Dave Ramsey Was Wrong; Peter Schiff Was Right; The Panic of 2008

[jjny03]

I enjoy Dave’s show – to a point. Even his critics admit that he has helped many people get out of debt. I have applied some of his ideas as to paying off debt (Ex: Debt Snow Ball) and I’ve had some success. However, his thoughts on Gold and Life Insurance seem dangerous.

[ItsAllAboutGuitar]

Wow, how does Dave Ramsey have a job???

[sha370z]

people took out home loans on dead people

[sha370z]

the fed gave the banks 9 trillion sep oct 2008 .loans trillion more in 2009

old nasty home where $400,000 .avg home where $600,000 $700,000 $800,000 and up

in CA

[btrimarchi]

The first sign that someone is clearly wrong is how they react to criticism. Dave Ramsey resorts to ad hominem by attacking Peter Schiff and calling him a "kook". Anyone that follows Ramsey should have their head examined. Gold is a stupid investment? Good grief can Ramsey be any more ignorant?

[stetsonator]

@btrimarchi gold is the only investment thats real

[ByTheGram]

@stetsonator No it is not lol

[MrTehChopper]

That was the worst butt whipping I've seen since the 49ers crushed the Broncos in the Super Bowl. Just how long can Dave Ramsey keep taking phone calls from people earning $150K asking his advice on their $4000 Visa bill ? Like that is some big deal ? Dave is in firm grasp of the obvious. Great salesman. He is like a little league kid trying to hit a Major League Pitcher's fast ball......Peter Schiff spanked him to dust. Embarrassing.

[nioted]

Dave Ramsey, another dumb shit who gets paid giving people wrong advice.  Why this guy still has a radio station is life's great mysteries.

[TheManiacalSatanist6]

The website being advertised isn't opening.

[tanozVIP]

Poor Ramsey ...

so sorry for him .

[jneil2007]

I live in Nashville where there are a ton of Dave Ramsey followers. The only logical advice he gives to get out of debt in a nutshell is to underconsume and bear down. Common sense really. Peter Schiff is light years ahead of Ramsey. It's like watching a Mexican and a blind man build a home.

[sha370z]

how can you save just had a car bill for some work $3,800

[sha370z]

how can you save one bed room $900 each mo

[sha370z]

how much buying power do you have if you have no house ? and people that have a house

are on buy now pay later miss 5 payment your out

[cdoftx]

When the gold collapse of 2032 comes Peter is gonna be in some trouble.

[not8upwthit]

Dave I used to respect you, after I heard your totally uncalled for attack on Schiffs dad, who by the way has more courage & character than you or Glen Beck will ever have. BTW the IRS is unconstitutional you are a shill Dave.

[sha370z]

that what home cost from 2002 to the end of 2008 $700,000

[gvsucavie03]

Such a short-term mentality... the weathiest and most successful investors of all time will tell you to look at wealth-building from the long-term perspective, which is what Dave teaches. Yes, all of these things are true in a 2-3 year snap-shot, but probably not in 20 years. What would Ramsey or Buffett do? Stick it out long-term and stop thinking like an immature child.

Timing the market like he suggests will destroy potential returns.. look at any long-term study of the stock market...

[humphr35]

@gvsucavie03 Did you just compare the greatest value investor of our time to a guy who tells people to "get out of debt?" Hearing those two have a discussion about market theory would be the equivalent of Daffy Duck talking to Einstein about relativity.

[sha370z]

how can you pay a loan back if the loan is $700,000

[TSchweikert]

@sha370z why would you even borrow $700k if you knew you could not pay it back?

[MrCarflipper]

Comparing Ramsey and Schiff is like comparing 1st gear and 4th gear or elementary school and university. Ramsey is great for advice on getting out of debt and building up a savings. Schiff is who you turn to once you got your debt out of control and want to know where to park your money once your debt has been eliminated.

[tuubydude]

The music is annoying.

[brandoncaro82]

"The Panic of 2008" the panic brought on by media and ignorant people like Schiff all in the name of a quick buck. Dave looks long term, and advises against knee jerk reactions to the market. Most of the people who pulled out in 08 lost so much money; that they would have made back much of it by now.

[MadDogAM]

Dave Ramsey is an arrogant kook!

[IsraeliteMessenger]

Gun and ammunition sales.........WAY UP!

[Anavengertg]

The stock market crashed? Lol no not really.

[deathnovaman]

At the end of the day Dave is still worth upwords of 55 mil and you most likely dont have a steady income.

[biospharms]

Ramsey is a jerk! Our church and tons of others support him by running his stupid book and program past people. Stop it! He is an idiot. Send this video to every pastor you know. If your going to support someone at least let it be Peter. He at least tells us the truth.

[evangrogers]

I LOVE that clip of Nixon.

"What does this action -- which is very technical -- mean for you?"

LOLOLOL - it ain't that technical! You're just robbing us blind!

[evangrogers]

"Irwin Schiff is a nut-burger, so his kid is also probably a nut-burger... Glenn Beck is NOT, I like Glenn Beck"

... LOL! That sums up this entire video.

[cruster69]

Quadrillion is after Trillion

[PHILLYB644924]

I tried to like Dave,but it didn't take too long to find out he was a buffoon. If you listen to this guy too long you will be in the poor house very soon. Dave, keep buying your SLV,and I will keep getting the real thing. LOL

[o5iiawah]

So the market takes a tank for a few years and all of a sudden Ramsey is wrong? The S&P and DOW outperform gold, real estate and any other investment over a 20 year period.

If you're a 60 year old retiree who had 100% of your investment in risky stocks in 2008, then you're an idiot and deserve to eat dog food.

[o5iiawah]

Anyone ever tried to eat gold? I invest in lead

[rollinshultz]

This would be an outstanding video if you would lose the music. If you want to sing and play, do a music video, but it is irritating to try to understand what people are saying with voice tracks in the background.

[MarcusCMarcellus]

Who the HELL is Dave Ramsey? I've worked in the investment industry for a decade, including big bulge bank, and I've never heard of this redneck before. 99% of these investment gurus and letter writers are full of it. Just read what the money managers have to say - and yes, what the banks publish, and read between the lines. And history books! Lots of history books. But this Ramsey guys seems worse than Porter Stansberry, a HUGE scam.

[superhawkn]

Dave Ramsey has alot of good ideas but Peter Schiff is also Master! Peter is wrong about buying used car on quite few points. Sure the idea makes alot of sense paying less and not having car payment agreed but to spend 10k for used car then have any issues makes no sense unless you get good one. New inexpensive car makes more sense for me. $12k can do it. Gold is bad investment in bull market. Perfect in collapsing economy

[sha370z]

people that make $60,000 a year have $70 in the bank bank

[RichMatarese]

Ah, Dave Ramsey.

Can somebody DIE of "facepalm"?

This guy has to be the test case.

Peter Schiff for POTUS in 2016.

[mbburch06]

It says a lot about Ramsey's character that he would attack someone he has never met or listened to. Schiff is the "son of a kook" and must be a "kook" himself and therefore wrong - no argument needed. It's tragic that Ramsey is out there giving awful advice to people who have worked all their lives to build up savings, only to blow it on American stocks.

[rudemood2011]

I bought 1,000 shares of apple AAPL in December of 2000 for 7.44 a share and still have every single share

Eat it you Monkies!!!!!!!!!!

[911firefight]

I took all my money out. Banks can suck a fat one!

[TruthJockey]

9/20/2011 Au is $1,802/oz (with 2012 futures trading over $2k/oz)

[dajohnman57]

P- Ron Paul

VP- Gary Johnson

Economic Advisor- Peter Schiff

Secretary of State- Jesse Ventura

I can dream.

[rampage241]

@dajohnman57 That's my dream too, but I'm sure the neocons would riot!

[Theard]

@dajohnman57 RP's Supreme Court Appointee: Andrew Napolitano.

[RichMatarese]

@Theard - I wouldn't mind Richard Epstein either.

[sirjames45]

Dave Ramsey was wrong, Peter Schiff was RIGHT. General motors would NOT EVEN EXIST if it weren't for tax payer bailouts!

[kentimusmaximus]

Wow uh im not really a big listener of either one of these guys but I can tell you one thing dave ramseys principle of being debt free is right. And yea gold is a dumb investment. But anyone who gets financial advice from a kook on the radio or tv is dumb.

[MrConservative608]

12:44 Gold could be an illusion the same as the housing bubble or the Dot Com bubble in the 90's. Gold seems like a temporary fad to me because we are in a TEMPORARY recession!

[PHILLYB644924]

@MrConservative608 See you in the BREAD LINE THERE SKIPPY !! LOL

[MrConservative608]

11:43 What if the next president & congress cuts spending (eliminating baseline budgeting but real cuts), lowers taxes and does not inflate the money supply? Have you gold zealots thought of that? If we get out of this recession to an economy we never dreamed about, will gold tank?

Oh, and this is just a challenge. If gold turns out to be a bubble in 2013 or 2014, will any of you have the intellectual honesty to purchase Dave Ramsey's Financial Peace University and take the course?

[informedskeptic]

@MrConservative608

First off, I am also a conservative. That being said, I'm also a realist. Congress will not drastically cut spending barring dramatic entitlement reform. That would be political suicide. I want that, but again I'm a realist. Your last question seems odd to me in that Schiff has already been proven correct in his assessment of the mortgage crisis yet you are unwilling to consider his points. Fannie and Freddie's loans were sound? Please.

[MrConservative608]

@informedskeptic Okay, I believe it is realistic to believe the government won't cut spending in a meaningful way but what if the next president & congress create business friendly policies such as tax cuts & deregulations and the economy improves? This exact same situation that happened in the late 70's to early 80's where gold prices spiked because of a recession but around 1983 fell like a rock.

Peter Schiff may have predicted the housing bubble, BUT SO DID DAVE RAMSEY!

[MrConservative608]

Here is something to ponder. I don't believe Dave Ramsey over Peter Schiff because I have chosen to worship at his alter rather than Peter Schiff's alter. That is not what this is about. #1. I am very skeptical of doom & gloom predictions but they have can be true. #2. I look for facts rather than look for messiahs. Fact: We were in a recession in 1979 - 1983 or 1983. Fact: Gold's price spiked in 1980, began to fall in 1981 & from 1985 to 2005 it relatively stayed at the same level.

[informedskeptic]

@MrConservative608

I don't dislike Dave Ramsey. One should always try to be debt-free. He certainly was wrong with his statement regarding Fannie & Freddie hence their massive bailouts. Also Schiff's statements regarding gold and silver are correct as I've tracked them since my first purchases in August 2009. BTW, bought physical. Just buy at low mark-ups. Is it still a good investment? Time will tell. The situation is much worse now than 1983. What were interest rates then and why?

[MrConservative608]

@informedskeptic Yes the situation might be worse then but the collapse of the dollar & stock market are not inevitable. When politicians create business friendly policies to create economic conditions where the free market can thrive, wealth will be produced adding value to the dollar and then the stock market is going to recover. When that happens, mark my words, gold is going to tank and you are all going to look foolish. BTW... Ramsey teaches far more than getting out of debt. Much more!

[MrConservative608]

@informedskeptic I think you might be missing an essential part of Peter Schiff's gold buying strategy if you bought physical gold and have it at your house. I think what Peter Schiff is doing is buying gold to buy foreign currencies. If your not buying foreign currencies then gold will tank in this country and your investment in it as well. Here is someone who went through an economics course and is repeating almost the same thing I am.

watch?v=0L1fez7rDso

[informedskeptic]

@MrConservative608

Watching your link as I type this. I have a minor in econ and major in accounting. Nobody suggests anyone buy silver when it is high, but what is high? Google the Weimar Republic. I purchased originally at $14.42 per ounce, now it's $34.23. If it were in the bank about $14.45. I've already shown that the gov't has no interest in fighting inflation (low interest rates) and the chances of them climbing are remote given our high debt. Agree on food, farmland, & guns.

[informedskeptic]

@MrConservative608

The gov't will try to keep int. rates low, but eventually market forces will force rates higher or we'll simply print the money to buy our t-bills. So printed currency will de-value. Think about it, why does a $100 bill have 100 times the value of a $1 bill? Because we trust that it does. It costs roughly the same to print. The same is not true of commodities. He mentions the need for scales. Bullion coins have their weights clearly marked on the coins themselves.

[MrConservative608]

@informedskeptic Peter Schiff & Ron Paul are not the only 2 smart people in America and certainly not the only people who predicted the housing bubble. Guess what? George W. Bush predicted the housing bubble!

"The Bush administration pushed for significantly increased regulation of Fannie Mae and Freddie Mac in 2003." - Wikipedia

wikipedia (dot) org /wiki/George_W._Bush#Domestic_­­policy

I like Peter Schiff & Ron Paul but smart people can be WRONG!

[informedskeptic]

@MrConservative608

Agreed. Even McCain (who I personally do not care for) pushed for more regulation of GSE's (Fannie & Freddie). Have you seen the video on Youtube of Barney Frank and other democrats defending Fannie's finances? I know it pisses me off every time I view it. At least Bill O'Reilly grilled Barney fairly aggressively on The Factor.  Of course, Barney admitted to nothing.

[MrConservative608]

@informedskeptic You mean this one? watch?v=LPSDnGMzIdo Yeah, I got upset too.

[vambo13257]

Ramsey is an IDIOT!!

[smasila]

The minute when Nixon said Dollar is off the gold standard, dollar dropped. Noxin is the reason why we are in this depression.

[meghaljani]

Dave Ramsey's brain is clooosed.

[62636263c]

Dave just could not grasp the idea that stocks could crash without the companies closing. They don't need the stock market to stay open. It has nothing to do with the company its self.

[62636263c]

@62636263c The stock can be effected by the company, but the company is not effected by the stock. They can go private tomorrow if they choose to, and many have.

[slavisa7]

DAVE IS A RETARD

[62636263c]

@slavisa7 Yes he is, because he is economically blind but trying to lead people through through a economic mine field. If he has followed is on advise, he has devalued real estate and cash that has half it's value. He is not broke, but he is very badly bent.

[Alex523100]

@slavisa7 -_- i have an economics class where we have to listen to his bullshit

It's everything i can do not to laugh.

[study111]

i dont mind people disagreeing. its healthy to debate over difficult issues. but for ramsey to call this guy kook and then end up being as wrong as could possibly be imagined is sad. he calls gold a "stupid investment". wonder if he has changed his mind now that its broke $1700. actually, if Ramsey has any integrity or class at all he would sit down and write Schiff a long letter apologizing to him and his father for being ignorant!

[999Atwood]

Ramsey is nothing more than an infomercial, His disclaimer at the beginning of the program basically says he doesn't know shit so don't hold him responsible.

[Sunshine88886]

Wow!



[kreeetin]

Justin.....exactly

[JustinFrom1776]

If you are in debt and need someone to tell you to pay off your credit cards, listen to Dave Ramsey.. If you want to stay out of debt and make money, listen to Peter Schiff.

[MrBlair56]

Sorry for being ignorant but I've never, ever heard of Dave Ramsey up to this point but...first impressions may indeed last forever.

[geglockn]

I might suggest that Dave Ramsey be held liable for all of the damage he has done to American's portfolios and bank accounts. The sad part about it is that Mr. Ramsey continues to blather on and on with his misguided "guidance". How many times must Mr. Ramsey be proven wrong before he steps down and declares himself a failure as a finacial planner?

[wearthefoxhat100]

Well that was funny...who ended up being the uneducated idiot...Ramsey lol..

LMAO

[Jaycephus01]

Ramsey is a complete ass. He has completely led his listeners astray again and again. He says he's a Christian, but his treatment of the Schiffs is totally wrong. His take on gold is wrong. It's also ironic that while Glenn Beck, his 'friend', is saying the same exact thing Schiff is saying about buying gold, Ramsey has duped his listeners into selling their real money at a loss in exchange for paper money that has lost value continuously over the last year.

[Anavengertg]

lol dumb video!

[lintburger]

Ramseys an ass. Please do me a favor Dave and don't buy gold or silver. Please keep all of your money in a bank, and buy more stock better yet buy US bonds. Oh yeah buy more real estate too. Your a genius.

[shroomingnewman]

how many peoiple lost their shirts listening to that fucking idiot ramsay?

[TheSpecKK]

You can get good advice and rotten advice from both Schiff and Ramsey. I've seen and heard both of them behaving like jerks, which is something rich, successful, celebrities can get away with while barely damaging their overall popularity.

Ramsey is somewhat right that gold has no use and as such is not a wealth producing asset. The same can be said about US savings bonds.

If there really was an end of the world style collapse (or even just a Katrina style disaster) owning real goods is best.

[sllimthg]

@TheSpecKK No gold is. gold Holds its value,been that way since ancient egypt

[timl2k11]

Dave Ramsey didn't like this video.

[timl2k11]

Wow, Dave Ramsey, what a kook! What a nut! Pot, Kettle, Black.

[EDTHEWATERGUY]

Yes I can imagine those corporations closed,when they keep selling shit nobody wants or needs as new technologies happen.Blockbuster video cloooosed,circuit city cloooosed,borders and most bookstores cloooosed,and GM should have been clooosed.

[forwardmover]

Dave Ramsey knows even less than that obnoxious dyke, what's her name? Pretty Clueless.

Why the way too loud music in the background? Very amateurish.

[suitabledude]

Dave Ramsey is a piece of shit and his show needs to be thrown off the air and replaced by THE PETER SCHIFF SHOW!!

[CSCIPHD]

Dave Ramsey is a fool.

[warterra]

N1 Schiff mentioned this video on his 4/25 show.

[Charlesperalo]

Jimmy this looks really really good

[ILiveInMyParadise]

Gee I thought Ramsey was ok until now. Obviously not. Glad I haven't listened to him much. Sounds like he needs sounder biblical fundamentals.

[kjakobsen]

Who invites that idiot on TV anyway?

[polidic]

Dave Ramsey is a Banker shill --- what a liar. How could anyone respect him after that.

[mdmccurry]

Wow, what a great collection of sound bites. Hey, commenters, how about a bit more research instead of watching a poorly edited hodge-podge of clips.

Make sure you have your tin-foil hat on before you watch!

[4clearsky]

@mdmccurry ?????????

[mdmccurry]

@4clearsky ??????????

[pattybbb1]

Very good video. I really appreciate the dates on the clips. Helps you keep track and make sense of it all.

[ricochetVendetta]

@pattybbb1 August 15, 1971 is Nixons bugaboo speech. Devalued and printed 10% more dollars which is not unrelated to what happened to gold price next.  Similar to now I'd say

[450984]

England in the 1800's, U.S.A. in the 1900's, and Asia in the 2000's.

[geezerbut]

Dave Ramsey's credibility is CLOSED.

[xxxJTMunny777xxx]

The money 'cubes' are very enlightening

[Scarlette0hara]

LOL

[Leobons]

@ThomasAchord you may not like, I don´t... but it´s the 16th ammendment,,,

[19Truth53]

Ramsey better be careful who he calls a "kook," since Schiff has handed EVERY OTHER SINGLE DETRACTOR HIS ASS!

[midtra52]

I never knew much of what Dave Ramsey says, now I see why I never bothered hearing him talk. Oh well things will get interesting come June. Peter is assuming the FED will continue printing money and if they do they we're still on the path he's told us about. BUT if they don't do a QE3 then bond prices will soar, stocks will drop in the short term, and the federal government will be forced to stop spending. I'm also betting they will just print more, but the latter would be interesting.

[virtusapiensrex]

wow just wow. Not to push the stereotypes here but they ain't constantly letting people that dumb on TV in other parts of the world. I mean wtf America. By design I guess...

[virtusapiensrex]

can somebody point me to someone who pwns more than Peter Schiff?

No seriously, that is some pretty epic pwnage. Can think of anything like it. Is there another human being that singlehandedly pwns THAT hawrdt?

[virtusapiensrex]

America is clooosed.

[EMPIRE0FLIES]

Income tax was never ratified Ramsey. You jackass!

[TheSilverGuild]

Safety valves? Plunge Protection Team!? AAAAARRRR ha ha ha ha ha ha ha ha ha ha ha ha ha! LMFAO!

[Maverick66Bret]

"there is no indication sufficient out there for this kook's kid, who's probably a kook too, to say this."

[777ceci]

Awesome!!!I love Dave, but Peter has been right on!

[tigranvartanovitch]

"I have all the money I own tied up in bank accounts..." ha ha ha ha ha ha ha ha!

[telefreak2009]

@tigranvartanovitch Me too! All $3.50 of it.

[philais]

good job

[2zr1]

Great video Peter is the man

[jclrg7]

GOLD IS A STUPID INVESTMENT...thank you Dave for showing us your true knowledge

[DennyDucet]

Peter Schiff has a much more sound approach. He understands the fundamentals of supply and demand and how they relate to currency as well as commodities. The Fed has destroyed our economy. I SOLD 100% of my US stocks and mutuals in November of 2007. BECAUSE OF SHIFF. He saved my hide. I bought gold and silver. I have over doubled my profits and never lost a dime in the crash! Thanks Schiff!

[crubeo]

@DennyDucet Me too! I bought gold and silver mining stocks - they're QUINTUPLED in the past 2 years! i love Peter!

[DigitalShaolin]

@DennyDucet I'm happy to hear that. I hear so many horror stories, it's nice to see at least SOME people understand sound economics and didn't lose their shirt by the Fed stealing it through inflation. Good job!

[tubeofmystery]

Schiff is the man. Ramsey... not so much.

[hobbitodaly]

12:51- Her expression="uuuuh you mean..uuuuh."