10/25/2008 -Peter Schiff - The U.S. Economy Is Doomed

[aviomaster]

What is difference between Democrats and Republicans - Nothing .

USA is run by single party system like Communists

[JohnHolmesDick]

I'm positive that Americans will listen to Ron Paul for the next elections!.. that's their only hope!... and last....... that's how I see things going!, if they don't make Ron the next president, then brace your self!, cuz it's doom time!. A fucking hysterical frenzy in America.

[doctorpatil007]

People like Peter Schiff most likely make there money on toxic assets and market speculation. People like him don't produce a tangible product of a stable assert. I think Peter Schiff is fear mongering. His prediction are based on speculation. He is a money manager. He has nothing to lose in this economic climate. However his clients have lot to lose without Obama's economic initiative. Trading inflation for depression is better for his clients in the short run but not good for him.

[ColBuzby]

You accomplish nothing with false projections of doom and gloom.....if you instill fear in the public then the matter only gets worse.

[ExquisiteDoom]

If you call this doom and gloom, and fear inducing... you obviously never watched american TV :)

[Knowurconception]

OMG this all has come true so far. Brace yourselves folks...we're in deep shit.

[marinello6]

February 6, 2009

At 2 minutes, 20 seconds into this C-Span video clip, Rep. Paul Kanjorski of Pennsylvania explains how the Federal Reserve told Congress members about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occured over the period of an hour or two.

[fuzzywzhe]

Hilarious that the idiot voice is implying that if Obama won, Peter thinks that things will be bad.

The truth is, that Schiff believed that it didn't matter if McCain or Obama wins, things will be bad.

Schiff asked every one of his clients to donate $2300 to the Ron Paul campaign. I was one of the few that actually did.

[TheRedPriestofVenice]

Why don't you blame Bush for this? He's the one who recklessly stoked the real estate bubble so he could claim we had a healthy economy in 2004 and get re-elected.

[kieronj]

US economt is screwed. China is the future and India.

[hmm7777]

Start investing in India end 2010. India also has half the world's above ground gold held by non-central banks (ie regular citizens). its loaded.

[KhmerD0g]

china and singapore are good too.

[tomdamho]

there no such thing as fiscal conservatives or small government republicans their are only crazy neo-cons and tax and spend nut liberals.We need Ron Paul or any old school republican

[aquafishsoup]

obama's black ass just wants to rob my freedom niggers always steal

[doctorpearl]

That's not true.

[coolmesh84]

i see a lot of people talking it took 8 yrs of bush incompetence to see this great economic collapse. But remember it is not Bush who practiced bad lending. it is the bad banks that went on a lending spree. But I'm not a Bush supporter either. I just feel sorry for Bush who was caught in this turmoil unaware. Anyways do not expect anything great from Obama either. If you americans want your economy back on track then probably you all should think of Ron Pauls policies.

[michaeld5]

Yeah, I like Peter Schiff, but why am I hearing "Band on the Run" in the background??

[launchpadmcquak]

"after four years of Obama hell" You rock Peter!

[man95000]

"good money into bad banks"

You mean worthless money into bad banks.

[dchrbac51]

how in the world do we dig out of such a mess?

[keithholden]

War

[burnt2acrisp]

I think that's the problem. Our government keeps digging in a hopeless attempt to get out of a hole!

[berkeley73]

I'm afraid I strongly disagree with Schiff on this one. The Bush administration has been the real big government. It went out spending like there's no tomorrow, running up debts and literally blowing money up in two wars. At the same time US cred has gone down worldwide, not helping businesses or the USD either.

Let's give Obama at least the benefit of the doubt.

[danfg]

Peter Schiff would agree with you that Bush's administration has been an economic disaster.

His predictions about Obama are based on Obama's professed policies, on what he promised during his campaign, that and the fact that he is a democrat.

I like Obama too, but based on what he's promising, he's completely clueless about the economy. The US is seriously f***ed.

[argyle684]

@danfg: Peter Schiff wouldn't agree with him, where did you get that from? He is smart enough to know that the problem wasn't caused solely by the bush administration, this crisis has been slowly building for a long long time, people have just ignored it until it was too late. As

JackNeedles pointed out, you two are stuck in this phony left-right paradigm. WAKE THE FUCK UP.

[danfg]

wow ppl support Obama so much, the power of his charisma is amazing.

it's so sad, based on his policies, anyone with half a brain who knows where Peter Schiff is coming from, also know that OBAMA WILL BE A DISASTER. Ppl who voted for him will be in denial after he screws everything up (charisma power!) and will still love him.

*Unless* he breaks 90% of promises he made during his campaign and actually manages to reduce government and stay off the economy, I just can't see any other outcome.

[Rationalific]

@danfg: Still, we can't completely blame this on Obama and his supporters. Democrats are already known as the party of big government. Republicans, however, were formerly known as the fiscally conservative, small government party. Then, Bush got us into far more debt than we'd ever gotten into before. It's really the Republicans who have gone against their word. And McCain would not have been different than Obama, except that ONLY the rich would profit.

[djcadaver]

They were both republicrats anyways. The only sane cadidate that has also pushed for sound money was Ron Paul. Both Ron Paul and Peter Schiff are students of what is known as Austrian Economics. Austrian economists already knew of that downfall that was going to happen in the United States because of our debt-based currency issued by our private central bank, The Federal Reserve.

[fullmetalmc]

damn if only I had heard about Ron Paul sooner its sad that we elect ppl by how theyre advertised

[Germania79]

No austrian believes that the FED is a private institution. It's part of the state.

[JackNeedles]

You are obviously caught up in the whole left-right paradigm. BOTH parties are bought and paid for. Period. The only chance we had was Ron Paul. Obama and Bush are the exact same. They both are for massive government and they are both for these endless wars. Obama's big government policies WILL put us ina major depression. You can see that however you want, but email me in two years and see if I am wrong. Government CAN'T an economic crisis like this.

[launchpadmcquak]

Wow JackNeedles... I had to glance at the name a few times because I think I said almost verbatim some place else about there being no difference between the two sides. You're dead-on man and it's encouraging to hear it from more and more people.

Oh, and I hope everybody is buying up "assault rifles" now before they're banned... probably just as this "Civilian Security Force" gets off the ground.

[markymarkuss777]

A hedge fund manager named "Tyche" said that the USA could lose it's Triple A rating, and that the government going bankrupt is NOT OUT OF THE QUESTION.

It's up : watch?v=QOAcd14bP8M

[michaeld5]

The farking government IS bankrupt.

Over one TRILLION in new debt the past few months??

What part of that isn't bankrupt to you??

The only thing for it is a collapse and rebuild.

Sucks for Generation Y and X, standard of living no where near their parents.

[mjamesb2008]

Bush built the foundation of this collapse..it's ridiculous to say Obama will make it worse..if the house cards is collapsed...what's Obama supposed to do?...I think alot of what Schiff says is BS..he's a friggen loud mouth....he's never offered a solution but "just let it go" okay then let it go...but Obama has'nt done shit yet, one way or the other....it took Bush 8 years of total incompetance to get us here...it's going to take a few years to get thing headed in the right direction....

[michaeld5]

Whatever. Bush didn't build crap, this has been brewing for 30 years and five presidents.

Schiff does give solutions, but there's no way Bush's team nor Obama's will heed them.

Greenspan and Bernanke are the key culprits. Watch when Bernanke lowers interest rates to zero. Obama will make it worse IF: he wants to bailout everyone with printing press money, raise taxes, increase regulation...I could go on.

Obama is shaping up to position himself just like Jimmy Carter.

[mjamesb2008]

Horseshit..Bush increased Government by 30% and doubled the national Debt...it's people like you that have allowed us to get here..I'l bet you voted for the idiot...which makes you one too.

[michaeld5]

You must be as stupid as you look.

[burnt2acrisp]

At this point, his "just let it go" solution seems to be a very cogent argument amidst the spurious promises of the government these past two months. Schiff for treasury secretary!

[Capnwabbit]

BS? This is the guy that was calling this bust on TV and in his book while the "experts" laughed at him and claimed the economy had never been in better shape.

[Boomer1949]

I do hope Obama cuts some of the government handouts that have been going on. To the big farm conglomerates. to the Airline business. To Churches all over the country. And I hope he cuts the pentagon off until they find that 2 trillion they lost.

[NowisEvollovetion]

Did anybody notice as I did, when the photo of Bernanke and Paulson came on, that they just look like Laurel And Hardy.

In Northern England we have a name for people like this, we call them 'Fucking Tossers'.

What these men are doing to their fellow Americans, as well as the rest of the World is an absolute disgrace.

Lets hope we (the people of the earth) can get these men, as well as their cronies, into a court in the near future.

The suffering they are causing is shocking.

[robpatozz]

Phil - Thank you for maintaining such an informative channel. Peter Schiff tells it like it is. Keep up the great patriotic work!

[steelhorses2004]

Thanks to Phil for keeping us informed. I'm afraid a year from now Peter's economic outlook will be as right as it's always been.

[fox20012]

I bet Peter Schiff has a huge online fan base!

[dogatron]

he helped convert me. I was a socialist as a teen...then I discovered Ron Paul.