The best idea is to DISMANTLE both Fannie and Freddie. The idea of both of these companies is to inject liquidity into the mortgage markets, by freeing banks capital which would otherwise be tied up in the loans if it were not for F&F buying. The problem is when F&F get burned, the government gets burned. Also, I am sure banks are a lot less careful doing their underwriting due to the fact that F&F are going to soon be taking the stinky paper off thier hands, Will F&F ever die, oink oink, never.
Make your mind up Peter. Early in the video you say the Fed can`t raise interest rates then later on you say home owners will get interest rate rises on their morgages.
I swear the more I hear about this crazy financial situation we seem to be in I can't help but have this feeling that I have sat down and starting playing Monopoly with a table full of people who make the rules as the game progresses. Leaving ME bankrupt and wondering how in the heck they get to pass GO and collect 6 million dollars.
This guy makes a lot of sense. The fundamentals of the economy ARE BAD. Unless a well-paid middle class springs up overnight with the ability to actually purchase homes, these assets will lose value. You can't restore America by handing money to the gangster bankers. Trade policy, income inequality, anti-trust enforcement, Wall Street fraud, job creation all have to be addressed.
Why are we asking why? This is all being done on purpose. The US must be brought down so that there will be no recourse for the rest of the world when fascism goes international. A year ago, almost all of the central banks in the world doubled their monetary supply. All within a month of each other. What does that mean? The Bank just stole half the money. There is one Bank, and it is owned by the same families that own the Fed. They intend to bring us to our knees. Start a farm. Build a factory.
The rebuilding of infrastructure are short term employment cures. A nation is gauged by the items it manufactures. Since the USA has no real manufacturing and has had none for almost 20 years we will never recover. You have to have a hard in hand product , something of real value made in this country.
We can get our industrial base back its not impossible i recommend a 20% tariff on all imported goods and revive the export import bank and and Buy american provisions etc...That will help re-industrialize America not free-trade.
20% tariff on all imports? Look back in history and see what happened when we try to do that in great depression. All other nations will rise tarriff also on our trade and limit the imports or the exports. That is the way to end job loss and bad economy, is to not trade with anyone. and you recommand buy only america product. Imaging buy a GM made car in 1990s and you have to fix it everyone other day. so this makes GM better in making cars? no, it only allow GM to continue making inferior cars.
Tariffs did not cause the depression it was the fact as even Milton Fredman pointed out that the Fed reduced the money supply by one-third from 1929 to 1932.
That is definitely not the cause. if your theory is right. With Fed's current massive money supply. we would be out of this recession soon right? If so, we both will look back at 2012 and see what happens to the U.S. then.
@yushaos Their pumping moiney into speculative banks that produce nothing tangible like a road or steel.If they put that money into industrial production we would be out of this situation already and have full employment
LOL, if your suggestion works. why don't we do it all the time? regardless of economy condition. Government just build roads everyday, and print the money to pay for the wages. and everyone will have a job!
in communist country, everyone has jobs. we don't want just for the sake of working, what we want is the purchasing power of the wage after we get paid.
So buliding roads,bridges,levee,Meglav trains,levees,irrigation systems,water&sewage systems,schools,hospitals,nuclear power plants,etc...and having full employment is Communism?Then that makes me a communist where can i sign up?
Again when you get your house or business foreclosed on,lose your job and pension and starve in the streets then come to me and tell me how great freemarkets are.
house or business are better off to be foreclosed if people can not afford them. otherwise people just buy expensive house and tell government to bail out their mortgages.
That is a small percentage of the problem. Last time I checked the news on the street was that people weren't taking the opportunity of using government bail out money to get themselves out of foreclosure. There was a high percentage of eligible home owners who weren't participating in the program.
you always sounded like we have the money. as if government can create money. Government can't create wealth. it can only take from one sector and give to others. if government want to update infrastructure. it has to take money from somewhere else to do it.
And dont forget that when we had a high protective tariff we had the worlds largest industrial base that hepled us win World War 2 by converting GM factories into producing tanks,jeeps,and warplanes etc...Now what will we do if we had another War.Free trade gutted industrial America
No, the UAW, AFL-CIO, and EPA gutted industrial America. You should try working in management in industrial America and see for yourself how hard the government has made it to make a profit.
And also China and Japan already have a high tariff on us its defacto but it has the same result as a tariff its called the value added tax that they slap on out imports.Now how is that free and fair trade?
The Smoot Hawley tariff act of 1932 was passed way after the depression began by the way.If tariffs cause depressions why didnt we have one in the 1920s or before when we also had tariffs? Instead the economy was booming
There was an economic recession in 1921 that was severe enough to be classified as a depression. It was over in about six months. The short durration was due to the actions taken by the government, namely... nothing. The government did nothing. The market found its bottom and recovered completely on its own. Markets can do that. The price is short term pain and poloticians who can not claim that they did "something" to help.
Actually the Federal Reserve increased the money supply,lowered interest rates and expanded credit which ended the 1921 recession.But under your formula of free market laizze fair ecomomics we would have constant booms and busts and you would do nothing to hepl people who lose their jobs just say "Let them eat Cake"
Yes. Liberty works every time it is tried. It is just not tried enough since it runs counter what the pseudo-intellectuals who actualy believe in the idea of achieveable Utopia. The principal of spontainious order does work. And, yes, liberty (the LACK of coersion) is more important than anything else.
i don't know where you got your information about federal reserve increase money supply at the 1921 recession. totally false. government not only didn't increase money supply. not bailing out any companies. they actually cut the government spending by half.
The depression lasted about six months. The recovery took a little longer. Funny, you seem to know about this little event now but not in your original claim that the 20s didn't have a recesion and it was "booming."
It was a false boom and you know it even Peter Schiff says that.And it led to the crash of 29' when the stock brokers called in the Call loans that had to be paid back in 24 hours.Thank FDR fot banning Call loans
What are you babbling about? The 1920s was a false boom? Wasn't that your argument in the first place that the 20s was an example of how everything was fine and tarrifs don't cause recessions? Tarrifs and the Federal Reserve raising rates after the first World War absolutely DID cause that depression. And the recovery was no illusion. The economy prospered untill yet more interference by the Fed (and, yes, unscrupulous practices by some large private investors) culminated in 1929.
No, that's the highest corporate tax rate in the world making it more affordable to manufacture overseas. Stop that tax and jobs will insource to the US.
Cheap labor and lax environmental standards is why corporations leave this country.And when we were at the height of manufacturing in the 1940s we had a 91% income tax on the upper brackets and they didnt outsource then now did they?
Yes we did. Mostly in the Pacific Isles which is where most of out colonies were during the wind down of imperialism. And it is more than arguable that the 91% rate you are talking about kicked off our need to look elsewhere to do business. The 40s was when the world really started to take the US seriously as a world leader and after the end of WWII, most other nations imperialistic colonies were up for grabs. Make it a better option to go overseas and say goodbye to Made In the USA.
In the 1940s, we were manufacturing war machines paid for by government borrowing. We weren't exactly going to import tanks from Germany and fighter planes from Japan, were we?
@fearsomepirate First of all we didnt borrow money for we were a creditor nation and paid for war production with War bonds.Second we in the 1950s were as we always used to manufacturer steel,cars and trucks,freight trains,machine tools,electronic appliances etc..No longer thanks with free trade
I would say unions are not a sole cause for making it impossible to mfg. goods in fact I believe it is possible to have unions & profit. That said i think our corporate tax rate and regulations on business hurt our ability to mfg more.
Cut the taxes & i think we would see mfg. thrive unions or not. the damage high taxes does to industry cannot be overstated. Steal from the productive to invest in unproductive parts of society= taxes.
You claim that deregulation caused the recent crash is wrong.We had deregulation of bretton woods and fixed exchange rates,lift on the ban on derivatives,repeal of usery laws and the uptick rule,ban on hedge funds were lifted and the Repeal of Glass Steagle
What kind of bank would choose to make loans to people who would be unlikely to pay them back? Banks may be many things but stupid is not one of them. The prime contributers to this lunacy were Barny Frank, Alan Greenspan, and George Bush. By ramping up Freedy and Fannie, by cutting rates that sparked yet another Fed created bubble, and spending moronic amounts of money in the name of "security", we have the cherry world we see around us today.
Repealing Glass Steagle increased regulation because Glass Steagle excepted certain types of entities from regulation that existed. With the act repealed, regulation now applied to these entities. Bretton Woods was replaced be even more regulation (The Fed had total power because currency became completely fiat).
@rlclark50 Wow repealing glass steagle increased regulation now thats amazing logic.Go read a economics 101 textbook before you comment and name one new regulation on wall street after bretton woods?You cant
Your lack of ability for simple reasoning is tiring if not expected. Glass Stegael exempted certain banking institutions from regulations by seperating depository banking institutions (commercial banks) from investment banks. By repealing the act, commercial institutions were now subject to regulations normally only applicable to investment entities, thus increasing regulation on them.
@rlclark50 This is the biggest spin yet.What regulations can you name one i can name a hundred regulations repealed and you just give me talking points that most economists wouldnt dare say sence its factually idiotic
Really? Then name one. Wow, so they're talking points. Regardless of the fact that they are not talking points, a point being a talking point does not invalidate it. Now you're just spouting mindless and typical liberal apologist moral outrage drivel. Try again, use your brain and fucking try to master the English language with greater competence than a crack addled chimpanzee.
@SMASHWALLSTREETNOW ROFL; got back from the gym to see the shit pot definitely got stirred up. Monkey is mad because Merrill Lynch lost all the bananas in his savings account. Don't be mad little monkey ... we have more bananas.
Wow ignorance must be bliss until you get your ass foreclosed on and start starving in the streets.Take that free market anarchy somewhere else punk.Dont you realize what happens on Wall Street effects everybody.Most likely not sence you have the I.Q of a Elephant
Continue to criticize me using the spelling and grammatical prowess of a monkey. Don't be mad just because you lost all your bananas with bad depository institutions.
It is the due diligence of the saver to ensure his deposits will be loaned responsibility by the bank. All the FDIC does is remove this and create a gross moral hazard for both depositors and banks.
No, it didn't lead to the Depression. It was propaganda used during the Depression to try and get people to hold out until the correction took control. Which would have happened given more time.
No, the price of a shirt will fall until it bottoms out. Just like there is nothing below absolute zero and no color darker than pitch black. There is always a bottom, and the quicker one gets there, the sooner recovery starts.
We tried your reaching the bottom nonsence in the depression and llok at what happened.Thank God For Roosevelt for Regulating Wall street and spending money on Public Works
Treasury Secretary Andrew Mellon under Hoover said "Liquidate labor,liquidate stocks,liquidate the farmers,liquidate real estate".Sounds like Peter Schiff and look at what happened back then.Doesnt work.
It would have worked in nmore time. Use resources to find the bottom as quickly as you can instead of shoring up a sinking ship. The Depression started under Hoover (though not really his fault) but it was FDR that engeneered the GREAT Depression.
FDR did not start "engineer" the depression it began under Hoover and was at its worsest point in 1932-1933.Thanks to the New Deal Regulations and Massive public works projects and repeal of the gold standard we got out of the Depression
Actually, medical devices and aircraft are two areas in which the USA leads the world in exports. Unfortunately, the goal of Obamacare and Cap'n Trade is to kill off these two industries.
And a massive infrastructure rebuilding program to modernize our transporation systems etc...which would create millions of new high wage productive jobs instead of just handing out unemployment checks.We need to rebulid our roads,bridges,dams,canals and irrigation systems,schools,water and sewage systems,electrical grids,hospitals,mass transit etc...rebuild interstate highway system to 21st century standards,rebuild rail system with 50,000 miles of maglev trains to reach into all states etc...
Very simple End the wars in Afganistan and Iraq and cut foreign aid and create a 1% tobin tax on all speculative financial transactions(stocks,bonds,currecny exchange etc...)
and i have a way to solve the problems with these banks how about we have the FDIC sieze them and put them under chapter 7 bankrupcy liquidation and elimiate their derivatives and nationalize the Federal Reserve and make it a bank of the united states which would provide cheap credit to productive not speculative enterprises instead of private banks.Also a 1% tobin tax on speculation in stocks,securities,bonds and other financial tranactions to discourage speculation and ban foreclosures for now
I was a silly liberal democrat just like you not long ago, son. and I wake up after hearing about Ron Paul, Peter Schiff, and Austrian school of economics.
now you know that free market libertarian nonsence would cause the social safety net to be gutted(social security,medicare,medicaid,food stamps etc..) which would cause starvation and genocide
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Also it was Deregulation that caused this financial crisis.Examples are the repeal of fixed exchange rates of bretton woods in 1971,to the repeal of bans on hedge funds and derivatives in 1982,to privatiization of fannie mae and repeal of glass steagle etc...Reregulate Wall street Now
How did deregulation cause the problem when the existing regulations like the CRA were geared toward getting people into subprime mortgages and thus precipitating the problem?
I think Peter was clearly exaggerating on gold prices, anyhow the crisis in Dubai, and Europe also affected the price of gold in dollar terms. Annually, if you invested in gold, and other precious metals, even copper, etc, you made gains through the whole year overall in 2009. Nobody can make an accurate prediction as far as timing. Even Marc Faber admitted he can't time the markets. I see no signs of a strong dollar policy. Fannie, Freddie worthless, agreed. It's special interests Peter.
anything government do will NEVER make a profit. Government ONLY consume and they do it by taking one man wealth and giving it to another man,who care less about wealth cause they call it FREE.:)
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Indeed. He 'predicts' (rank amateurs in the capital markets get into "predictions"), ignores his own predictions, highlights only the winners (worst sign of a amateur) and the worst part of it is that THE GUY IS A BROKER DEALER !!
His sychophants seem to forget what that means as he is selling Gold to them at $1,000, trying to convince them that it's going to $2,000 within a few months. Peter made his money regardless.
Then the best part of it? Is that he has these moments where he talked about "his detractors said such and such, and if we go back to the basic principles of freedom"
So ... he never answers to his failures and instead, uses logical fallacies that anyone of any intelligence can readily spot, such as begging the question.
Yet he missed deleveraging. He missed the carry trade. He misses. Frequently. Shiffty Pete indeed. The worst part of it? Is the guy tries to act like an economist
"I'm the righteous man, looking out for your best interests" that the gullible suck up without a seconds hesitation, because he knows how to tickle their ears.
The guys actions should be illegal. He'll fit right in with the Senate
Remember - you should listen to the reasoning behind his arguments, and then decide whether or not they make sense. I wouldn't focus too much on strict timetables or exact numbers, because that's anyone's guess.
Schiff predicted the housing crisis not because he got lucky, but because he understood the actual mechanics of how the market would unravel, and explained it correctly. For this reason, any prior predictions that didn't come true don't discredit the logic of of his current arguments.
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C'mon. Schiffty Pete's forecasting record is mediocre at best. Every time the facts prove him wrong, he changes the time parameters and moves the goal posts.
If you look at his long term predictions, he's dead on - in the short term, he could be right, could be wrong. However, it is the long term that matters most, and most of his clients are in it for the long term as well.
The point is, he wrote a book about what would happen (did you read it?) when most economists were laughing at his views. Now if you compare his forecasting record with that of other economists, he'll be up there at the top. Or tell me who has a better record!
Actually, I hear his client's aren't too happy either.
Here's a recent quote from Schiffty:
"We tell the Iranians: This is where we think those weapons are, you need to let our inspectors in there. If they dont let us in, just blow the place up.
Schiffty Pete sounds a lot like Dick Cheney, doesn't he?
I've subscribed to Roubini's publications for several years. He clearly models within a Keynesian framework. Roubini is openly disdainful of gold bugs like Schiffty Pete. How can you refer to someone like Roubini, who has called for massive government intervention in the economy, an Austrian?
i love these blogs, such truthful fundemental analysis. I wonder when hyperinflation will occur assuming US gvt keeps up the same monetary policy (ie digging a deeper hole!!).
Peter, will you blog on this subject? I'm sure everyone would like to know your thoughts!!! Keep it up!!
I would be willing to run either one for a million dollars a year. I don't think I could do much worse. I would be saving them sevearl million off the bat.
The democracy will cease to exist when you take away from those who are willing to work and give to those who would not. Thomas Jefferson
Just get govt. out of our lives or expect history to repeat itself.....i.e. revolution. There is a new book, just out, about the 2nd American Revolution & it's where Americans stand up to federal tyranny. Great read. Power to the People!!
Judicial Watch Announces List of Washingtons Ten Most Wanted Corrupt Politicians for 2009 # Senator Chris Dodd (D-Conn) # Senator John Ensign (R-NV) # Rep. Barney Frank (D-MA) # Secretary of Treasury Timothy Geithner # Attorney General Eric Holder # Rep. Jesse Jackson, Jr. (D-IL)/ Senator Roland Burris (D-IL) # President Barack Obama # Rep. Nancy Pelosi (D-CA) # Rep. John Murtha (D-PA) and the rest of the PMA Seven # Rep. Charles Rangel (D-NY)
When Fannie and Freddie collapsed last year Bush made the mistake of not liquidating them. Now the party that created them is proping them up with unlimited amounts of OUR money. Thanks to President Obama and his pay czar who also announced a dozen top executive will get $42 million in bonuses financed by YOU and ME. The American people should be outraged and demand they let them fail.
Stop saying that the Patriot Act means that MOST Americans are "giving up Constitutional freedoms." HOW does it do that? Explain. I know it makes it harder for CRIMINALS and TERRORISTS, but NOT for the average American! Don't over-hype a possibly false negative point of view without explaining! Please.
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated.
In 21 century terms that means bank accounts, phone conversations ect.. all fall under this right of privacy. The P.A is in clear violation of this.
This was always the most pathetic thing about the "war on terror". That so many people blindly defiled their constitutional principles in order to feel safe..
Yet not understanding that by surrendering their liberties and frantically defiling what made our country great - you have just given the terrorists the greatest possible reward.
Instead of "they can take our lives but they'll never take our freedom". It became "they can take our lives and our freedom. just make me feel safe government
Peter Schiff, I find your videos very informative and usually even your analogies. However, this time in actuality... since these homes have kitchens presumably with sinks, quite literally, they have also thrown in the kitchen sink, as many of those also as needed. Odd, the irony of such a common phrase actually not fitting this precise situation.
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Schiff is a dumbass!! He correctly saw the crash coming and then invested like such a giant idiot that he lost 70% of his portfolio. How stupid is that? Really freakin' stupid!!!!
How many Islamic fascists were in the country to worry about when Ben Franklin and co. were espousing these grand ideals to their Christian countrymen?
Political Islam shows it's intentions perfectly on any map of Islamic states or soon to be Islamic states in the midst of islamic fundi civil war against those stupid enough to let them in.
@patiencepays: No terrorists were around in Ben's days. They only had to worry about being attacked by Indians which was much more likely for your average settler than being a victim of a terrorist attack is today.
Franklin was not suggesting that we not have a system/military to protect citizens, but that we do not give up our freedom in the name of security. There is a difference. There is a real simple way we can protect ourselves without giving up our liberty, it's called profiling.
The Patriot Act is completely illegal and goes against our constitution! But what the hell, our govt has broken so many clauses in the constitution, whats one more....lol
You know your country's economy is circling the drain when the mortgage debt is so risky that noone expect the central bank will touch it with a 50ft pole.
When looking back at this period in the future, historians will refer to 2009 as the year of false hope. The interest due on around 60% of the prime adjustable rate mortgages, that were signed in 2005 and 2006, is set to increase in 2010 and 2011.
I'd go Hong Kong instead of the mainland... It's a great city! Or Singapore, or Japan... South Korea maybe, but they're sitting on a potential hot spot.
If you have money, China's a superior place to live in than America. English and Chinese are spoken equally in Hong Kong, and English will probably find a niche in other commerce cities like Singapore.
If you're poor, stay in America and stock up on guns and ammo.
Whatever the case, make sure your kids learn Mandarin. The 21st century will belong to the East.
The 19th century belonged to England, the 20th century belonged to the U.S., and the 21st century belongs to China. Invest accordingly. - Warren Buffet 2008
Home owners can live with being under water on their mortgage Peter. So why would the government be so interested in keeping home prices inflated? The corporate government arm (too big to fails) owes foreign investors trillions in real estate investments. They are struggling to just make interest. The longer the people allow this situation to continue, the more time the corporate government will have to come up with methods to transfer the debt to our economy.
This Fannie/Freddie announcement is a mess. I mean I was the last person on earth to buy that an evil NWO already operates. Still skeptical. But now, I think I'm either in a bad dream or there is something really brewing. How could it be otherwise? Tell me please!!
The best idea is to DISMANTLE both Fannie and Freddie. The idea of both of these companies is to inject liquidity into the mortgage markets, by freeing banks capital which would otherwise be tied up in the loans if it were not for F&F buying. The problem is when F&F get burned, the government gets burned. Also, I am sure banks are a lot less careful doing their underwriting due to the fact that F&F are going to soon be taking the stinky paper off thier hands, Will F&F ever die, oink oink, never.
tickyul 2 years ago
Make your mind up Peter. Early in the video you say the Fed can`t raise interest rates then later on you say home owners will get interest rate rises on their morgages.
wuddychunk1 2 years ago
@wuddychunk1 Eh... he is talking about two different periods in time. You should pay better attention.
TWSceptic 1 month ago
People get laid off over delusional hysteria, so let them get hired back over delusional euphoria.
baigandine 2 years ago
Executive pay on Wall Street is our business. Even if it is not prudent to regulate it, it is still a social issue.
baigandine 2 years ago
Peter Shiff, wear a hat
jotbath 2 years ago
does it take a special skill to lose 100s of millions of dollars?
rofl
dontdispie 2 years ago
I'm all for fucking freedom. I call a referendum on the Patriot. To simply bring it off the table and into the fire.
Lets go America time to get our shit back woo woo.
hannigan06 2 years ago 2
I swear the more I hear about this crazy financial situation we seem to be in I can't help but have this feeling that I have sat down and starting playing Monopoly with a table full of people who make the rules as the game progresses. Leaving ME bankrupt and wondering how in the heck they get to pass GO and collect 6 million dollars.
itsmeYKW 2 years ago
good analogy
mrhockey321 2 years ago
Didn't Obama send the lynch mob after AIG execs for bonuses his Treasury Secretary knew about beforehand
Wher is the outrage from Obama on Freddie/Fannie bonuses?
Oh right,, that might be why Obama was the #2 politician as far as the amount of campaign donations from Fannie Mae while in Congress..
Evidently that bought Obama's silence on those bonuses.
dalmatian847 2 years ago
This guy makes a lot of sense. The fundamentals of the economy ARE BAD. Unless a well-paid middle class springs up overnight with the ability to actually purchase homes, these assets will lose value. You can't restore America by handing money to the gangster bankers. Trade policy, income inequality, anti-trust enforcement, Wall Street fraud, job creation all have to be addressed.
DojoNDude 2 years ago
I give up you people are hopeless
SMASHWALLSTREETNOW 2 years ago
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SMASHWALLSTREETNOW 2 years ago
Odoyle RULEZ!!!!!
TheMunchMaster 2 years ago
Why are we asking why? This is all being done on purpose. The US must be brought down so that there will be no recourse for the rest of the world when fascism goes international. A year ago, almost all of the central banks in the world doubled their monetary supply. All within a month of each other. What does that mean? The Bank just stole half the money. There is one Bank, and it is owned by the same families that own the Fed. They intend to bring us to our knees. Start a farm. Build a factory.
xerosisonek 2 years ago
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SMASHWALLSTREETNOW 2 years ago
The rebuilding of infrastructure are short term employment cures. A nation is gauged by the items it manufactures. Since the USA has no real manufacturing and has had none for almost 20 years we will never recover. You have to have a hard in hand product , something of real value made in this country.
blackpowderbill 2 years ago
We can get our industrial base back its not impossible i recommend a 20% tariff on all imported goods and revive the export import bank and and Buy american provisions etc...That will help re-industrialize America not free-trade.
SMASHWALLSTREETNOW 2 years ago
@SMASHWALLSTREETNOW Can this guy be more stupid?
yushaos 2 years ago
In what why am i stupid sir?I suppose you would do nothing to end this economic recession?
SMASHWALLSTREETNOW 2 years ago
20% tariff on all imports? Look back in history and see what happened when we try to do that in great depression. All other nations will rise tarriff also on our trade and limit the imports or the exports. That is the way to end job loss and bad economy, is to not trade with anyone. and you recommand buy only america product. Imaging buy a GM made car in 1990s and you have to fix it everyone other day. so this makes GM better in making cars? no, it only allow GM to continue making inferior cars.
yushaos 2 years ago
Tariffs did not cause the depression it was the fact as even Milton Fredman pointed out that the Fed reduced the money supply by one-third from 1929 to 1932.
SMASHWALLSTREETNOW 2 years ago
That is definitely not the cause. if your theory is right. With Fed's current massive money supply. we would be out of this recession soon right? If so, we both will look back at 2012 and see what happens to the U.S. then.
yushaos 2 years ago
@yushaos Their pumping moiney into speculative banks that produce nothing tangible like a road or steel.If they put that money into industrial production we would be out of this situation already and have full employment
SMASHWALLSTREETNOW 2 years ago
LOL, if your suggestion works. why don't we do it all the time? regardless of economy condition. Government just build roads everyday, and print the money to pay for the wages. and everyone will have a job!
in communist country, everyone has jobs. we don't want just for the sake of working, what we want is the purchasing power of the wage after we get paid.
yushaos 2 years ago
So buliding roads,bridges,levee,Meglav trains,levees,irrigation systems,water&sewage systems,schools,hospitals,nuclear power plants,etc...and having full employment is Communism?Then that makes me a communist where can i sign up?
SMASHWALLSTREETNOW 2 years ago
USSR. they used to have it. and it failed because its economy failed.
yushaos 2 years ago
Actually the Soviets collapsed because the drop in Oil prices in the mid-1980s which bankrupted them
SMASHWALLSTREETNOW 2 years ago
Ye, right. so the main reason USSR failed because they dropped oil price. we better raise our oil price then.
yushaos 2 years ago
Again when you get your house or business foreclosed on,lose your job and pension and starve in the streets then come to me and tell me how great freemarkets are.
SMASHWALLSTREETNOW 2 years ago
house or business are better off to be foreclosed if people can not afford them. otherwise people just buy expensive house and tell government to bail out their mortgages.
yushaos 2 years ago
That is a small percentage of the problem. Last time I checked the news on the street was that people weren't taking the opportunity of using government bail out money to get themselves out of foreclosure. There was a high percentage of eligible home owners who weren't participating in the program.
itsmeYKW 2 years ago
this is just another example of government central plan doesn't work out well.
yushaos 2 years ago
And we should do it all the time.We havent updated our infrastructure sence the early 1960s
SMASHWALLSTREETNOW 2 years ago
you always sounded like we have the money. as if government can create money. Government can't create wealth. it can only take from one sector and give to others. if government want to update infrastructure. it has to take money from somewhere else to do it.
yushaos 2 years ago
And dont forget that when we had a high protective tariff we had the worlds largest industrial base that hepled us win World War 2 by converting GM factories into producing tanks,jeeps,and warplanes etc...Now what will we do if we had another War.Free trade gutted industrial America
SMASHWALLSTREETNOW 2 years ago
No, the UAW, AFL-CIO, and EPA gutted industrial America. You should try working in management in industrial America and see for yourself how hard the government has made it to make a profit.
fearsomepirate 2 years ago
And also China and Japan already have a high tariff on us its defacto but it has the same result as a tariff its called the value added tax that they slap on out imports.Now how is that free and fair trade?
SMASHWALLSTREETNOW 2 years ago
The Smoot Hawley tariff act of 1932 was passed way after the depression began by the way.If tariffs cause depressions why didnt we have one in the 1920s or before when we also had tariffs? Instead the economy was booming
SMASHWALLSTREETNOW 2 years ago
There was an economic recession in 1921 that was severe enough to be classified as a depression. It was over in about six months. The short durration was due to the actions taken by the government, namely... nothing. The government did nothing. The market found its bottom and recovered completely on its own. Markets can do that. The price is short term pain and poloticians who can not claim that they did "something" to help.
esdrummond 2 years ago
Actually the Federal Reserve increased the money supply,lowered interest rates and expanded credit which ended the 1921 recession.But under your formula of free market laizze fair ecomomics we would have constant booms and busts and you would do nothing to hepl people who lose their jobs just say "Let them eat Cake"
SMASHWALLSTREETNOW 2 years ago
Yes. Liberty works every time it is tried. It is just not tried enough since it runs counter what the pseudo-intellectuals who actualy believe in the idea of achieveable Utopia. The principal of spontainious order does work. And, yes, liberty (the LACK of coersion) is more important than anything else.
esdrummond 2 years ago
i don't know where you got your information about federal reserve increase money supply at the 1921 recession. totally false. government not only didn't increase money supply. not bailing out any companies. they actually cut the government spending by half.
yushaos 2 years ago
And it actually lasted 2 years.
SMASHWALLSTREETNOW 2 years ago
The depression lasted about six months. The recovery took a little longer. Funny, you seem to know about this little event now but not in your original claim that the 20s didn't have a recesion and it was "booming."
esdrummond 2 years ago
It was a false boom and you know it even Peter Schiff says that.And it led to the crash of 29' when the stock brokers called in the Call loans that had to be paid back in 24 hours.Thank FDR fot banning Call loans
SMASHWALLSTREETNOW 2 years ago
What are you babbling about? The 1920s was a false boom? Wasn't that your argument in the first place that the 20s was an example of how everything was fine and tarrifs don't cause recessions? Tarrifs and the Federal Reserve raising rates after the first World War absolutely DID cause that depression. And the recovery was no illusion. The economy prospered untill yet more interference by the Fed (and, yes, unscrupulous practices by some large private investors) culminated in 1929.
esdrummond 2 years ago
Wher is the evidence that tariffs caused the depression?There is none just corporate talking points
SMASHWALLSTREETNOW 2 years ago
In 1924 we produced Half of the Manufactured goods in the world and under free trade we now produce only around 10%Now thats your free market
SMASHWALLSTREETNOW 2 years ago
No, that's the highest corporate tax rate in the world making it more affordable to manufacture overseas. Stop that tax and jobs will insource to the US.
esdrummond 2 years ago
Cheap labor and lax environmental standards is why corporations leave this country.And when we were at the height of manufacturing in the 1940s we had a 91% income tax on the upper brackets and they didnt outsource then now did they?
SMASHWALLSTREETNOW 2 years ago
Yes we did. Mostly in the Pacific Isles which is where most of out colonies were during the wind down of imperialism. And it is more than arguable that the 91% rate you are talking about kicked off our need to look elsewhere to do business. The 40s was when the world really started to take the US seriously as a world leader and after the end of WWII, most other nations imperialistic colonies were up for grabs. Make it a better option to go overseas and say goodbye to Made In the USA.
esdrummond 2 years ago
In the 1940s, we were manufacturing war machines paid for by government borrowing. We weren't exactly going to import tanks from Germany and fighter planes from Japan, were we?
fearsomepirate 2 years ago
@fearsomepirate First of all we didnt borrow money for we were a creditor nation and paid for war production with War bonds.Second we in the 1950s were as we always used to manufacturer steel,cars and trucks,freight trains,machine tools,electronic appliances etc..No longer thanks with free trade
SMASHWALLSTREETNOW 2 years ago
Uh, do you even know what a bond is? When the government sells a bond, it is borrowing money from the person who buys the bond.
Also, you said the "1940s," not the "1950s." The economic dynamics of the 1950s were completely different.
fearsomepirate 2 years ago
In a free market, there are no labor unions making it economically impossible to profitably manufacture goods.
fearsomepirate 2 years ago
I would say unions are not a sole cause for making it impossible to mfg. goods in fact I believe it is possible to have unions & profit. That said i think our corporate tax rate and regulations on business hurt our ability to mfg more.
Cut the taxes & i think we would see mfg. thrive unions or not. the damage high taxes does to industry cannot be overstated. Steal from the productive to invest in unproductive parts of society= taxes.
dontdispie 2 years ago
Not to mention Deregulation and Privatization caused the 2008 Banking collapse
SMASHWALLSTREETNOW 2 years ago
No, OVER regulation and FEDERAL interferance resulted in the rescent collapse.
esdrummond 2 years ago
You claim that deregulation caused the recent crash is wrong.We had deregulation of bretton woods and fixed exchange rates,lift on the ban on derivatives,repeal of usery laws and the uptick rule,ban on hedge funds were lifted and the Repeal of Glass Steagle
SMASHWALLSTREETNOW 2 years ago
I mean overregulation
SMASHWALLSTREETNOW 2 years ago
What kind of bank would choose to make loans to people who would be unlikely to pay them back? Banks may be many things but stupid is not one of them. The prime contributers to this lunacy were Barny Frank, Alan Greenspan, and George Bush. By ramping up Freedy and Fannie, by cutting rates that sparked yet another Fed created bubble, and spending moronic amounts of money in the name of "security", we have the cherry world we see around us today.
esdrummond 2 years ago
Repealing Glass Steagle increased regulation because Glass Steagle excepted certain types of entities from regulation that existed. With the act repealed, regulation now applied to these entities. Bretton Woods was replaced be even more regulation (The Fed had total power because currency became completely fiat).
rlclark50 2 years ago
@rlclark50 Wow repealing glass steagle increased regulation now thats amazing logic.Go read a economics 101 textbook before you comment and name one new regulation on wall street after bretton woods?You cant
SMASHWALLSTREETNOW 2 years ago
Your lack of ability for simple reasoning is tiring if not expected. Glass Stegael exempted certain banking institutions from regulations by seperating depository banking institutions (commercial banks) from investment banks. By repealing the act, commercial institutions were now subject to regulations normally only applicable to investment entities, thus increasing regulation on them.
rlclark50 2 years ago
@rlclark50 This is the biggest spin yet.What regulations can you name one i can name a hundred regulations repealed and you just give me talking points that most economists wouldnt dare say sence its factually idiotic
SMASHWALLSTREETNOW 2 years ago
Really? Then name one. Wow, so they're talking points. Regardless of the fact that they are not talking points, a point being a talking point does not invalidate it. Now you're just spouting mindless and typical liberal apologist moral outrage drivel. Try again, use your brain and fucking try to master the English language with greater competence than a crack addled chimpanzee.
rlclark50 2 years ago
@rlclark50 You bore me
SMASHWALLSTREETNOW 2 years ago
@rlclark50 Damn economic Anarchist
SMASHWALLSTREETNOW 2 years ago
@SMASHWALLSTREETNOW ROFL; got back from the gym to see the shit pot definitely got stirred up. Monkey is mad because Merrill Lynch lost all the bananas in his savings account. Don't be mad little monkey ... we have more bananas.
rlclark50 2 years ago
Wow ignorance must be bliss until you get your ass foreclosed on and start starving in the streets.Take that free market anarchy somewhere else punk.Dont you realize what happens on Wall Street effects everybody.Most likely not sence you have the I.Q of a Elephant
SMASHWALLSTREETNOW 2 years ago
Continue to criticize me using the spelling and grammatical prowess of a monkey. Don't be mad just because you lost all your bananas with bad depository institutions.
rlclark50 2 years ago
And i dont invest in the stock market dipshit.Keep defending corruption and see where you are 5 years from now
SMASHWALLSTREETNOW 2 years ago
@rlclark50 You must love banks gambling with peoples savings accounts dont you?
SMASHWALLSTREETNOW 2 years ago
It is the due diligence of the saver to ensure his deposits will be loaned responsibility by the bank. All the FDIC does is remove this and create a gross moral hazard for both depositors and banks.
rlclark50 2 years ago
@rlclark50 Go read a history book and find out why these regulations were enacted in the first place before you make a fool of yourself
SMASHWALLSTREETNOW 2 years ago
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SMASHWALLSTREETNOW 2 years ago
Also the free market policies of Harding/Coolidge/"Prosperity is just around the corner"Hoover led to the Great Depression of the 1930s.
SMASHWALLSTREETNOW 2 years ago
No, it didn't lead to the Depression. It was propaganda used during the Depression to try and get people to hold out until the correction took control. Which would have happened given more time.
esdrummond 2 years ago
Also their is not bottom to the market thats just more Austrian school Myth.
SMASHWALLSTREETNOW 2 years ago
No, the price of a shirt will fall until it bottoms out. Just like there is nothing below absolute zero and no color darker than pitch black. There is always a bottom, and the quicker one gets there, the sooner recovery starts.
esdrummond 2 years ago
We tried your reaching the bottom nonsence in the depression and llok at what happened.Thank God For Roosevelt for Regulating Wall street and spending money on Public Works
SMASHWALLSTREETNOW 2 years ago
Treasury Secretary Andrew Mellon under Hoover said "Liquidate labor,liquidate stocks,liquidate the farmers,liquidate real estate".Sounds like Peter Schiff and look at what happened back then.Doesnt work.
SMASHWALLSTREETNOW 2 years ago
It would have worked in nmore time. Use resources to find the bottom as quickly as you can instead of shoring up a sinking ship. The Depression started under Hoover (though not really his fault) but it was FDR that engeneered the GREAT Depression.
esdrummond 2 years ago
FDR did not start "engineer" the depression it began under Hoover and was at its worsest point in 1932-1933.Thanks to the New Deal Regulations and Massive public works projects and repeal of the gold standard we got out of the Depression
SMASHWALLSTREETNOW 2 years ago
Correct.
esdrummond 2 years ago
Actually, medical devices and aircraft are two areas in which the USA leads the world in exports. Unfortunately, the goal of Obamacare and Cap'n Trade is to kill off these two industries.
fearsomepirate 2 years ago
And a massive infrastructure rebuilding program to modernize our transporation systems etc...which would create millions of new high wage productive jobs instead of just handing out unemployment checks.We need to rebulid our roads,bridges,dams,canals and irrigation systems,schools,water and sewage systems,electrical grids,hospitals,mass transit etc...rebuild interstate highway system to 21st century standards,rebuild rail system with 50,000 miles of maglev trains to reach into all states etc...
SMASHWALLSTREETNOW 2 years ago
so how will government fund these massive project your proposed? raise tax or print the money?
yushaos 2 years ago
Very simple End the wars in Afganistan and Iraq and cut foreign aid and create a 1% tobin tax on all speculative financial transactions(stocks,bonds,currecny exchange etc...)
SMASHWALLSTREETNOW 2 years ago
at least I agree with the first part of what you said. end the war. both liberal democrat and conservative republican can agree.
yushaos 2 years ago
grow up this is some serious shit you unintelligent fool
SMASHWALLSTREETNOW 2 years ago
and i have a way to solve the problems with these banks how about we have the FDIC sieze them and put them under chapter 7 bankrupcy liquidation and elimiate their derivatives and nationalize the Federal Reserve and make it a bank of the united states which would provide cheap credit to productive not speculative enterprises instead of private banks.Also a 1% tobin tax on speculation in stocks,securities,bonds and other financial tranactions to discourage speculation and ban foreclosures for now
SMASHWALLSTREETNOW 2 years ago
I was a silly liberal democrat just like you not long ago, son. and I wake up after hearing about Ron Paul, Peter Schiff, and Austrian school of economics.
yushaos 2 years ago
PETER SCHIFF for Senator 2010 !!!
iannetta11 2 years ago 7
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Austrian school economic theories will lead to genocide with its invisible hand nonsence
SMASHWALLSTREETNOW 2 years ago
As opposed to the economic ruin with fiscal manipulation we have today?
Don't be stupid. Free market economics will do no such thing.
AKAGl 2 years ago 2
now you know that free market libertarian nonsence would cause the social safety net to be gutted(social security,medicare,medicaid,food stamps etc..) which would cause starvation and genocide
SMASHWALLSTREETNOW 2 years ago
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Also it was Deregulation that caused this financial crisis.Examples are the repeal of fixed exchange rates of bretton woods in 1971,to the repeal of bans on hedge funds and derivatives in 1982,to privatiization of fannie mae and repeal of glass steagle etc...Reregulate Wall street Now
SMASHWALLSTREETNOW 2 years ago
How did deregulation cause the problem when the existing regulations like the CRA were geared toward getting people into subprime mortgages and thus precipitating the problem?
AKAGl 2 years ago
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First they ignore you. Then they laugh at you. Then they fight you. Then you win.
GO PETER!!!
damnright4 2 years ago
I've made plenty of money listening to Peter.
I'm lookin' to make some more too!!
Go Schiff Go!!!!
assgrabberb 2 years ago 2
I think Peter was clearly exaggerating on gold prices, anyhow the crisis in Dubai, and Europe also affected the price of gold in dollar terms. Annually, if you invested in gold, and other precious metals, even copper, etc, you made gains through the whole year overall in 2009. Nobody can make an accurate prediction as far as timing. Even Marc Faber admitted he can't time the markets. I see no signs of a strong dollar policy. Fannie, Freddie worthless, agreed. It's special interests Peter.
PontiffMystic 2 years ago
stop im scared already, should be buy shovels? or can food?
johntiessen 2 years ago
anything government do will NEVER make a profit. Government ONLY consume and they do it by taking one man wealth and giving it to another man,who care less about wealth cause they call it FREE.:)
good luck in the new year.
SteveXnycperformance 2 years ago 2
Hey Peter you have like ... 2 hours for Gold to make it to $2,000
soVun 2 years ago
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Don't challenge Shiffty Pete with his lame predictions. He and his sychophants don't take kindly to it.
I reminded people that in 2002 Schiffty predicted that the Dow would fall to 2000 within two years and the Schifft groupies got very upset.
I wonder if Schiff's prediction about the price of gold has anything to do with his call to attack Iran?
AtlasShruggery 2 years ago
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Indeed. He 'predicts' (rank amateurs in the capital markets get into "predictions"), ignores his own predictions, highlights only the winners (worst sign of a amateur) and the worst part of it is that THE GUY IS A BROKER DEALER !!
His sychophants seem to forget what that means as he is selling Gold to them at $1,000, trying to convince them that it's going to $2,000 within a few months. Peter made his money regardless.
AirelonTrading 2 years ago
Then the best part of it? Is that he has these moments where he talked about "his detractors said such and such, and if we go back to the basic principles of freedom"
So ... he never answers to his failures and instead, uses logical fallacies that anyone of any intelligence can readily spot, such as begging the question.
Yet he missed deleveraging. He missed the carry trade. He misses. Frequently. Shiffty Pete indeed. The worst part of it? Is the guy tries to act like an economist
AirelonTrading 2 years ago
And proceeds to put on this bravado of
"I'm the righteous man, looking out for your best interests" that the gullible suck up without a seconds hesitation, because he knows how to tickle their ears.
The guys actions should be illegal. He'll fit right in with the Senate
AirelonTrading 2 years ago
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Fortunately, Schiffty's dead last in the primary polls.
AtlasShruggery 2 years ago
Remember - you should listen to the reasoning behind his arguments, and then decide whether or not they make sense. I wouldn't focus too much on strict timetables or exact numbers, because that's anyone's guess.
Schiff predicted the housing crisis not because he got lucky, but because he understood the actual mechanics of how the market would unravel, and explained it correctly. For this reason, any prior predictions that didn't come true don't discredit the logic of of his current arguments.
carismere 2 years ago 6
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C'mon. Schiffty Pete's forecasting record is mediocre at best. Every time the facts prove him wrong, he changes the time parameters and moves the goal posts.
AtlasShruggery 2 years ago
If you look at his long term predictions, he's dead on - in the short term, he could be right, could be wrong. However, it is the long term that matters most, and most of his clients are in it for the long term as well.
The point is, he wrote a book about what would happen (did you read it?) when most economists were laughing at his views. Now if you compare his forecasting record with that of other economists, he'll be up there at the top. Or tell me who has a better record!
carismere 2 years ago 2
I'm familiar with Schiffty Pete's work.
In May 2002, Schiffty predicted hyperinflation, soaring interest rates and the Dow falling to 2000 within two years. None of that happened.
Many economists, including Keynesians like Roubini and Krugmann predicted the housing bubble long before Schiffty Pete did.
Now Schiffty is predicting that the price of gold will rise to $5,000 per ounce. Wonder if that's connected to Schiffty's call to attack Iran?
AtlasShruggery 2 years ago
call to attack Iran????
As far as his predictions, just look at how much money his clients are making, money talks baby!!!!!
Schiff for President!!!!
1971blinson 2 years ago
Actually, I hear his client's aren't too happy either.
Here's a recent quote from Schiffty:
"We tell the Iranians: This is where we think those weapons are, you need to let our inspectors in there. If they dont let us in, just blow the place up.
Schiffty Pete sounds a lot like Dick Cheney, doesn't he?
AtlasShruggery 2 years ago
@AtlasShruggery I didn't believe you so I looked it up. He did say bomb Iran. :-(
pmarie2003 2 years ago
Yeah, Schiffty Pete is just another fearmongering politician.
AtlasShruggery 2 years ago
You're just another idiot.
ExquisiteDoom 2 years ago
Roubini is not a Keynesian! He is a professor at NYU that is quite clear about his following of Austrian Economics. I know, I am at NYU.
The rest of your comment is nonsense.
abang90 2 years ago
I've subscribed to Roubini's publications for several years. He clearly models within a Keynesian framework. Roubini is openly disdainful of gold bugs like Schiffty Pete. How can you refer to someone like Roubini, who has called for massive government intervention in the economy, an Austrian?
AtlasShruggery 2 years ago
Being a student at NYU and having attended many of his lectures and talking with him... I know he is not a Keynesian!
abang90 2 years ago
HAHAHAHAHAHA
does it take a special skill to lose billions of dollars?
TheLostRepublic 2 years ago 3
i love these blogs, such truthful fundemental analysis. I wonder when hyperinflation will occur assuming US gvt keeps up the same monetary policy (ie digging a deeper hole!!).
Peter, will you blog on this subject? I'm sure everyone would like to know your thoughts!!! Keep it up!!
kingkarl4444 2 years ago
I would be willing to run either one for a million dollars a year. I don't think I could do much worse. I would be saving them sevearl million off the bat.
wesleyhux 2 years ago
The democracy will cease to exist when you take away from those who are willing to work and give to those who would not. Thomas Jefferson
Just get govt. out of our lives or expect history to repeat itself.....i.e. revolution. There is a new book, just out, about the 2nd American Revolution & it's where Americans stand up to federal tyranny. Great read. Power to the People!!
booksbyoliver. com
05CTCB 2 years ago
Awesome video. Thanks.
Intervene 2 years ago
I sure hope you are successful Mr. Schiff.
FREEDOM!
Rockholm66 2 years ago
fox20012 2 years ago
Thank You for telling the TRUTH.
And a Happy New Year.
GlobVetus 2 years ago 2
When Fannie and Freddie collapsed last year Bush made the mistake of not liquidating them. Now the party that created them is proping them up with unlimited amounts of OUR money. Thanks to President Obama and his pay czar who also announced a dozen top executive will get $42 million in bonuses financed by YOU and ME. The American people should be outraged and demand they let them fail.
quizerry 2 years ago 3
Stop saying that the Patriot Act means that MOST Americans are "giving up Constitutional freedoms." HOW does it do that? Explain. I know it makes it harder for CRIMINALS and TERRORISTS, but NOT for the average American! Don't over-hype a possibly false negative point of view without explaining! Please.
AmericaTops 2 years ago
He explained and gave an example of how it does that in his last vlog.
KeanOOO 2 years ago
@AmericaTops
4th amendment Bill Of Rights
The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated.
In 21 century terms that means bank accounts, phone conversations ect.. all fall under this right of privacy. The P.A is in clear violation of this.
Twiggy269 2 years ago
This was always the most pathetic thing about the "war on terror". That so many people blindly defiled their constitutional principles in order to feel safe..
Yet not understanding that by surrendering their liberties and frantically defiling what made our country great - you have just given the terrorists the greatest possible reward.
Instead of "they can take our lives but they'll never take our freedom". It became "they can take our lives and our freedom. just make me feel safe government
strawspulled 2 years ago 2
Peter Schiff, I find your videos very informative and usually even your analogies. However, this time in actuality... since these homes have kitchens presumably with sinks, quite literally, they have also thrown in the kitchen sink, as many of those also as needed. Odd, the irony of such a common phrase actually not fitting this precise situation.
ytgv3fc7 2 years ago
i love fannie, she has the most expensive hole in the world.
trinomialtree 2 years ago
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Schiff is a dumbass!! He correctly saw the crash coming and then invested like such a giant idiot that he lost 70% of his portfolio. How stupid is that? Really freakin' stupid!!!!
shahen13 2 years ago
we were burned by obama. please don't burn us peter.
35slave 2 years ago
Peter, when you get elected to senate, you are going to find that it is hard to sore like an eagle, when you're working with a bunch of turkeys...
Btw, half way through your book, awesome read.
knknkennedy 2 years ago
How many Islamic fascists were in the country to worry about when Ben Franklin and co. were espousing these grand ideals to their Christian countrymen?
Political Islam shows it's intentions perfectly on any map of Islamic states or soon to be Islamic states in the midst of islamic fundi civil war against those stupid enough to let them in.
patiencepays 2 years ago
@patiencepays: No terrorists were around in Ben's days. They only had to worry about being attacked by Indians which was much more likely for your average settler than being a victim of a terrorist attack is today.
Franklin was not suggesting that we not have a system/military to protect citizens, but that we do not give up our freedom in the name of security. There is a difference. There is a real simple way we can protect ourselves without giving up our liberty, it's called profiling.
imsailing2 2 years ago 2
Mr. Schiff, there is justification for those salaries. It is hush money.
WGS669 2 years ago 3
you should hire someone without a job and pay him 30k a year to run it. you will save the tax payers almost 12million.
AEVautomatic 2 years ago
Nepotism! ;-)
eurogoldexchange 2 years ago
Tell that to the morons in congress pete its like they have ear plugs in !!
yourmomscalling 2 years ago
A Note: I drew my conclusions from surfing Chinese Real Estate websites and converted sq.ft, RMB/Dollar, and....
Future Sanction possibilities with the "New and Improved" Healthcare legislation.
Wait until people have to watch their children go to jail for "No Insurance". What will home values be then?
joescarafone 2 years ago
When institutions are called by ridiculous names like Freddie and Fanny, doesn't that tell you something.
loai050 2 years ago
@loai050
Since you asked, you must be gay.
Zeldovich 2 years ago
G.E.E. = Global Economic Equalization
Realestate values = OTA's (other than Americans), desire to live in this messed up country, with no habeas corpus rights here...
I figure based on the RMB vs. the U.S. dollar at 1/1 my home which sold for $800K in '06, is worth $100K U.S.
I can't wait til China "de-pegs".
Happy New Year!
joescarafone 2 years ago
Should we be shorting Fannie and Freddie?
capitalist4life 2 years ago
The Patriot Act is completely illegal and goes against our constitution! But what the hell, our govt has broken so many clauses in the constitution, whats one more....lol
moonbaby625 2 years ago 2
Freddie and Fanne are holding homes and keeping them off the market which is creating a false recovery in real estate prices.
TheStangdr 2 years ago
I watch every single video of yours, and i think this was one of the best.
dieyoung 2 years ago 2
Great commentary Peter.
Schiff 2010... wake up Connecticut
WalkProp 2 years ago 3
You know your country's economy is circling the drain when the mortgage debt is so risky that noone expect the central bank will touch it with a 50ft pole.
When looking back at this period in the future, historians will refer to 2009 as the year of false hope. The interest due on around 60% of the prime adjustable rate mortgages, that were signed in 2005 and 2006, is set to increase in 2010 and 2011.
The worst is yet to come.
2hard21 2 years ago
What about southeast Asia, or a major city in China? Is that not a safe place to live in the new century?
Looking forward, is China stable enough for a lifetime move?
putittogether 2 years ago
the only problem is you can't post on youtube anymore since that site is banned in china.
trinomialtree 2 years ago
I'd go Hong Kong instead of the mainland... It's a great city! Or Singapore, or Japan... South Korea maybe, but they're sitting on a potential hot spot.
reefpirate 2 years ago
If you have money, China's a superior place to live in than America. English and Chinese are spoken equally in Hong Kong, and English will probably find a niche in other commerce cities like Singapore.
If you're poor, stay in America and stock up on guns and ammo.
Whatever the case, make sure your kids learn Mandarin. The 21st century will belong to the East.
Dyhalto10 2 years ago
The 19th century belonged to England, the 20th century belonged to the U.S., and the 21st century belongs to China. Invest accordingly. - Warren Buffet 2008
dengzhi 2 years ago
Dont you think that buying real estate right now is a good investment... especially to protect from inflation.
paisa954 2 years ago
Housing prices are falling so it is better to wait.
SENTRY000 2 years ago
Peter if thing keep on going the same way ... we are going to need crash proof 3, 4 , 5 and 10 jajajjajjajajajajjajjajaja
I r
paisa954 2 years ago
Wow great quotessssss... were can you find a list of great quotes ??????
paisa954 2 years ago
great stuff
rock on pete !
cosmicguerilla1 2 years ago
Great piece of Freddie & Fannie!
dieselpwrz 2 years ago
Home owners can live with being under water on their mortgage Peter. So why would the government be so interested in keeping home prices inflated? The corporate government arm (too big to fails) owes foreign investors trillions in real estate investments. They are struggling to just make interest. The longer the people allow this situation to continue, the more time the corporate government will have to come up with methods to transfer the debt to our economy.
imataxslave 2 years ago 3
This is the most accurate and relevant video on you tube. Thanks
z0z0z0ify1 2 years ago 2
"the roach motel of monetary policy"
LysSpooner 2 years ago 2
Another anallogy as only Schiff could think of - Classic!
singlespeak 2 years ago
hotel california ?
ricochetVendetta 2 years ago
This Fannie/Freddie announcement is a mess. I mean I was the last person on earth to buy that an evil NWO already operates. Still skeptical. But now, I think I'm either in a bad dream or there is something really brewing. How could it be otherwise? Tell me please!!
judutchinski 2 years ago 4