Wow. That woman is an idiot. She didn't attempt to engage in any actually argument. She just held on to her preconceived notions of economics. Ali is an imbecile too. He talks as though calling something "theory" makes it false. Geez. Way to go guys.
in "her view" shes not a pretentious duech. in "her view" she contributes no logical argument because shes too "attach to reality". in "her view" peter needs to get a grip on reality cause hes the overseer of over a billion dollars.... is it jsut me or does she need to stick "her view" up her ass where the rest of the meaningless shit that thinks comes out of.
Bunch of university educated, arrogant IDIOTS with no common sense whatsoever. Peter is the only one speaking common sense when they aren't talking over him. Morons like this are the exact reason we're in all this trouble in the first place.
Weirdly enough I speak with a lot of different people daily, neighbors, taxi drivers, etc etc - and I can tell you that most people "thought" the same way at least back then... only a tiny few amount of people (PS et al) knew what they were talking about and understood what it meant to be able to explain it... Funny to see how in retrospect all problems and accidents seem so "obvious"...
cambell brown and ali and that other idiot fail to realize, these people will get unemployment when they lose their jobs. they will have some form of income. so its not like they will be starving and losing their homes right away which is what cambell brown is saying. there is a such thing as unemployment benefits.
Amazing how stupid these TV commentators are. Just like how unfunny the Stand Up Comedy Hacks are! Peter you need a reality check their not going to let the people in the midwest starve. How utterly foolish the only thing the Government can do is make the problems dramatically worse presently and accelerating into the future. Imagine these dimwits arguing with Peter Schiff. It would be like an F student in remedial Science class telling Einstein his theories are all wrong! LOL
Dissemated!! What a fucking whore. She was probably a mass comm major and has fucking idea of how economics works. Ari is a lawyer, so he can suck it. Go fucking beat off to Nancy Grace. And the other guy Jesus Christ.
Pot should be legalized, but not regulated and taxed. It showed be grown, sold and distributed between people freely and without the burden of tax laws and regulation. Having the government get into the picture would be like the government telling me how to grow my own vegetables and how to sell produce I grow on my property and then tax my earnings without having a role in the entire process.
c. brown. just another breathtakingly stupid pretty bimbo on CNN. clearly the discussion was over her head and she, essentially, panicked. they should start putting at least semi-intelligent moderators on air if they want to mitigate the hemorrhaging of their ratings.
Sadly, she is attractive to look at and the masses see her as credible. The guest from the 'Progressive Institute for Progress' (or whatever it was) and C. Brown are big government whores. They love it. They don't see the flaws in their thinking andf the masses, who are in pain, will always gravitate toward the handout.
Campbell Brown is a ditz. She doesn't write anything and like every other mainstream talking head all they do is regurgitate the obvious. They don't rally people to do something. Those who go against the grain,and actually tell the truth are ridiculed and their honest and realistic commentary dismissed. "Cutting through the bull" my ass. She sucked someone off just like all the pretty women on network news. And "Pretty women" is what they are. VOID OF EDITORIAL COMMENT AND CONTRUCTIVE CRITICISM.
For Campbell Brown to say Peter Schiff needs a "reality check" is a total joke. Look around.
Peter warned about the current crisis while you were primping your hair and practicing to talk on camera. Seriously, how does she get away with posing as a journalist when she is mocking someone who has stood so firmly while being mocked?
She is not a journalist. Sorry.
Peter Schiff deserves an award, if for nothing else, for sticking to his guns.
Look, I've have watched ol' Peter Schiff's guest star appearances on financial shows for a while. He amused me because he was Debbie Downer unrelentingly. He never hesitated even though people literally laughed at him on the air.
I always worried he could be right because he shares my basic logical unemotional (and truthful) view of economics.
Let me say he has very consistently been right in the face of many others mocking him.
noone can finish a fuckin point with htis bithc int he middle throwing it back and forth trying to fit somethign this important into 5 min of air time.
Absurd! you deserve to be poor because your fuckin stupid!
Our auto industry is being bailed out because the government doesn't want millions to be unemployed. Even the hosts' main argument is "What about the employees?"
It used to be that if someone lost their job it wasn't a big deal. Today, if someone loses their job they are DONE. Goodbye health benefits, goodbye pension, goodbye everything.
Solution = safety net. If people wouldn't lose everything due to joblessness, then the government wouldn't have to step in and the bad companies would fail.
Peter speaks the truth. If you want the latest Peter Schiff videos, articles, and his podcast, check out Peter-Schiff . com. It's all on the front page.
If thats the case than; why are you so convinced that unions are such a evil in the U.S.If unions wouldn't make a difference in Zimbabwe, why are they illegal, forcing the multinatonal corperations that exploit their resources would make a difference. Neo-colonialism in this paticular case. Colonialism by multinational corperations is the same exploitive behavior as colonialism by empires.
No kidding. They might as well just abolish the income tax altogether. All taxes for that matter.
What's the point of taxing us if they are going to run up deficits regardless of revenues? Our debt is going through the roof anyway so what difference does it make?
When was the last time our government had any fiscal responsibility?
Peter is right, the private sector will create $5.00/hr jobs for everyone. He accuratly predicted our economy, but he doesn't accuratly describe it cause. Oursourcing our manufacturing to cheap unregulated labor markets is the cause. Deflation is the result of replacing 20./hr jobs with 10./hr jobs. That has backfired with; no jobs, as the end result.
Jobs get outsourced overseas because unions bullied companies into wages and benefits that couldn't be sustained. Union workers piss and moan when their jobs disappear, but they and the executives are to blame for pretending that economic reality can just be wished away, but prosperity and jobs can't be created by the wave of a magic wand. Now, when we swap out idiots in the White House, Obama thinks he can create millions of "productive" jobs just by signing on the dotted line. Total idiots.
What economic reality are you describing? I believe you are saying American workers and Asian workers should both make 1.00/hr. Your concept of unions are completely contrary to mine. Union jobs disappear when oursourcing to cheap unregulated labor markets appear, and a larger concentration of wealth goes into the top 2% of the population. Unions built the American Middleclass. Idiots are those who do not understand that unions is the only leveling element between rich and poor.
great oversimplification. I don't believe a guy screwing bolts on a car frame should make 2-3 times what I make, therefore I must want him to make only $1 per hour. He should make a wage and benefits that are sustainable. My parents both grew up dirt poor in rural America and achieved comfortable lives without your precious unions. My home town has an auto plant that voted to remain non-union because they are well-paid and happy - and THIS automaker isn't bankrupt -see the connection?
Yes; the connection I see is that these auto plant in your area pays a living wage, because of the threat of being unionized. Another connection you might look at is, that in most of the third world unions are illegal. Do you connectic anything there; like no unions = poverty. If unions doesn't force multinationals to living wages, why are they illegal. I suspect you have never worked on an assembly line, and greatly over simplify the work, but even that is irrelevant, folks must make a living.
I have worked plenty of tough labor jobs in my day, including construction and clearing land with a hand scythe. Do you honestly think if Zimbabwe suddenly made unions legal the people would become prosperous? Third world countries are poverty-stricken because they have no guarantees of personal freedom, no private property ownership, no entrepreneurial spirit, and no semblance of a sound financial system. Lack of unions is not even on the radar for those people.
Exactly. Outsourcing manufacturing doesn't give us better goods, it eliminates jobs, and is actually a threat to our country equivalent to a military one because when we lose the ability to produce goods, we increase our economic stability risk and national security. Boeing is already outsourcing to the Communist Chinese. When we finally stop producing our own weapons, we are screwed.
"we increase our economic stability risk and national security. Boeing is already outsourcing to the Communist Chinese. When we finally stop producing our own weapons, we are screwed."
Justice won't allow companies vital to national defense be taken over by foreign companies.
And I guarantee you that whatever Boeing is outsourcing to China is not a critical component to our defense. So it isn't a big deal from that perspective.
Just fire her and tell her to lie down and pull up her skirt. Hopefully she can do all that without screwing up but it's probably the only thing she can do right.
(annoying kids voice)"my view, my view" Campbell is a dumb bitch! When will anyone listen to the warnings! Peter Schiff may not sound like he has a heart but he definitely has a mind and it has been right for the past few years. Its not that hard to predict that big government will fail because it ALWAYS does.
One of the inputs of factoring production or efficency is labor costs. In that context Americans could never compete with unregulated third world labor.
Campbell Brown lacks the depth to conduct complicated interviews. She continually interrupts Peter Schiff, a well-regarded professional, to allow the other two to speak at length. She lacks professionalism in this interview, and basically ran it like commentary on red-carpet Hollywood fashions. Clearly too complicated a subject for her.
I love these propagandist. They tell me whom the stupid and ignorant people are that listen to them. Plus it is very entertaining to see Ally and Campbell lie there ass's off on the national propaganda machine.
This is simple wage competition. If you can't compete for the same vehicle etc you can't be profitable. Same car in the US costs 10% higher than the same car made outside the US. $75 dollars an hour to make cars and then retire and still get paid That is the real comedy.
Why should American Auto Manufacturers have to compete with third world wages. Wouldn't a sizable tariff at the borders solve the problem. Japan has a 20% tariff on American Made Cars. They protect their industry, we just give ours away, actually encourage industry to move offshore. Are you sure this is not about globalism and not Free Trade.
So basically you want Americans to pay more for cars? Lets see how many people make cars couple of million, lets say. How many people drive cars? 300 million! We want to do something for the 2 million, by making the rest 298 million pay more? Besides, its not like the 2 million are going to sit on their hands. They will get back to work, there will be a much needed drop in labor costs for a while, so what?
Remember when we were givin the con job over NAFTA. We were going to get all those cheap cars from Mexico.Where are the; they never made it here did they? The reason is because the multinational corperations that moved to Mexico pocketed the profits. When Clinton gave China, MFN Trading Status, the all left Mexico, and headed for China and India. Multinatinal Corperations are chasing cheap, unregulated, labor throughout the world. Free Trade doesnt exist, it exist in theory only.
Haha.. you think NAFTA is free trade? Do you realize that free trade has nothing positive or negative to do with the govt? Just calling a pig a goose is not going to make it a goose. Calling NAFTA as free trade does not mean it is free trade. Heck it is completely opposite of free trade. As for cheap labor, of course everyone should chase cheaper labor. Had the American productivity been kept up and costs low, the jobs would not have travelled overseas. You can thank interventionism for that too
If NAFTA isn't free trade, (I agree it isn't) what motive would a government have to draft such an agreement. Free Trade has never existed anywhere in the world, nor wil it ever as long as there is nationstates. It exist in theory only, in the minds of Friedman and von Mises. Fair Trade could exist as an exchange of goods, if the income of labor were considered in the agreement. I think that is why the founder of the Constitution had in mind when they allowed tariffs.
You are wondering about "motive" of a government? That is pretty funny, what else can be govt motive? To use collective power for helping political enterprises.
And free trade does exist - and does not exist at the same time. It is like purity of a substance. No chunk of matter can be 100% pure. Because it will always will be contaminated by something. Does that mean the substance does not exist? Mises and Rothbard were arguing for more and more purity, i.e. more free market ideology.
Here's the motive for drafting all the trade agreements, since GATT. The motive is to slowly build a global plantation, governed by a few global elites. The things you are considering free trade is actually Neocolonialism, colonialism preformed by multinational Corperations instead of empires. Free Trade does not exist, only greater profits for multinationals, the goal is to convince folks that, free trade should trump fair trade.
The constitution was a big mistake. The anti-federalists were right. It did establish an empire and probably never should have been ratified. As for tariffs, don't deify the founding fathers. They were human too and they too were fallible in their logic, even though they were very wise, does not mean they did everything right.
Look up Hans Herman Hoppe - he has explained in detail why the constitution is a mistake. It goes like this - that the constitution by itself cannot control govt. Its interpretation is left to the govt and hence has always been perverted to suit the govt's interests. The people have been trained to believe in the mystical powers of a piece of paper to stop expansion of the govt and hence, the constitution indirectly enables govt growth instead of limiting it.
I don't understand why anyone who is not rich would be objective of someone earning a living wage. You blame it on the unions, it's not workers fault or unions. For example; remember when they were doing the con job to pass NAFTA, and how the cars were going to much cheeper. The price hasn't come down, Mexican Workers earn about $1.00 and hour. What happened? Answer: multinational corperations pocketed the profits. You should understand we are being herded into a global plantation.Don't buy in.
Looking at the video it's clear how bloated and labor intensive unions are. 1 person to turn some screws, 1 person to lift a radiator, 1 person to clamp a hose and each person makes $35 hr w/ tens of thousands in benefits, no wonder. Japanese are using robots for 80% of assembly.
Hey wonder, what the wages of Bear Sterns, Lieberman Brothers, Morgan Stanley, CityCorp, Bank of America, employees earned? One must assume they earned a living wage, I'll bet you believe they all have brilliant minds and Automotive Workers are all a bunch of dingbats. I'll also bet you never worked on an assembly line, and are guessing their jobs. I will also bet you believe they should earn .40/hr like the Chinese labors do. Globalism is the problem not workers.
No, the workers aren't the problem, you know danm well I don't mean that. I'm not spending $38,000 for a $12,000 car just to support some union manager's salary, it's way too bloated. Maybe this whole mentality that we should all work for some higher wage than we deserve or borrow half a million dollars on an $8/hr salary should come to an end. I live within my means, and I'm not rich by any means.
What a smug bitch: "It seems really detached from reality in my view...My view." I feel bad for Peter Schiff. These idiots he has to argue with just don't get it. We can prop up these companies in the short term and make sure everyone has jobs, yes. If these redistributionist bailouts persist, though, in the long run we will face massive inflation and the country will become a post-industrial wasteland. We can take a lot of pain now, or we can take the pain of civil unrest in the future.
We can only hope for a civil war. The problem is that America will blindly go along with whatever our political leaders want as long as we can continue to watch our cable and talk on our cell phones.
Who can feel sorry for these autoworkers, who make more than Physician Assistants, RN's, Paramedics and Nurse Anesthetists? They've priced themselves out a job because of greed. You have to stay competetive in capitalism, and they aren't. I agree with Schiff: let them fail and become competitive by necessity.
Would there be a need for all those skill you mentioned if we produce nothing. How can we survive if we produce nothing, have millions of americans idle and without jobs, because they cannot earn a living wage.
If everybody is earning half of what they earn now, it becomes the new "living wage". When we compete for resources, mainly housing, the more we all make, the more we all spend. I don't buy this whole "living wage" nonsense in the first place. It suggests that there is some prescribed amount of money that someone needs to support some prescribed lifestyle. What if I believe that god wants me to have 6 kids, should my living wage be higher than someone that only has one kid?
Campbell Brown and the rest of these talking heads are COMPLETELY CLUELESS!The only reason that they have jobs is because the majority of America is even more clueless.This country has no chance, none, unless a true fiscal conservative leader emerges from this B.O. mess and cleans this country top to bottom.I don't think this will happen becuase nost of the young, bright minds have been fed this liberal bullsh#$ that the Government can help us.America will be completely communist in 50 yrs.
I hope that thieving rotten streetwalking bigmouthed ladydog ends up like the rest of those unproductive worthless unionized false waged unskilled neanderthals in flint Michigan.
I love at the end where she says 'seems detachted from reality'. We will spread the misery and poverty just like Peter said, because everyone thinks that the government can somehow save us. Government is simply a group of people who are given the authority to use legal force. So they take our money by force, give back some to other people, there-by encouraging the same behaviour that caused them to need the money in the first place... spread the poverty, Peter is genious.
Untill Mr. Schiff talks about tariffs at the border to offset the difference between wages and regulation, he is only another economist blowing wind. Tariffs is the only solution to the plight of American Manufacturing. Protectionism is good, in spite of the fact that the MSM has been programing us for decades that it is a dirty word.
Are you suggesting a 'degree' makes you an economist? Peter Schiff is a recognized free market economist and advisor and has been spot on in predicting the current economic collapse.
Government is force, and the most corrupting and wasteful institution ever imagined. If our government increases prices from imports to match domestic prices, we the people are going to pay higher prices for products we buy, lowering our standard of living, as Peter said, 'spreading misery and poverty'. How exactly is protectionism (more government regulations, agencies, etc) better for the consumer, than the free market? Government price controls never work in the long term, see socialism.
I disagree with the whole laissez-faire concept of free trade. The tariff is one of the few taxes allowed by the constitution, tariff taxes was ment to pay government, not taxes on labor. As far as tariff being government price controlls: they are not. Price controlls is the government dictating what a business can charge for a product. Socialism is not our problem, nor is anyother ism, our real problem is globalism. The elites desire to have a global plantation, common wages, common coultures.
Tarrifs were allowed to give the government enough money to defend our liberties, not protect the corporate intrests of poorly run companies. Of course our government has given a rats ass about the constitution since a decade after it was created, see the wiskey rebellion for some fun reading. Much respect.. later.
I must agree with you about government. Those great politican minds gave multinational corperations the green light and resources to move their operations offshore. Governments like China: said come over here we will allow you to exploit our countrymen, pollute our enviroment, this will raise out GDP. Domestic business cannot compete with .40/hr, unregulated labor, without a tariff to offset the difference in living standards.
I'm sure that Mr. Schiff would be first to admit that his services are only worthwhile in an economy such as ours where the big bucks are made on speculation and second guessing what the government will do next rather than actually making things people need to live.
You know whats real fun? To watch all the Peter Schiff interviews on youtube. Interviews from 2-3 years ago where he was predicting (exactly what has happened) and the other "economists" and the host are either belitteling him or acting like Schiff is some kind of moron.
All of these eyerolling hosts are the ones who need a reality check. Its not "going to be ok" and the longer people pretend that this is just a temporary setback; the harder the final "landing" will be.
Mr. Schiff is a smart guy, but he is very insensitive to workers. If he were sincere he would talk about tariffs to offset labor and enviromental regulation. Americans cannot compete with .40/hr unregulated labor markets. Common sense should dictate that.
He is sensitive to workers, but all workers, not just American workers. He knows that in the long run, markets will normalize wages all other things being equal.
Yes the market will normalize wages: Americans will be earning .40/hr like the third world does. The global plantation will be in place,owned and operated by the global elitist. The con job of the developing third world buying american made products is a scam.
Who should an American Joe Blow make more money for the same labor as Joe Blow anywhere else? Why should poor people have to pay more for the goods and services they need? They're broke, give 'em break.
Gary, are you advocating a global wage. Poor folks only need one thing to get them out of poverty: a job. Outsourcing Manufacturing to third world countries and importing the goods back into the country so the jobless can buy it cheap, is what you appear to be saying. 5 million more Americans have went into poverty since NAFTA passed. Did NAFTA cause prosperity in Mexico: no, multinational corperations pocketed greater profits. Add tariffs, stop taxing labor.
I'm advocating for a natural wage, whatever that ends up being. When wages fall, employment rises. Yes NAFTA helped Mexicans, imagien how poor they'd be without it. Besides, being poor in America is like being rich compared to 80% of the rest of the world's population.
So should we seek poverty, so we can be a more exceptable to the rest of the world. Some obviously want that, and I really believe they are going to get their wish.
If NAFTA helped Mexico, why do we have 20 million illegal immigrants in the U.S. at present. Here's the answer: the wealth of the Mexican People has always, and still does end up in the Swiss Bank Accounts of their political leaders, and the lords of industry in Mexico. Mexico is rich in resources, they belong to the Mexican peop
No we should seek giving people a fighting chance of having a job and produce something that people need. The way things are now, its cheaper for me to do my own manual labor than to pay legally pay a laborer. So you have a guy with 2 degrees painting fences on his weekends, its just crazy.
As far NAFTA helping Mexico, maybe we'd hav 30 million here if they didn't have NAFTA trade. They have surplus labor and no capital. We have capital and no labor, we should work together to benefit all
your last sentence says it all, we have the fall of the US empire (if u can call it that) among us, you will see the average US persons quality of life deteriorate to match the rest of the worlds "rate", will take years to finally bottom
George Voinovich is undoughtly the worse president Ohio has ever had. He has voted for every Outsourcing Agreement the Bush Administration has ever sent through the congress. Voinovich will not keep his job in 2010.
The first "New Deal" was an abject failure--it didn't do a THING to improve the overall economy, and in fact, made things worse.
Now, morons are talking about a "Green New Deal"...what a crock of shite. Manmade-global warming is bullshite and Al Gore is an elitist lying charlatan. Americans have been victims of a decades-long propaganda campaign which has turned 'environmentalism' into a quasi-official religion. Just another excuse to expand govt control over us.
Fiat Money is created by debt notes. Interest goes up when rich care not to get the Principal - what the mafia calls "vig" becomes all-important. Interest was 320B for US last year, about 8T added means 600B/p/y. It has reached the point the people CAN'T PAY THE INTEREST! Result? Collapse! Schiff talks about how it "should" be. Sounds like a Jewish-Russian immigrant in the '50's - bet his momma loves him: "My son the GENIOUS". Too much non-production, too expensive prod. Fuel-Less Transport!
When I hear about the green jobs that are going to save the country I can't help but think about how as Germany was loosing WW2, they kept on talking about how these "wonder weapons" were going to turn the tide back at the last minute.
I wish it weren't true, but the immediate future for the country is going to be more about conservation and saving and less about partying and consuming. We will come out of this stronger in the end. Its like working out, tough to do but worth it.
They kept shouting him down because he kept making the same point: "Government doesn't have any money." The problem is that the other economists weren't being honest in their replies. When Schiff said, "The government has no money," they should have said, "They will...after they tax the rich." Why is everyone afraid to say that? Tax the rich. The top 1% made 22% of the income last year. Tax the heck out of that 22%, use it to increase education, technology and infrastructure.
I agree that we should rethink govt's role--and make it consistent with the constitution: establish justice, promote the general welfare, provide defense, insure domestic traquility etc. I trust a democratically elected government more to prevent the war of all against all than I do multigenerational wealth plutocrats and greed-is-good businessmen. Over the last 20 years income share of the top 1% went from 11% to 22%. That's wealth distribution the wrong way. Easy solution: tax the rich.
I think that what we've seen now, and in the 1920's, as the government (Federal Reserve) loosens credit, people borrow and spend and go into debt while business aggregates the money. So the more the Feds juice, the richer the rich get.
The problem with having really high income tax is that the people that own and run the businesses may decide that it isn't worth their time anymore and just retire or scale back. Kind of like doctors working 2 or 3 days a week and just enjoying their time off. So you idle this high value labor. There are very few things more mobile than capital and rich people.
Why don't the Government pay off peoples mortgages instead of putting it in a bottomless pit? Because they don't want to help the people, they want to help their friends...
I just read that peoples 401k's are 50% down. Money does not just disappear, it changes hands. These 401k's were a scam to steal the peoples money. Yeah keep on pumping your money into your 401k to retire and they took it, and they talk about the Mafia! These guys are worst than the Mob.
Hey did you notice that nobody cares about 9-11 conspiracy anymore, this planned Financial Collapse took our minds off of that!
The Car makers got lazy, they paid off the Govt into relaxing fuel efficiency & reduced emissions laws, they used the relatively cheap gas prices in America to build dangerous SUV's that are classified as Trucks to bypass Car saftey regulations. They refused to modernise their factories or invest in new technologies and now blame the unions for the mess.
Now they blackmail the Govt with threats of bankruptcy, either pay $25billion now or $100Billion in lost taxes and cost of unemployment later.
I'm all for green jobs, but Schiff is right, unless the government can somehow budget it, they're going to just further debase the currency and increase debt. Opening up the spigot of SBA loans and tax incentives would make more sense in this regard.
I do agree with TimJanezic though in that supply side economics can only take us so far at this point, as we've already run the debt up so far, and it wouldn't put the money directly enough in the hands of those most likely to spend it.
peter schiff does such a good job of explaining fundamental economics.
gov't cannot create jobs! they can only tax successful working people/companies, which would have used the capital to create jobs without gov't intervention and waste in the first place.
Sometime Peter Schiff goes over the cliff with this free market crap. Is the damn free market that got us into this mess anywhere. If i remember right, republicans are supposed to be free marketers and democrats are tax and spend liberals but look at the last eight years of free market power. The rich got richer and the middle class got poor and the poor got poorer that's why we borrowed so much to buy stuff because our incomes couldn't afford the stuff so peter needs to wake up!!
It obviously wasn't a very free market, was it? Even according to your own analysis. Regulation and government strangulation caused the problem, not to mention loads of greed, and more intervention and regulation will only make it worse. Schiff has been right about everything so far, how about you?
your not to far off as far as the free market failing, but its not because of the fundamentals of the system but the manipulation of the system by the gov and other institutions. ie freddie and fannie and besides if you still belive in bipartisanship your way behind...not to be rude. Both parties are lobbied by the same corporations and special interest groups.
Where will the money come from? Well, obviously we're looking at a deficit over the next couple of years , and the debt will be staggering, but the debt vs. GDP is the more important number and it was worse during WWII. If the govt. has a backbone, it can force these companies to present a reasonable plan before receiving help, and demanding that the money be paid back, even if that means taking cash from the CEO's who don't seem to want to sacrifice in these tough times.
The middle class is the most important component. They make up the majority of the country, spend a ton of money and start small businesses based on innovation when big biz can't because of their entrenched interests. Cutting spending, and easing tax burdens for small biz are definitely important. And we should get rid of the Fed and restore something akin to Lincoln's Greenbacks to facilitate more and dictate less. Still, the Govt. can play a role if they don't pander and are intelligent.
The govt. can play a role as long as it doesn't interfere too much. Set goals, and fund the private companies that have the best plans for those goals. We see that farm subsidies and corn ethanol were a bad govt. investment. But, a New Deal style is better than supply side by far because Supply Side assumes a trickle down, but a Keynesian style forces it. Jobs are created doing positive work for the country and the money in people's pockets gets distributed around the economy.
You free market magicians need to watch Milton Friedman's Free to Choose series. What are your actual proposals to get the economy back and working besides letting the invisible hand of the market work magic? Pure Free Markets are hostile, unstable places with a fair amount of human debris. Friedman never had to worry cause he was a professor and above the fray. We spend too much money on defense. The results often can't be sold to our citizens and obviously aren't great for export.
what the hell, that one dude it trying to inform these people with sense and all they do is talk over him. They need to whatch who they put on the show ffs that was bad. One smart dude between 3 retarded morons.
CNN has gone dumbass along with the rest of your dumbass country. Peters Schiff is the only person on this panel who makes a point. How are you going to keep spending and keep spending and keep spending money that you don't have and think that this is going to help everyone keep their jobs and bring stability to your already unstable economy? It's impossible! This will lead to the destruction of your currency which is going to have a huge impact worldwide and you will be responsible!
Time will ultimately prove Peter right again. So let the media morons talk and talk. Remember who it was who said to SELL at the TOP of the market peak. It sure as helll wasn't the media morons at CNN or CNBC or Bloomberg or FOX or any one in government.
It is amazing how the MSM is--in concert--talking about the need for new "New Deal", a "Green New Deal", isn't it?
Like FDR's [and Hoover's] "New Deal" was some huge success! Ahhhh....HELLO, but isn't it OBVIOUS that the "New Deal" did NOTHING to improve America's situation? America had NEVER had an economic downturn like the Great Depression before; because it'd never had such MASSIVE govt meddling in the economy as in the New Deal.
"Hypocrites"? WTF are you talking about? What about the HYPOCRITES on the DEMOCRAT side who claimed to be anti-war, anti-corporations, and anti-Bush? Schiff and other free-marketeers ARE right! Though the TRUTH that Schiff is preaching might not be popular, it is, nevertheless, the TRUTH. If Obama and Americans are too big of IDIOTS and COWARDS to face the truth, that isn't Schiff's fault.
Unbelievable. Is that woman serious? Let Peter Schiff talk. Yeah, I do feel bad for all these people losing their jobs, but like Peter said, the government created these problems. Does she not understand that these bail outs are only pro-longing the problem?
what a dumb bitch, and such a person can be a host of a business show. Peter Schiff is the only person who should have talked, because the others just told bullsh.
Can anybody explain to me why Singapore is not known to produce/manufacture anything and yet has a good economy? Isn't this contrary to what Peter Schiff is saying that US has to actually start producing things for export?
I am watching 8:00-8:20 over and over again. Peter is intellectually so far ahead of the others it's not even funny. You can tell though he is having a good time making the others looking like fools.
you are dead wrong on this. I'm from Malaysia and i am here to tell you Singapore more factory than you can imagine. In the area call Jurong there are hundreds if not thousand of factory there and imagine the size of Singapore. In term of number of factory per capita, Singapore is the highest among other developed nations in the world
Ok. But Singapore population is so small at only 4.8 Million, so I don't expect them to have lots of factories. I thought Singapore makes it money from being the financial hub. Also, they invest their money in other countries. Didn't America do this too by setting up factories in China?
I really don't think you know anything about Singapore here the answer.
Singapore factory hire a lot of foreign worker from Malaysia, Indonesia, Vietnam, Myanmar etc to work in the production line of factories. Normally only the upper management level of factories occupied by Singaporean. Singapore manufacturing company seldom setting up their factory outside Singapore.
Yes they are the financial hub in Asia but unlike US, they didn't forget about how important manufacturing sector is.
The fundamental reason why these Auto companies are going broke is simply due to the fact that the US can no longer produce cars at a competitive price. The same car can be built at a fraction of the cost in China and japan. Where i think peter goes wrong is in his belief that in letting the auto industry die someone else will utilise the capital and produce cars at a competitive price. The reality is im affraid that the US is no longer a country that can do this.
I love how everyone on this board is so PRO Peter Schiff, but if Obama takes Peter advice, he wont be able to win a vote for Dog Catcher the next election. Because republicans will say he did not creat jobs he let the big 3 go bankrupt, and all u so called smart economist will agree with them and vote him out, you guys are such hypocrites.
I hope you like Gov cheese & maybe a little rice in your cardboard shelter in the ally Pete.
Schiff predicted the end, but he's not the guy to clean it up.
These are people, real people and they need food & shelter. You want them to die in the streets? Really? you'r idea of new jobs?
I can only hope that if Obama follows Pete's advice there are still enough cops left on the streets when he & his love ones decide to take a walk down the street
God these people are complete morons... the more I watch these idiots the more I realize how much trouble we really are in - these are the same clowns offering solutions. Schiff really is a beacon in all this crap. I love his comment... "the government doesn't have any food!"
right...cuz voinovich knows what he's talking about....lol
MrGiggity890 2 weeks ago
Wow. That woman is an idiot. She didn't attempt to engage in any actually argument. She just held on to her preconceived notions of economics. Ali is an imbecile too. He talks as though calling something "theory" makes it false. Geez. Way to go guys.
dustinseth1 6 months ago
wow, i wonder if these morons watch themselves on youtube 2 years later and see how wrong they were.
ImAud1 10 months ago
in "her view" shes not a pretentious duech. in "her view" she contributes no logical argument because shes too "attach to reality". in "her view" peter needs to get a grip on reality cause hes the overseer of over a billion dollars.... is it jsut me or does she need to stick "her view" up her ass where the rest of the meaningless shit that thinks comes out of.
SIRA063 1 year ago
brown is a joke
MrCalipachanguero 1 year ago
Brown is a brainwashed ifool Green jobs? Yea right where are those green job???
Climate change is a scam Obama is puppet for the banksters.
Peter has more brains in his toe than Brown has in her whole head.
She is what is wrong with America and why I live S.A.
MrCalipachanguero 1 year ago
Ali is so emotional. He needs to stop the estrogen shots.
Vodka2389 1 year ago
Green jobs?? Does anyone seriously talk about these any more. what a joke.
dontdispie 1 year ago 2
Bunch of university educated, arrogant IDIOTS with no common sense whatsoever. Peter is the only one speaking common sense when they aren't talking over him. Morons like this are the exact reason we're in all this trouble in the first place.
zeugmatis 2 years ago 3
@zeugmatis,
Weirdly enough I speak with a lot of different people daily, neighbors, taxi drivers, etc etc - and I can tell you that most people "thought" the same way at least back then... only a tiny few amount of people (PS et al) knew what they were talking about and understood what it meant to be able to explain it... Funny to see how in retrospect all problems and accidents seem so "obvious"...
ulysseinvest 1 year ago
cambell brown and ali and that other idiot fail to realize, these people will get unemployment when they lose their jobs. they will have some form of income. so its not like they will be starving and losing their homes right away which is what cambell brown is saying. there is a such thing as unemployment benefits.
PoliticsAddict 2 years ago
4:59 peter says, "we can't afford the old, new deal!" hilarious..
PoliticsAddict 2 years ago
these ppl have no confidence in the free market, it's truly schocking.. Why is Peter Schiff not the mainstream?
Sivels 2 years ago
wow...Peter Schiff makes them look like absolute fools.
firstjibb 2 years ago
Amazing how stupid these TV commentators are. Just like how unfunny the Stand Up Comedy Hacks are! Peter you need a reality check their not going to let the people in the midwest starve. How utterly foolish the only thing the Government can do is make the problems dramatically worse presently and accelerating into the future. Imagine these dimwits arguing with Peter Schiff. It would be like an F student in remedial Science class telling Einstein his theories are all wrong! LOL
globalwarmingfarce 2 years ago
Who is that twat moderating this disaster?
TheTopBloke 2 years ago
I will never watch cnn anymore.
noone120000 2 years ago
interviewer = dumbass
sexdrugsRnR 2 years ago
Nice try. Keep it up check out esteembpo + com for social media marketing. kjb
SadeTabitha 2 years ago
Hate that egg head Ali alien - always saying bullshit when talking about economics especially when debating with Peter :D
DesTroYeRuS7 2 years ago
I'm glad that bitch isn't on tv anymore. The illumination of ignorance on this panel is disgusting!
Where is the logic and rational thinking?
osgangstarrr 2 years ago
Schiff owns ben Stein, Arthur Laffer, Steve forbes...now these guys.
Mediterraneanblue9 2 years ago
Another reason I will never be on TV. I would have already choked that dumb bitch.
seanannapolis 2 years ago 3
What a dumb bitch? She is the one that needs a reality check, what part does she not understand about having no money?
All of her arguments have no validity whatsoever based on the obvious fact that the Government is BROKE.
osgangstarrr 2 years ago 5
Dissemated!! What a fucking whore. She was probably a mass comm major and has fucking idea of how economics works. Ari is a lawyer, so he can suck it. Go fucking beat off to Nancy Grace. And the other guy Jesus Christ.
Mediterraneanblue9 2 years ago
Legalize regulate and tax pot!!!
spernoadversa 2 years ago
Pot should be legalized, but not regulated and taxed. It showed be grown, sold and distributed between people freely and without the burden of tax laws and regulation. Having the government get into the picture would be like the government telling me how to grow my own vegetables and how to sell produce I grow on my property and then tax my earnings without having a role in the entire process.
jensinorkt350 2 years ago
Green energy? Hello! How is that going to fix our economy? Sounds more like a buzz word than a solution.
Synergistik 3 years ago 4
I think we are doomed even if every driver drives a prius. I'm more worried when global population reaches 10-25 billion.
Mediterraneanblue9 2 years ago
c. brown. just another breathtakingly stupid pretty bimbo on CNN. clearly the discussion was over her head and she, essentially, panicked. they should start putting at least semi-intelligent moderators on air if they want to mitigate the hemorrhaging of their ratings.
rprec 3 years ago 5
Sadly, she is attractive to look at and the masses see her as credible. The guest from the 'Progressive Institute for Progress' (or whatever it was) and C. Brown are big government whores. They love it. They don't see the flaws in their thinking andf the masses, who are in pain, will always gravitate toward the handout.
seanannapolis 2 years ago 2
CAMPBELL!! "WERE BROKE"
were broke, what don't you get?
You are so stupid Campbell. Peter Schiff needs a reality check? Um, i think it's the other way around.
pepsimannampepsi 3 years ago 8
Campbell Brown is a ditz. She doesn't write anything and like every other mainstream talking head all they do is regurgitate the obvious. They don't rally people to do something. Those who go against the grain,and actually tell the truth are ridiculed and their honest and realistic commentary dismissed. "Cutting through the bull" my ass. She sucked someone off just like all the pretty women on network news. And "Pretty women" is what they are. VOID OF EDITORIAL COMMENT AND CONTRUCTIVE CRITICISM.
truthtribe 3 years ago 5
For Campbell Brown to say Peter Schiff needs a "reality check" is a total joke. Look around.
Peter warned about the current crisis while you were primping your hair and practicing to talk on camera. Seriously, how does she get away with posing as a journalist when she is mocking someone who has stood so firmly while being mocked?
She is not a journalist. Sorry.
Peter Schiff deserves an award, if for nothing else, for sticking to his guns.
PhenomPhred 3 years ago 8
Look, I've have watched ol' Peter Schiff's guest star appearances on financial shows for a while. He amused me because he was Debbie Downer unrelentingly. He never hesitated even though people literally laughed at him on the air.
I always worried he could be right because he shares my basic logical unemotional (and truthful) view of economics.
Let me say he has very consistently been right in the face of many others mocking him.
PhenomPhred 3 years ago 3
Peter Schiff for President!!!
Spudskie 3 years ago 2
noone can finish a fuckin point with htis bithc int he middle throwing it back and forth trying to fit somethign this important into 5 min of air time.
Absurd! you deserve to be poor because your fuckin stupid!
Dkouts57 3 years ago 2
Our auto industry is being bailed out because the government doesn't want millions to be unemployed. Even the hosts' main argument is "What about the employees?"
It used to be that if someone lost their job it wasn't a big deal. Today, if someone loses their job they are DONE. Goodbye health benefits, goodbye pension, goodbye everything.
Solution = safety net. If people wouldn't lose everything due to joblessness, then the government wouldn't have to step in and the bad companies would fail.
pllpls 3 years ago
They're all in denial (except Schiff). Talk about a reality check,they're the ones who need one.
00587649 3 years ago
This has been flagged as spam show
Peter speaks the truth. If you want the latest Peter Schiff videos, articles, and his podcast, check out Peter-Schiff . com. It's all on the front page.
ggadguy 3 years ago
If thats the case than; why are you so convinced that unions are such a evil in the U.S.If unions wouldn't make a difference in Zimbabwe, why are they illegal, forcing the multinatonal corperations that exploit their resources would make a difference. Neo-colonialism in this paticular case. Colonialism by multinational corperations is the same exploitive behavior as colonialism by empires.
louiethegreater 3 years ago
How about a bailout for everyone!!!
And give a year long tax holiday for all.
The free market will explode with jobs and spending.
Playboysmurf1 3 years ago
"And give a year long tax holiday for all."
No kidding. They might as well just abolish the income tax altogether. All taxes for that matter.
What's the point of taxing us if they are going to run up deficits regardless of revenues? Our debt is going through the roof anyway so what difference does it make?
When was the last time our government had any fiscal responsibility?
pllpls 3 years ago
Keep talking pllpis: I agree with every word you are saying.
louiethegreater 3 years ago
Peter is right, the private sector will create $5.00/hr jobs for everyone. He accuratly predicted our economy, but he doesn't accuratly describe it cause. Oursourcing our manufacturing to cheap unregulated labor markets is the cause. Deflation is the result of replacing 20./hr jobs with 10./hr jobs. That has backfired with; no jobs, as the end result.
louiethegreater 3 years ago
Jobs get outsourced overseas because unions bullied companies into wages and benefits that couldn't be sustained. Union workers piss and moan when their jobs disappear, but they and the executives are to blame for pretending that economic reality can just be wished away, but prosperity and jobs can't be created by the wave of a magic wand. Now, when we swap out idiots in the White House, Obama thinks he can create millions of "productive" jobs just by signing on the dotted line. Total idiots.
gergenheimer 3 years ago
What economic reality are you describing? I believe you are saying American workers and Asian workers should both make 1.00/hr. Your concept of unions are completely contrary to mine. Union jobs disappear when oursourcing to cheap unregulated labor markets appear, and a larger concentration of wealth goes into the top 2% of the population. Unions built the American Middleclass. Idiots are those who do not understand that unions is the only leveling element between rich and poor.
louiethegreater 3 years ago
great oversimplification. I don't believe a guy screwing bolts on a car frame should make 2-3 times what I make, therefore I must want him to make only $1 per hour. He should make a wage and benefits that are sustainable. My parents both grew up dirt poor in rural America and achieved comfortable lives without your precious unions. My home town has an auto plant that voted to remain non-union because they are well-paid and happy - and THIS automaker isn't bankrupt -see the connection?
gergenheimer 3 years ago
Yes; the connection I see is that these auto plant in your area pays a living wage, because of the threat of being unionized. Another connection you might look at is, that in most of the third world unions are illegal. Do you connectic anything there; like no unions = poverty. If unions doesn't force multinationals to living wages, why are they illegal. I suspect you have never worked on an assembly line, and greatly over simplify the work, but even that is irrelevant, folks must make a living.
louiethegreater 3 years ago
I have worked plenty of tough labor jobs in my day, including construction and clearing land with a hand scythe. Do you honestly think if Zimbabwe suddenly made unions legal the people would become prosperous? Third world countries are poverty-stricken because they have no guarantees of personal freedom, no private property ownership, no entrepreneurial spirit, and no semblance of a sound financial system. Lack of unions is not even on the radar for those people.
gergenheimer 3 years ago 2
Exactly. Outsourcing manufacturing doesn't give us better goods, it eliminates jobs, and is actually a threat to our country equivalent to a military one because when we lose the ability to produce goods, we increase our economic stability risk and national security. Boeing is already outsourcing to the Communist Chinese. When we finally stop producing our own weapons, we are screwed.
monkeyman1140 3 years ago
Absoulately right monkeyman, I don't understand how anyone could see it any other way. Even Mr. Schiff encourages Asian investments; how foolish.
louiethegreater 3 years ago
"we increase our economic stability risk and national security. Boeing is already outsourcing to the Communist Chinese. When we finally stop producing our own weapons, we are screwed."
Justice won't allow companies vital to national defense be taken over by foreign companies.
And I guarantee you that whatever Boeing is outsourcing to China is not a critical component to our defense. So it isn't a big deal from that perspective.
pllpls 3 years ago
This has been flagged as spam show
i'd fuck her
rikestard 3 years ago
Just fire her and tell her to lie down and pull up her skirt. Hopefully she can do all that without screwing up but it's probably the only thing she can do right.
YoshiroShin 3 years ago
(annoying kids voice)"my view, my view" Campbell is a dumb bitch! When will anyone listen to the warnings! Peter Schiff may not sound like he has a heart but he definitely has a mind and it has been right for the past few years. Its not that hard to predict that big government will fail because it ALWAYS does.
alby711 3 years ago 3
One of the inputs of factoring production or efficency is labor costs. In that context Americans could never compete with unregulated third world labor.
louiethegreater 3 years ago
Campbell Brown lacks the depth to conduct complicated interviews. She continually interrupts Peter Schiff, a well-regarded professional, to allow the other two to speak at length. She lacks professionalism in this interview, and basically ran it like commentary on red-carpet Hollywood fashions. Clearly too complicated a subject for her.
FLfreelancer 3 years ago 2
I love these propagandist. They tell me whom the stupid and ignorant people are that listen to them. Plus it is very entertaining to see Ally and Campbell lie there ass's off on the national propaganda machine.
putittogether 3 years ago
peter rules the truth hurts nobody wants to feel the pain!!! alley campbell brown and the other guy I never heard of BEAT IT!!!!!
fortherichbytherich 3 years ago
This is simple wage competition. If you can't compete for the same vehicle etc you can't be profitable. Same car in the US costs 10% higher than the same car made outside the US. $75 dollars an hour to make cars and then retire and still get paid That is the real comedy.
formulaprimer 3 years ago
Why should American Auto Manufacturers have to compete with third world wages. Wouldn't a sizable tariff at the borders solve the problem. Japan has a 20% tariff on American Made Cars. They protect their industry, we just give ours away, actually encourage industry to move offshore. Are you sure this is not about globalism and not Free Trade.
louiethegreater 3 years ago
So basically you want Americans to pay more for cars? Lets see how many people make cars couple of million, lets say. How many people drive cars? 300 million! We want to do something for the 2 million, by making the rest 298 million pay more? Besides, its not like the 2 million are going to sit on their hands. They will get back to work, there will be a much needed drop in labor costs for a while, so what?
utubehayter 3 years ago
Remember when we were givin the con job over NAFTA. We were going to get all those cheap cars from Mexico.Where are the; they never made it here did they? The reason is because the multinational corperations that moved to Mexico pocketed the profits. When Clinton gave China, MFN Trading Status, the all left Mexico, and headed for China and India. Multinatinal Corperations are chasing cheap, unregulated, labor throughout the world. Free Trade doesnt exist, it exist in theory only.
louiethegreater 3 years ago
Haha.. you think NAFTA is free trade? Do you realize that free trade has nothing positive or negative to do with the govt? Just calling a pig a goose is not going to make it a goose. Calling NAFTA as free trade does not mean it is free trade. Heck it is completely opposite of free trade. As for cheap labor, of course everyone should chase cheaper labor. Had the American productivity been kept up and costs low, the jobs would not have travelled overseas. You can thank interventionism for that too
utubehayter 3 years ago
If NAFTA isn't free trade, (I agree it isn't) what motive would a government have to draft such an agreement. Free Trade has never existed anywhere in the world, nor wil it ever as long as there is nationstates. It exist in theory only, in the minds of Friedman and von Mises. Fair Trade could exist as an exchange of goods, if the income of labor were considered in the agreement. I think that is why the founder of the Constitution had in mind when they allowed tariffs.
louiethegreater 3 years ago
You are wondering about "motive" of a government? That is pretty funny, what else can be govt motive? To use collective power for helping political enterprises.
And free trade does exist - and does not exist at the same time. It is like purity of a substance. No chunk of matter can be 100% pure. Because it will always will be contaminated by something. Does that mean the substance does not exist? Mises and Rothbard were arguing for more and more purity, i.e. more free market ideology.
utubehayter 3 years ago
Here's the motive for drafting all the trade agreements, since GATT. The motive is to slowly build a global plantation, governed by a few global elites. The things you are considering free trade is actually Neocolonialism, colonialism preformed by multinational Corperations instead of empires. Free Trade does not exist, only greater profits for multinationals, the goal is to convince folks that, free trade should trump fair trade.
louiethegreater 3 years ago
The constitution was a big mistake. The anti-federalists were right. It did establish an empire and probably never should have been ratified. As for tariffs, don't deify the founding fathers. They were human too and they too were fallible in their logic, even though they were very wise, does not mean they did everything right.
utubehayter 3 years ago
You believe our constitution was a mistake: Wow. The empire building element of our government is a recent persuit.
louiethegreater 3 years ago
Look up Hans Herman Hoppe - he has explained in detail why the constitution is a mistake. It goes like this - that the constitution by itself cannot control govt. Its interpretation is left to the govt and hence has always been perverted to suit the govt's interests. The people have been trained to believe in the mystical powers of a piece of paper to stop expansion of the govt and hence, the constitution indirectly enables govt growth instead of limiting it.
utubehayter 3 years ago
I don't understand why anyone who is not rich would be objective of someone earning a living wage. You blame it on the unions, it's not workers fault or unions. For example; remember when they were doing the con job to pass NAFTA, and how the cars were going to much cheeper. The price hasn't come down, Mexican Workers earn about $1.00 and hour. What happened? Answer: multinational corperations pocketed the profits. You should understand we are being herded into a global plantation.Don't buy in.
louiethegreater 3 years ago
Looking at the video it's clear how bloated and labor intensive unions are. 1 person to turn some screws, 1 person to lift a radiator, 1 person to clamp a hose and each person makes $35 hr w/ tens of thousands in benefits, no wonder. Japanese are using robots for 80% of assembly.
rodolphesimon 3 years ago
Hey wonder, what the wages of Bear Sterns, Lieberman Brothers, Morgan Stanley, CityCorp, Bank of America, employees earned? One must assume they earned a living wage, I'll bet you believe they all have brilliant minds and Automotive Workers are all a bunch of dingbats. I'll also bet you never worked on an assembly line, and are guessing their jobs. I will also bet you believe they should earn .40/hr like the Chinese labors do. Globalism is the problem not workers.
louiethegreater 3 years ago
No, the workers aren't the problem, you know danm well I don't mean that. I'm not spending $38,000 for a $12,000 car just to support some union manager's salary, it's way too bloated. Maybe this whole mentality that we should all work for some higher wage than we deserve or borrow half a million dollars on an $8/hr salary should come to an end. I live within my means, and I'm not rich by any means.
rodolphesimon 3 years ago
Hank Paulson is begging in China. The Chinese are stupid if they loan money to the USA. The U.S. dollar is toast.
FGTBOGSAT 3 years ago
What a smug bitch: "It seems really detached from reality in my view...My view." I feel bad for Peter Schiff. These idiots he has to argue with just don't get it. We can prop up these companies in the short term and make sure everyone has jobs, yes. If these redistributionist bailouts persist, though, in the long run we will face massive inflation and the country will become a post-industrial wasteland. We can take a lot of pain now, or we can take the pain of civil unrest in the future.
vivalabag 3 years ago 4
We can only hope for a civil war. The problem is that America will blindly go along with whatever our political leaders want as long as we can continue to watch our cable and talk on our cell phones.
jojoblazini26 3 years ago
Well said jojo.
louiethegreater 3 years ago
We should not hope for a civil war because the politicians would love for an excuse to install martial law and clampdown on the citizens.
vivalabag 3 years ago 2
Vivalabag, if a civil war were to begin, we would be way past the point where martial law would have any effect.
jojoblazini26 3 years ago
What a dumb bitch. Someone needs to stick a fat one in her mouth. So freaking annoying. Schiff was the only one making any sense.
lxxdakinexxl 3 years ago 2
Who can feel sorry for these autoworkers, who make more than Physician Assistants, RN's, Paramedics and Nurse Anesthetists? They've priced themselves out a job because of greed. You have to stay competetive in capitalism, and they aren't. I agree with Schiff: let them fail and become competitive by necessity.
harvardlaw95 3 years ago 4
Would there be a need for all those skill you mentioned if we produce nothing. How can we survive if we produce nothing, have millions of americans idle and without jobs, because they cannot earn a living wage.
louiethegreater 3 years ago
If everybody is earning half of what they earn now, it becomes the new "living wage". When we compete for resources, mainly housing, the more we all make, the more we all spend. I don't buy this whole "living wage" nonsense in the first place. It suggests that there is some prescribed amount of money that someone needs to support some prescribed lifestyle. What if I believe that god wants me to have 6 kids, should my living wage be higher than someone that only has one kid?
GaryVolts 3 years ago
Campbell Brown and the rest of these talking heads are COMPLETELY CLUELESS!The only reason that they have jobs is because the majority of America is even more clueless.This country has no chance, none, unless a true fiscal conservative leader emerges from this B.O. mess and cleans this country top to bottom.I don't think this will happen becuase nost of the young, bright minds have been fed this liberal bullsh#$ that the Government can help us.America will be completely communist in 50 yrs.
jojoblazini26 3 years ago 2
nail on the head
solojam 3 years ago
The chick is a clueless shill for totalitarianism.
usmcvet66 3 years ago 3
Velshi is an idiot. Keynesiasm has been proved an abject failure. The govt can not spend it's way to prosperity. What a joke.
usmcvet66 3 years ago 2
lol poor Schiff, nobody of them believed of what he said ;(
hotemil 3 years ago
Please search youtube for "Money, Banking, and the Federal Reserve" ...watch it, it's important.
Find ways to spread the information!!!!
ArtGoddess8 3 years ago
I hope that thieving rotten streetwalking bigmouthed ladydog ends up like the rest of those unproductive worthless unionized false waged unskilled neanderthals in flint Michigan.
rcaracaus 3 years ago
Ali has a big mouth and can't stop interrupting.
Sodnal 3 years ago
I love at the end where she says 'seems detachted from reality'. We will spread the misery and poverty just like Peter said, because everyone thinks that the government can somehow save us. Government is simply a group of people who are given the authority to use legal force. So they take our money by force, give back some to other people, there-by encouraging the same behaviour that caused them to need the money in the first place... spread the poverty, Peter is genious.
brewerscrew 3 years ago
lol good stuff!
rich232399 3 years ago
Untill Mr. Schiff talks about tariffs at the border to offset the difference between wages and regulation, he is only another economist blowing wind. Tariffs is the only solution to the plight of American Manufacturing. Protectionism is good, in spite of the fact that the MSM has been programing us for decades that it is a dirty word.
louiethegreater 3 years ago
Schiff isn't an economist. He has a degree in finance and accounting.
kihjin 3 years ago
Are you suggesting a 'degree' makes you an economist? Peter Schiff is a recognized free market economist and advisor and has been spot on in predicting the current economic collapse.
hornshwangler 3 years ago 3
Schiff has more knowledge of economics in his little finger than most of the people calling themselves economists on TV.
GaryVolts 3 years ago
Government is force, and the most corrupting and wasteful institution ever imagined. If our government increases prices from imports to match domestic prices, we the people are going to pay higher prices for products we buy, lowering our standard of living, as Peter said, 'spreading misery and poverty'. How exactly is protectionism (more government regulations, agencies, etc) better for the consumer, than the free market? Government price controls never work in the long term, see socialism.
brewerscrew 3 years ago
I disagree with the whole laissez-faire concept of free trade. The tariff is one of the few taxes allowed by the constitution, tariff taxes was ment to pay government, not taxes on labor. As far as tariff being government price controlls: they are not. Price controlls is the government dictating what a business can charge for a product. Socialism is not our problem, nor is anyother ism, our real problem is globalism. The elites desire to have a global plantation, common wages, common coultures.
louiethegreater 3 years ago
Tarrifs were allowed to give the government enough money to defend our liberties, not protect the corporate intrests of poorly run companies. Of course our government has given a rats ass about the constitution since a decade after it was created, see the wiskey rebellion for some fun reading. Much respect.. later.
brewerscrew 3 years ago 2
I must agree with you about government. Those great politican minds gave multinational corperations the green light and resources to move their operations offshore. Governments like China: said come over here we will allow you to exploit our countrymen, pollute our enviroment, this will raise out GDP. Domestic business cannot compete with .40/hr, unregulated labor, without a tariff to offset the difference in living standards.
louiethegreater 3 years ago
Save jobs by bailouts? Even if they do save jobs and they won't, a years salary is probably only going to buy you a stick of gum.
DeadpoolX 3 years ago
The New Deal got us BIG DEBT from Social Security.
I have no idea what this obama change will bring America and the green collar jobs???
So let's redistribute wealth take money from those working and spread it out to those that are unemployed. That's makes perfect sense.
linhh82 3 years ago
Peter Schiff says that the service sector of the economy is phony. According to that logic, Mr Schiff as a financial advisor is redundant himself.
nua68 3 years ago
I'm sure that Mr. Schiff would be first to admit that his services are only worthwhile in an economy such as ours where the big bucks are made on speculation and second guessing what the government will do next rather than actually making things people need to live.
GaryVolts 3 years ago
You know whats real fun? To watch all the Peter Schiff interviews on youtube. Interviews from 2-3 years ago where he was predicting (exactly what has happened) and the other "economists" and the host are either belitteling him or acting like Schiff is some kind of moron.
All of these eyerolling hosts are the ones who need a reality check. Its not "going to be ok" and the longer people pretend that this is just a temporary setback; the harder the final "landing" will be.
goralux 3 years ago 3
Mr. Schiff is a smart guy, but he is very insensitive to workers. If he were sincere he would talk about tariffs to offset labor and enviromental regulation. Americans cannot compete with .40/hr unregulated labor markets. Common sense should dictate that.
louiethegreater 3 years ago
He is sensitive to workers, but all workers, not just American workers. He knows that in the long run, markets will normalize wages all other things being equal.
GaryVolts 3 years ago
Yes the market will normalize wages: Americans will be earning .40/hr like the third world does. The global plantation will be in place,owned and operated by the global elitist. The con job of the developing third world buying american made products is a scam.
louiethegreater 3 years ago
Who should an American Joe Blow make more money for the same labor as Joe Blow anywhere else? Why should poor people have to pay more for the goods and services they need? They're broke, give 'em break.
GaryVolts 3 years ago
Gary, are you advocating a global wage. Poor folks only need one thing to get them out of poverty: a job. Outsourcing Manufacturing to third world countries and importing the goods back into the country so the jobless can buy it cheap, is what you appear to be saying. 5 million more Americans have went into poverty since NAFTA passed. Did NAFTA cause prosperity in Mexico: no, multinational corperations pocketed greater profits. Add tariffs, stop taxing labor.
louiethegreater 3 years ago
I'm advocating for a natural wage, whatever that ends up being. When wages fall, employment rises. Yes NAFTA helped Mexicans, imagien how poor they'd be without it. Besides, being poor in America is like being rich compared to 80% of the rest of the world's population.
GaryVolts 3 years ago
So should we seek poverty, so we can be a more exceptable to the rest of the world. Some obviously want that, and I really believe they are going to get their wish.
If NAFTA helped Mexico, why do we have 20 million illegal immigrants in the U.S. at present. Here's the answer: the wealth of the Mexican People has always, and still does end up in the Swiss Bank Accounts of their political leaders, and the lords of industry in Mexico. Mexico is rich in resources, they belong to the Mexican peop
louiethegreater 3 years ago
No we should seek giving people a fighting chance of having a job and produce something that people need. The way things are now, its cheaper for me to do my own manual labor than to pay legally pay a laborer. So you have a guy with 2 degrees painting fences on his weekends, its just crazy.
As far NAFTA helping Mexico, maybe we'd hav 30 million here if they didn't have NAFTA trade. They have surplus labor and no capital. We have capital and no labor, we should work together to benefit all
GaryVolts 3 years ago
your last sentence says it all, we have the fall of the US empire (if u can call it that) among us, you will see the average US persons quality of life deteriorate to match the rest of the worlds "rate", will take years to finally bottom
solojam 3 years ago 2
George Voinovich is undoughtly the worse president Ohio has ever had. He has voted for every Outsourcing Agreement the Bush Administration has ever sent through the congress. Voinovich will not keep his job in 2010.
louiethegreater 3 years ago
The first "New Deal" was an abject failure--it didn't do a THING to improve the overall economy, and in fact, made things worse.
Now, morons are talking about a "Green New Deal"...what a crock of shite. Manmade-global warming is bullshite and Al Gore is an elitist lying charlatan. Americans have been victims of a decades-long propaganda campaign which has turned 'environmentalism' into a quasi-official religion. Just another excuse to expand govt control over us.
ashane77 3 years ago 2
Campbell seems excited about the idea of a new deal. I bet she does not know any 1930's history, like most TV heads.
TajiTJ 3 years ago
Fiat Money is created by debt notes. Interest goes up when rich care not to get the Principal - what the mafia calls "vig" becomes all-important. Interest was 320B for US last year, about 8T added means 600B/p/y. It has reached the point the people CAN'T PAY THE INTEREST! Result? Collapse! Schiff talks about how it "should" be. Sounds like a Jewish-Russian immigrant in the '50's - bet his momma loves him: "My son the GENIOUS". Too much non-production, too expensive prod. Fuel-Less Transport!
PhotonDrive 3 years ago
When I hear about the green jobs that are going to save the country I can't help but think about how as Germany was loosing WW2, they kept on talking about how these "wonder weapons" were going to turn the tide back at the last minute.
I wish it weren't true, but the immediate future for the country is going to be more about conservation and saving and less about partying and consuming. We will come out of this stronger in the end. Its like working out, tough to do but worth it.
GaryVolts 3 years ago
Its frustrating to watch these shows where Peter has to shout over the other so called economists that are nowhere near the calibre of himself.
They need to ask a question, and then STFU and listen to what he's saying.
The main argument you hear in this piece is that because the ramifications of Peter's predictions are so bad for GM, then they just CAN'T be true.
Good point to remember- that which the government grants to one, it takes from another. Jobs saved at GM are lost elsewhere.
GaryVolts 3 years ago 2
They kept shouting him down because he kept making the same point: "Government doesn't have any money." The problem is that the other economists weren't being honest in their replies. When Schiff said, "The government has no money," they should have said, "They will...after they tax the rich." Why is everyone afraid to say that? Tax the rich. The top 1% made 22% of the income last year. Tax the heck out of that 22%, use it to increase education, technology and infrastructure.
leopoldmozart 3 years ago
I'd prefer to see them cut spending. We need to rethink our whole attitude for what we expect the roll of government to be.
GaryVolts 3 years ago
I agree that we should rethink govt's role--and make it consistent with the constitution: establish justice, promote the general welfare, provide defense, insure domestic traquility etc. I trust a democratically elected government more to prevent the war of all against all than I do multigenerational wealth plutocrats and greed-is-good businessmen. Over the last 20 years income share of the top 1% went from 11% to 22%. That's wealth distribution the wrong way. Easy solution: tax the rich.
leopoldmozart 3 years ago
I think that what we've seen now, and in the 1920's, as the government (Federal Reserve) loosens credit, people borrow and spend and go into debt while business aggregates the money. So the more the Feds juice, the richer the rich get.
GaryVolts 3 years ago
The problem with having really high income tax is that the people that own and run the businesses may decide that it isn't worth their time anymore and just retire or scale back. Kind of like doctors working 2 or 3 days a week and just enjoying their time off. So you idle this high value labor. There are very few things more mobile than capital and rich people.
GaryVolts 3 years ago
Why don't the Government pay off peoples mortgages instead of putting it in a bottomless pit? Because they don't want to help the people, they want to help their friends...
rocksiphone 3 years ago 2
they are paying off peoples debt... with massive inflation... a 100k mortgage might be relative to a 10k mortgage in a few years....
mcnoodles76 3 years ago
I just read that peoples 401k's are 50% down. Money does not just disappear, it changes hands. These 401k's were a scam to steal the peoples money. Yeah keep on pumping your money into your 401k to retire and they took it, and they talk about the Mafia! These guys are worst than the Mob.
Hey did you notice that nobody cares about 9-11 conspiracy anymore, this planned Financial Collapse took our minds off of that!
rocksiphone 3 years ago
Peter is addicted to his game of 'free' market predictions
Everyone can see this 'free' market is not so free after all
Car makers part owned by and dictated by oil companies, the government itself is not free
CoPiloT21 3 years ago
The Car makers got lazy, they paid off the Govt into relaxing fuel efficiency & reduced emissions laws, they used the relatively cheap gas prices in America to build dangerous SUV's that are classified as Trucks to bypass Car saftey regulations. They refused to modernise their factories or invest in new technologies and now blame the unions for the mess.
Now they blackmail the Govt with threats of bankruptcy, either pay $25billion now or $100Billion in lost taxes and cost of unemployment later.
xdir 3 years ago
how many bailouts are we going to have? who is john galt?
milan20 3 years ago
I'm all for green jobs, but Schiff is right, unless the government can somehow budget it, they're going to just further debase the currency and increase debt. Opening up the spigot of SBA loans and tax incentives would make more sense in this regard.
I do agree with TimJanezic though in that supply side economics can only take us so far at this point, as we've already run the debt up so far, and it wouldn't put the money directly enough in the hands of those most likely to spend it.
zenmachinefilms 3 years ago
peter schiff does such a good job of explaining fundamental economics.
gov't cannot create jobs! they can only tax successful working people/companies, which would have used the capital to create jobs without gov't intervention and waste in the first place.
sparat1k 3 years ago
lol "Who is John Galt"
jhr001 3 years ago
That bitch's view sucks..
phunkcoucnil 3 years ago
Sometime Peter Schiff goes over the cliff with this free market crap. Is the damn free market that got us into this mess anywhere. If i remember right, republicans are supposed to be free marketers and democrats are tax and spend liberals but look at the last eight years of free market power. The rich got richer and the middle class got poor and the poor got poorer that's why we borrowed so much to buy stuff because our incomes couldn't afford the stuff so peter needs to wake up!!
iali00 3 years ago
Bush may say he is for free markets, but actions speak louder than words and his actions do not indicate that he is for a free market.
brenden7 3 years ago 2
It obviously wasn't a very free market, was it? Even according to your own analysis. Regulation and government strangulation caused the problem, not to mention loads of greed, and more intervention and regulation will only make it worse. Schiff has been right about everything so far, how about you?
1saacMS 3 years ago
your not to far off as far as the free market failing, but its not because of the fundamentals of the system but the manipulation of the system by the gov and other institutions. ie freddie and fannie and besides if you still belive in bipartisanship your way behind...not to be rude. Both parties are lobbied by the same corporations and special interest groups.
hillape 3 years ago
Where will the money come from? Well, obviously we're looking at a deficit over the next couple of years , and the debt will be staggering, but the debt vs. GDP is the more important number and it was worse during WWII. If the govt. has a backbone, it can force these companies to present a reasonable plan before receiving help, and demanding that the money be paid back, even if that means taking cash from the CEO's who don't seem to want to sacrifice in these tough times.
TimJanezic 3 years ago
The middle class is the most important component. They make up the majority of the country, spend a ton of money and start small businesses based on innovation when big biz can't because of their entrenched interests. Cutting spending, and easing tax burdens for small biz are definitely important. And we should get rid of the Fed and restore something akin to Lincoln's Greenbacks to facilitate more and dictate less. Still, the Govt. can play a role if they don't pander and are intelligent.
TimJanezic 3 years ago
The govt. can play a role as long as it doesn't interfere too much. Set goals, and fund the private companies that have the best plans for those goals. We see that farm subsidies and corn ethanol were a bad govt. investment. But, a New Deal style is better than supply side by far because Supply Side assumes a trickle down, but a Keynesian style forces it. Jobs are created doing positive work for the country and the money in people's pockets gets distributed around the economy.
TimJanezic 3 years ago
You free market magicians need to watch Milton Friedman's Free to Choose series. What are your actual proposals to get the economy back and working besides letting the invisible hand of the market work magic? Pure Free Markets are hostile, unstable places with a fair amount of human debris. Friedman never had to worry cause he was a professor and above the fray. We spend too much money on defense. The results often can't be sold to our citizens and obviously aren't great for export.
TimJanezic 3 years ago
what the hell, that one dude it trying to inform these people with sense and all they do is talk over him. They need to whatch who they put on the show ffs that was bad. One smart dude between 3 retarded morons.
worldwidevitamin 3 years ago
CNN has gone dumbass along with the rest of your dumbass country. Peters Schiff is the only person on this panel who makes a point. How are you going to keep spending and keep spending and keep spending money that you don't have and think that this is going to help everyone keep their jobs and bring stability to your already unstable economy? It's impossible! This will lead to the destruction of your currency which is going to have a huge impact worldwide and you will be responsible!
mocthezuma 3 years ago 2
Time will ultimately prove Peter right again. So let the media morons talk and talk. Remember who it was who said to SELL at the TOP of the market peak. It sure as helll wasn't the media morons at CNN or CNBC or Bloomberg or FOX or any one in government.
jeffpad520 3 years ago 2
It is amazing how the MSM is--in concert--talking about the need for new "New Deal", a "Green New Deal", isn't it?
Like FDR's [and Hoover's] "New Deal" was some huge success! Ahhhh....HELLO, but isn't it OBVIOUS that the "New Deal" did NOTHING to improve America's situation? America had NEVER had an economic downturn like the Great Depression before; because it'd never had such MASSIVE govt meddling in the economy as in the New Deal.
I swear, Americans are ignorant and brainwashed!
ashane77 3 years ago
Bahia82--
"Hypocrites"? WTF are you talking about? What about the HYPOCRITES on the DEMOCRAT side who claimed to be anti-war, anti-corporations, and anti-Bush? Schiff and other free-marketeers ARE right! Though the TRUTH that Schiff is preaching might not be popular, it is, nevertheless, the TRUTH. If Obama and Americans are too big of IDIOTS and COWARDS to face the truth, that isn't Schiff's fault.
ashane77 3 years ago
Campbell Brown is a bag....she doesn't want to hear the truth....that's why she won't let Peter talk!
Wivanunu 3 years ago
Unbelievable. Is that woman serious? Let Peter Schiff talk. Yeah, I do feel bad for all these people losing their jobs, but like Peter said, the government created these problems. Does she not understand that these bail outs are only pro-longing the problem?
joker2x 3 years ago
what a dumb bitch, and such a person can be a host of a business show. Peter Schiff is the only person who should have talked, because the others just told bullsh.
edwinhermet1717 3 years ago
How the fuck did this bitch get that job ?
An embarrassment to all of America
Not to mention the 2 retarded baldies
int3rstellar 3 years ago
what a BITCH of a host! Such a dumb ass... let the man speak the TRUTH!
CNN, Fox.. what do u expect
freighttrain777 3 years ago
Can anybody explain to me why Singapore is not known to produce/manufacture anything and yet has a good economy? Isn't this contrary to what Peter Schiff is saying that US has to actually start producing things for export?
keypool 3 years ago
I am watching 8:00-8:20 over and over again. Peter is intellectually so far ahead of the others it's not even funny. You can tell though he is having a good time making the others looking like fools.
Nightstein 3 years ago
Singapore doesn't produce?
gibrangibran 3 years ago
you are dead wrong on this. I'm from Malaysia and i am here to tell you Singapore more factory than you can imagine. In the area call Jurong there are hundreds if not thousand of factory there and imagine the size of Singapore. In term of number of factory per capita, Singapore is the highest among other developed nations in the world
ru40342 3 years ago
Ok. But Singapore population is so small at only 4.8 Million, so I don't expect them to have lots of factories. I thought Singapore makes it money from being the financial hub. Also, they invest their money in other countries. Didn't America do this too by setting up factories in China?
keypool 3 years ago
I really don't think you know anything about Singapore here the answer.
Singapore factory hire a lot of foreign worker from Malaysia, Indonesia, Vietnam, Myanmar etc to work in the production line of factories. Normally only the upper management level of factories occupied by Singaporean. Singapore manufacturing company seldom setting up their factory outside Singapore.
Yes they are the financial hub in Asia but unlike US, they didn't forget about how important manufacturing sector is.
ru40342 3 years ago
Best line, "We can't afford the old New Deal."
When referring to a 'New' New Deal.
StoneRock454 3 years ago
The fundamental reason why these Auto companies are going broke is simply due to the fact that the US can no longer produce cars at a competitive price. The same car can be built at a fraction of the cost in China and japan. Where i think peter goes wrong is in his belief that in letting the auto industry die someone else will utilise the capital and produce cars at a competitive price. The reality is im affraid that the US is no longer a country that can do this.
ozdillon 3 years ago
I love how everyone on this board is so PRO Peter Schiff, but if Obama takes Peter advice, he wont be able to win a vote for Dog Catcher the next election. Because republicans will say he did not creat jobs he let the big 3 go bankrupt, and all u so called smart economist will agree with them and vote him out, you guys are such hypocrites.
Bahia82 3 years ago
You don't know that.
snfenoc 3 years ago
who cares. He's supposed to do what is best for the country.
braviet 3 years ago
LoL..christian is pwned @ 7:48-7:53. schiff "..the government is trying to reinflate this bubble" christian "i agree"
stylezNsmilez 3 years ago
I hope you like Gov cheese & maybe a little rice in your cardboard shelter in the ally Pete.
Schiff predicted the end, but he's not the guy to clean it up.
These are people, real people and they need food & shelter. You want them to die in the streets? Really? you'r idea of new jobs?
I can only hope that if Obama follows Pete's advice there are still enough cops left on the streets when he & his love ones decide to take a walk down the street
Yes Peter, you will be right, it's going to hurt
votethirdpartynow 3 years ago
God these people are complete morons... the more I watch these idiots the more I realize how much trouble we really are in - these are the same clowns offering solutions. Schiff really is a beacon in all this crap. I love his comment... "the government doesn't have any food!"
jheathco 3 years ago
wow, what an arrogant last word. kick that bitch off the air.
CacaLauncher23 3 years ago 3