Peter Schff on CNN 10/15/08 Free Markets Will Prevail

[EMPIRE0FLIES]

The markets were as volatile right before the 30s crash.  Tsunami on the horizon.

[louiethegreater]

If you make it in Asia, sell it in Asia. I don't like Mr. Schiff , because he bets against his own country, by encouraging folks to invest in Asian Markets. Free Markets will indeed prevail, yes it will prevail to the total destruction of America. Tariffs will solve our problem, by forcing multinational corperations to re-think their desire to exploit third world labor and return it to the U.S. duty free. That business practice will only destroy the very market they want to sell in. How Stupid.

[worldgoingtozero]

Smart, exactly what they did in the 30's and that worked didn't it?

[louiethegreater]

@worldgoingtozero----- Are you refuring to Smoot-Hawley, if so that legislation was enacted 8 months after the crash of 1929. If it were passed 2 years prior to the crash, the crash would not have occured.

[glassvision]

Jeremy Siegel's fund had 1/3 in financial at the end of 2007. He's down 80-90% just for that part in Oct.2008. That beats China's 70%. Hehehe. 6 months from now, we probably won't find him anymore. Stupid economist. We will see him pulling off his last few hair in 6 months.

[Noahgoy]

Mr. Schiff is correct, but what I think he fails to acknowledge, is every other country in the world is broke also. On top of that, every country in the world is printing money to stimulate their economies.

To Mr. Schiffs credit, he did say today on some program, I don't remember which one, that he has been wrong about the collapse in the dollar and the expected rise in commodity prices.

However, he said it is only a matter of time. I disagree with him, but we will see.

[skitsofrantic]

In 6 months can we punch that douche bag in the face! Rock on Peter. Austrian Economics 4tw.

[cdalelefty]

Peter rocks.

[benjleeru]

We are in this crisis because of morons like this guy who sounds like he's got a bunch of crackers in mouth.

[mickalene]

peter says we get credit according to our savings rate,right?we've been adding to our debt from year minus one(ok 1971),anyhow could we have more tutorials on just what is happening to our beloved or does anyone really know for sure?

[LaRoucheisright]

Yes someone knows. He is Lyndon LaRouche. Tutorials galore at LaRouchePAC. Start with the fact that this system is not the only alternative. Take a tutorial from Mr. LaRouche on the difference between the British free trade sysytem and the American system, in the video response, also in the 1932 video at the laroucheyouth channel.

[gergenheimer]

Google the Ludwig von Mises Institute site for Austrian Economics (Peter Schiff adheres to this school of thought.) Many publications available for free download, or as audio files you can listen to.

[motonegros]

Boy, Pete sure makes these people sound stupid.

Not really hard to do though.

[AzowRagbak]

euhm.. let me correct myself.. I am reading that tomorrow will be the day that billions of dollars in cds have to be paid.

[medliberty]

Those 2 ladies sure butcher the English language!

[LaRoucheisright]

We need a New Bretton Woods, with Fixed Exchange rates. We need to forclose on the banks not the citizens. And we need to secure all the books of the Hedgefunds, as we shut them down.

[utubehayter]

please .. you have no idea of what you are talking about. Please understand economics, because all you are asking is more of the same - even though you think it is any different. Bretton Woods was a mistake to begin with. Plus you cannot take a guy seriously that admires FDR the terrible.

[fuzzywzhe]

> We need a New Bretton Woods, with Fixed

> Exchange rates. We need to forclose on the

> banks not the citizens.

We need to foreclose on both of them.

If you make a bad economic decision, you should lose money, not make your neighbor who didn't make a bad economic decision pay for your mistake.

[benjleeru]

you can't have a new Bretton Woods. Gold would have to be valued at about $24k right now for us to realistically have a Bretton Woods agreement again.

[LaRoucheisright]

Gold is not needed. It only must be a fixed exchange rate system. It can be fixed to an hour of human labor.

[PQRLOVE]

The real point I'm addressing is the great disparity between common wages and CEO earnings. Personally I would indeed rather see all CEO's in this country take a 65% cut in earnings, then lower prices on 'everything.'

But that ain't gonna happen. Is it? Answer that question. So what other alternative does the common man have, that is real and that will allow for immediate relief? It's our turn.

Restore parity so people can pay their debts. Raise wages.

I win. And you really do too.

[PQRLOVE]

Savings comes from earnings, i.e. wages. Raise the minimum wage to $25 and send the Economic Stimulus to the employers or low wage people, say three months wages to cover the cost of change.

Nah, its' too simple.

[oishiiloops]

and flooded with quick attempts at fixes that will not hold up.

that proposal is a dance around the core issue.

[fuzzywzhe]

> Savings comes from earnings, i.e. wages.

> Raise the minimum wage to $25 and send the

> Economic Stimulus to the employers or low

> wage people, say three months wages to

> cover the cost of change.

>

> Nah, its' too simple.

Well, if $25/hour is good, why not $250 an hour - that will be even better, won't it?

If not, WHY wouldn't it be better. Care to try to defend it?

[Ignorancenotbliss]

Well it looks like the billionaires that we are bailing out right now will in the end be the only ones still able to buy a couple of packets of bubble gum with their millions of dollars.

[AzowRagbak]

the credit default swaps of Lehmann will have to be paid for on the 25th of october. Wonder what that day will bring us. I expect alot of hedge funds to go broke.