New deal? C'mon the soviets had 0% unemployment when the country collapsed. I mean we could have make work jobs where we give everyone in the country a spoon & have them dig a hole that won't solve our problems. Only the market can effectively deploy capitol that is what we need.
so morons refused to except there was a collapse coming ?morons denied when the collapse was taking place before our very eyes that it was happening,now the same morons are claiming we are coming out of the collapse that was'nt going to happen and not happening ! but parrots are not expected to think just repeat ?
Man ever since Ted Turner was forced to leave CNN has gone completely down hill. Campbell Brown is perfect evidence of someone that has no clue. Peter thanks for setting the fools straight!
are you kidding me? the minimum wage is a joke in America - you've got fatcat fiscal losers pocketing billions of dollars and wandering off to Palm islands in Dubai and your pissing and moaning about an autoworker getting $x an hour. The facts are even if you pay americans so little they can't afford to eat or clothe themselves there will still be someone overseas who'll do that work for less.
yeah and you wanna know why there are so many poor people. Ok the minimum wage in my state last year was around $5. In 1971 when we went off the gold standard, adjusted for inflation, the minimum wage was at $9.50. Then we got off the gold standard and the dollar plummeted and is dropping year after year because we can not stop printing money.
Unions destroy the middle-class. They were DESIGNED to destroy the middle-class. The idea of unions goes back to the central-planning and Socialist/Communist Progressive Movement. Otto Von Bismark wanted Germans to become dependent upon the state, hence the term Welfare State was proudly created.
Unions invariably increase the cost of production by receiving over-inflated wages through government protection and intervention.
When wages are increased "artificially" that is by government fiat, inflation occurs. Why? A large group is receiving more wealth than they are generating.
If an employer can afford to pay someone $25/hr they will. Why? Because if they don't another auto company, like a non-entrenched union Japanese plant, will build cheaper cars. They're cheaper because the workers aren't being paid $25/hr to change tires on an assembly line.
This comment has received too many negative votesshow
Unions are not the problem. In Germany where every auto-job is unionized workers make 3-times more than the US auto workers. German cars are selling like cupcakes. In fact German auto workers are the biggest buyers of their own factory's cars, because a.) they can afford them, and b.) they are proud of what they make. But, its true, VW CEO doesn't put 25 million Euros into his own pocket. And thats also because of the Union.
As for the dollar, I don't keep any money in cash -- buy gold, commodities, stocks in Asian markets, etc. because it's not a matter of "if," but "when" the dollar collapses. Use its little purchasing power while it still has some, and buy something of real worth. And I don't think the smart "should" exploit the dumb, etc, but I don't see how it could ever be different -- historically, it never has. Attempting to artificially level the playing field creates the problems we see today.
I have bought gold, and commodities long before Mr Schiff ever showed up on CNBC. I don't invest in Asia, I consider it treasonous to build China's infrastructure. They are communist and have no plans of changing their political ideology. They just got a gift from Mr. Clinton, and Bush Sr. by giving them MFN. All those intent on exploiting cheap Mexican labor, made a b-line for China with their 1.2 billon labor force. We have the economic mess today, because of that unpatriotic greed.
By the way, of course I'm not endorsing communism. In fact, I support the farthest thing from it (Libertarianism). But, at least China's communistic society has its economic policies more on track than ours. The US government's meddling in the free market will be the downfall of this great nation.
I believe you are saying the rich should always exploit the poor. The intelligent should always exploit the less intelligent. The strong should always exploit the weak. I continue to tell you the Free Market doesn't exist, it never will untill Nation States cease to be. Wages would have to be equalized globally, and that cannot happen with Asia having such a massive work force. I voted for the Constitutional Party candidate, tariffs are completely constitutional, they should pay for government.
Well Greg, if Communism is the way you think we should go. What are you complaining about. Could You explain Economic Freedom to me. I don't think I will look up our Republic. I was I passed my Civics, in the third grade and every year for the next 14 years. Of course I didn't have you teaching me.
Really? What is it? And of course you didn't have me teaching you -- you wouldn't be such an idiot of that were the case. Of course, maybe it would, but it certainly wouldn't have hurt.
Also, the Chinese $.40/hr that you made up (or got from an anonymous source) will look a whole lot better after our dollar's collapse, when the Chinese will benefit from not propping our gov't up anymore through loans and provision of the cheap goods you mentioned. This means that their own prices will drastically reduce (or their currency will gain value, maybe both), thus increasing their overall purchasing power and quality of life. Right now, the US is a cancer on the world's economy.
That will never happen, we are China's largest export market. All we need is a tariff, and China is a cooked duck. If we can spend 4 trillion bailing out the banks, China dumping our dollars would just be a glitch on the screen. A healthy tariff, and Multinational Corperations will bail out of China, and come sucking up to the good ole U.S.A. again.
But you're delusional -- we're NOT important to the Chinese market because even though we represent the largest recipient of their exports, we pay them back with PHONY MONEY that's not worth anything. We're essentially buying all of their stuff with IOU's, but we no longer have the means to produce anything (export) to pay them back. Plus, once Messiah Obama decides to spend even more money, watch the value of the dollar drop to nothing...
Hay: any of those IOUs you consider worthless I will be more than happy to take them off your hands. The reason we don't have the means to produce anything, is because our industry has been exported to cheap third world unregulated labor markets. The collapsed economy, we have today was caused by replacing 20hr. jobs with 10hr. jobs. Our whole economy is deflating because folks don't have jobs, or the job don't pay a living wage. It's human nature they will look to government for support.
Well I'll be damned -- on this, we agree. I also voted for Chuck Baldwin and completely agree with your idea of tariffs paying for government. But what we have in America is not a true free market, it's really corporatism. Corporations aren't the real problem here, corrupt government supporting (and rewarding) corrupt corporations are the problem. We've sent cheap jobs overseas and are now only the consumers of the world -- but like your freeloading friends, consumers eventually get cut off.
My freeloading friends; my friends are hard working americans, who through no fault of their own have had their livleyhood jurked out from under them, by a manipulative government owned by their corperate masters. Their ancient goal is to produce a global plantation for themselves. We didn't send jobs overseas, your types did. In the past, few years government has attempted to do what common decency, kindness, and patriotism had taken care of, in previous generations.
Crysler, GM, & BMW: & what did BMW make? Motorcycles for Hitler's SS! Yeah Kraut eng. are expensive! Total failure to realize sig. of Hub/wheel Drives: Total failure to realize Hibrid gas-motor gen. can be replaced by ELECTRIC ONES: Total failure to realize that ELECTRICAL GENERATORS can be powered by PHOTONS! Ahhh, go pick cucumbers for a few years, maybe some of that Nazi racist shit predjudice will wear off! WE CAN'T AFFORD YOU-BUMMER!
Peter Schiff explain it very clearly, look Government suppose to work for us, we don't work for them. They just want more control and more spending. They need allow these companies to bankrupt, they will never learn, if we continiously spoil them with bail-out which doesn't work. All CEO take the money, workers been suffering. We get more tax, when do people stop and listen and do. Peter Schiff may be CEO, at least he make sense.
The first thing anyone should remember whenever an assclown from the Center of American Progress appears anywhere is that they are first and foremost part of the "Progressive Infrastructure" in place to elect Leftist Democrats. That's all.
Just think if people would have voted for Ron Paul, Schiff would have probably been in his cabinet. But the American people though that Obama and McCain were better for the job DOH!!!
I think the reason why Peter has such a huge fan base and a devoted following, is because he tells the truth straight up without getting into the idiotic nuances that some of the commentators do.
"More Fuel-Efficient Cars"! Where have you BEEN! It NEVER HAS WORKED & NEVER WILL! These "Big 3" bastards are OWNED BY OIL! Your job as SLAVES to the Oil-Empire is to BURN GAS & THEN DIE! Nothing less, nothing MORE! The whole thing is CRASHING under MASSIVE inefficiency! Armies, bribes, tankers, pipelines, earthquakes. A MASSIVE mindset change: from CONSUMERS of energy, to PRODUCERS of energy is needed! Fuel-Less Transport has been invented & will allow this! B3 ERASED is biginging of solution!
You're an absolute idiot. I work for GM and in Hybrid Vehicle development. GM is spending a fortune developing alternative energy vehicles. We are NOT owned by Oil.
Try thinking instead of emoting for a change. People may take you more seriously. Then again, maybe not.
Its too late. GM needed to change decades ago. Its time that it dies, and nothing anyone can do to save it. Just too much fat on that monster. Govt can try keep its CPR going - but it simply will not work.
I agree. However, let me pose a question: Is our global fuel consumption market based or environmental? I ask because if we had vehicles that got 500/mpg, gasoline would be price over $100.00/gal. Because we KNOW the prices are fixed.
It's time to break out of the oil energy paradigm.
i agree. i was trying to say that we have had soo much time that we should have already developed different sources of energy to power our cars. the fact that we are still oiled up is sad imo. yup, we pay what they want.
10 years ago Gas was less than $ 2/gallon and people would not have bought Hybrids. GM makes what people want. We don't create market demand, we react to it. People who suggest GM or any other car COMPANY make vehicles nobody wants to buy simply because it's the right thing to do from a fuel economy/emissions standpoint don't know how a business runs. Now if you want to stick a $ 2/gallon tax on gasoline so market demand for Hybrids is stimulated, fine. I'd support that.
exactly.. your point is the exact reason your firm is going belly up, yous are reactive rather than pro active, complacent and now unfortunately yous are reaping what you sowed i afraid. good luck x
You're the idiot! Yes- a FFORTUNE: on Generation ONE hibrids! Every new "fantasy" model of yours I've seen - STILL has a DRIVE SHAFT! STILL has AXLES! STILL has SHIFT! Why do you THINK engineers LAUGH at you when they see how FAR BEHIND YOU ARE? DINOSAURS! Obsolete in the DRAWING STAGE! Take a LOOK at any Asian city street traffic: They are all hauling ass with little transports you don't BEGIN to UNDERSTAND! What 50 years of oil-prop can do!
You're an idiot. I AM an engineer, working in Hybrid Vehicles for GM. What you don't know about them would fill volumes. GM markets more cars in USA (30 models) that get greater than 30 MPG than ANY other manufacturer. Including Toyota, Nissan and Honda.
Go back to reading comic books since discussing technical issues is clearly out of your comfort zone.
Fact of the matter is, cars produced 15 years ago were MORE efficient than the ones produced today -- look it up. Sure, no one wants to drive a 55hp Geo Metro and everyone likes the bigger versions of the Honda Accord and Civic, but fuel efficiency has never been the problem -- its the Big Three's obligations to their unions that's the problem. Giving them extra taxpayer money won't help that.
Greg, Have you insight on the employees of Bear Sterns, Lieberman Brothers, AIG, CitiCorp, and Bank of America. I assume they were all earning a living wage. Is blue collar employees suppose to earn less than a living wage. Sounds like you have been watching CNBC rag the unions.
Well, looks like we've got a teamster here. You may like your union and claim that's the only way to earn a living wage, but American workers for Nissan, Toyota, Honda, etc. have much better job security than those for the Big Three. I'm sure they're glad that there are no unions to help them earn a "livable wage" while their Big Three counterparts are laid off when they all collapse.
Greg, The only reason Japanese Auto Makers are in this country, is because Reagan gave them an ultimatum invest in America, or face a tariff to offset wage difference. They pay good wages because of the fear of being organized by labor. The constant threat of being organized keeps most companies paying livable wages. Are you a great admirer of WalMart; 7.00 bucks an hour and they help their employees fill out the nessary forms for public health benefits. Encouraging venders to outsource.
I guess you're not a fan of the free market. You're probably one of these idiots who thinks minimum wage should be raised, not realizing that the purchasing power stays the same and companies usually have to lay some people off in order to pay their employees the government-mandated pay rate (communism, anyone?). Just don't be surprised when government bailouts allow people to keep their jobs, but devalue the dollar to the point that it's worthless.
I'me a pragmatist, I just don't believe free trade exist, and never has, or never will, as long as there are Nation States. You should really examine your example of communism and the other isms thrown around, and look at globalism. All the thing you mention is a result of Political Internationalism and the Globalisation of our economy. If Capitalism is such a deterrent to communism; why is communist China having a 13% GDP and we are having a 1.5%. How could that work. Think, Think, Think.
China's GDP has nothing to do with the fact that they're communist, it has to do with their emphasis on production rather than consumption. America doesn't produce anything, we simply consume everything the rest of the world produces, which is why our GDP is terrible (and manipulated by the gov't). China's doing well, yes, but they would be doing even better if they were not under communist rule. Maybe free trade doesn't exist, but it doesn't mean we can't strive for it -- like world peace?
You said "their emphasis on production and not consumption", and I ask you who THEY are. They surely aren't the .40/hr peasants manning the State of The Art manufacturing facilities built by multinational corperations. They don't consume; because they don't have the cash to consume. Americans don't produce anything because, manufacturing has been outsourced to these cheap labor markets. You are saying Capitalism and Communism can co-exist: right? Why mention communism at in context.
China's GDP has to do with Capitalism! They've opend up their markets to the West and gave their people a little economic freedom. That's where your 13% GDP is coming from. They've basically started from nothing (due to Communism), so now you are seeing rapid growth. They won't be able to sustain it indefinetely. At some point the'll have to give more economic freedom or else their growth will start to diminsh. They still have a long way to go.. their still poor.
Don't quite understand the context you are using economic freedom. I personally don't think economic freedom can exist, without political freedom.
Capitalism in China began when Bill Clinton gave MFN to China. The Chinese responded by saying; come over here, we have 1.5 billion workforce you can exploit, for .40/hr. wages. You can manufacture here and export the products back to the US, and as long as there are no tariffs we will all make a lot of money. Of corse that destroy your won ecomomy.
This is where you're wrong. China's benefiting because they're not a democracy, not in spite of it (remember, America was never meant to be a democracy, we were meant to be a republic -- look it up). China's communist rule is nasty in a lot of ways, but they do have a lot of economic freedoms(despite your claim it doesn't exist) that our "free" market doesn't have. Also keep in mind that conflating macroeconomic and microeconomic ideas is probably why you're so confused.
Heavans Greg, I know were a republic, every third grader knows that. We do vote for our represenatives that makes us a democracy. Could you defin " Economic Freedoms " for me. I know that is a Friedman buzz word, however I don't understand what it means. Does it mean they can spend their whole .40/hr paycheck, buying one American made product, or spend it buying the months staples made in China? The only trade surplus we have with China is Soy Beans, and Scrap Steel. They do the value added.
I really don't think that you do understand the difference between a republic and a democracy. Look it up before responding. Economic freedoms means, yes, the government has much less interference in the Chinese economy than our own government has. Do they have a minimum wage, affirmative action, artificial interest rates, etc in China? While you would say this is bad, it's exactly these gov't policies that are completely fucking us over now, and in a few years, you'll wish we never had them.
greater than 30 MPG haha, is that meant to be an acheivement, the reason your company are going bankrupt is they have not created electric vehicles which produce 90 MPG CLEAN !!!!!!
He doesn't know what he's talking about, he's just rambling like most folks in these comments. For those who care to know the FACTS GM is investing many $ Millions into Hybrid Vehicles as well as Fuel Cell vehicles (longer term, Hydrogen Technology). I know because I work there.
We're not following anybody, we're leading the industry. You're going to see some AMAZING things over the next few years. Trust me!
Sodnal: You are slime ass-kissing engineer to work for GM! These fuckers PERPOSELY make ALL "Alternative" vehicles THE SAME as their Gas-Guzzlers, except MORE EXPENSIVE and WORSE! Fuck your "investment" talk! It's more money down the TOILET! Go to "Mag Amp Gen" to see how I have gotten rid of need for expensive Bats. & solar power feeds. MILLIONS of Fuel-Less Transports are being made in Orient now: many with 3-wheels! Go bankrupt & carry sandwich sign loser!
Yes kekoayates, I know they would all be on the MSM explaining protectionism. Wonder why they never explain, American labor competing with third world, unregulated labor. It really is common sense, Americans has to make less wages, or the third world has to make more wages, and that is never going to happen. China's labor force is 1.2 billion strong, India is over a billion strong; those labor markets will never be competive. Schiff is not sympathetic to labor, he is Wall Street.
T like it how they focus on one company as if its the only company letting people go. "Hey guys this is the only company that has and will let people go if this bailout thing doesnt happen!" Eat that propoganda for breakfast yum yum in my tum. I laugh at anyone who thinks a free market is where the goverment funds private car companys with tax payer dollars.
Now Campbell Brown can jump on the bandwagon of talking to Peter Schiff for some sense on the economy; up to now her Obama propaganda wasn't cutting it
I thought the US is a capitalist economy, what is with the corporate welfare? If my small business fails, I won't see a penny from the government so why should the massive corporations get free money? To paraphrase Peter from another video, let the free market carry the carcass to the kerb.
About the only good I can see the government do at this point is cut spending, and expand SBA loans. That would get money into the hands of the people most likely to move it, instead of having it clogged in lending shy banks. Plus, people are more likely to try their best to keep their own business going, as opposed to just working in another job.
I'm all for green jobs, but Schiff is right, the government is broke, tax incentives are fine, but there's no federal money left to create jobs.
Yes, Peter is right the small companies (car, mortgage, lenders) with good buisness practice will prevail and will grow, create jobs etc.. will take the place of the big companies with bad buisness practice (bankrupt)
I like Peter Schiff but sometimes he goes overboard with he's thinking... If the market is so fucking smart then why did it take it so fucking long to figure out that the US economy in the last eight years has mostly been based on Consumer debt fuel by companies in the private sector. Peter sometimes acts like the market is somehow great at predict things while in-fact it overshoots and undershoots all the time then he says yes the marketing is working things out. George Soros: Alchemy of Fin.
Schiff is right. People need to understand that the gov't doesn't have any money. They have to take it from everybody else in order to give it to these bailout beggars. So the gov't ends up rewarding the colossal failures who lost BILLIONS in their businesses while they punish working people and successful businesses that make a profit and save and re-invest!
Apart from the moral aspect, it is totally inefficient to bail out these bloated monstrosities. They're nothing but destroyers of money!
whether right or wrong, how these guys ever do any actually work is beyond me. every 5 seconds their on some network talking about the economy, I wonder how much time do they actually spend with their clients money? I dont want to see the person holding my money on TV every 5 damn minutes, lol
need to let the Big 3 go under...Americans have spoken by not buying their crap. My Toyota has been running fine and it was built right here in the USA. Clearly there has to be some kind of Quality issue at Big 3.
That won't work either. First of all where is the competitiveness of free trade and secondly, it will only make US car maker continue making bad car. Furthermore how about European car?
General motors has made some bad business decisions, but they have a lot working against them. The unions, unfair trade policies, health care and taxes directly diminish the profit potential of any US manufacturing corporation. No company should be bailed out, none; but since this horrific bailout bill was ratified it should be used to actually help the economy, nothing would help this economy more then saving the 3+ million jobs attached to GM, just for now.
Please, someone make sure that what this man says is listened to. I do not know how long i have wanted what peter has said to come to light on the news of today.
I disagree with peter, though his ultimate point is right. I disagree with the notion that we should let all these major corporations collapse at the same time, its fundamentally irresponsible. Yes, GM should go, just not right now, lets not let all the shit hit the fan at the same time.
So lets give them some billion now so they can lose it all by next year? Either way they're not run by competent people and the faster they go out of business- the faster we can have a REAL auto industry as someone else buys the factories.
I'm so sick of the straw man argument the regulation lovers put out there, that the free market is responsible for all our troubles. In 200 years we went from nothing on an empty continent to half the world's economy with the free market. Why abandon the concept because of one lousy president who gives all our tax money to his corporate buddies?
We've actually never really had a true free market in this country, and over the past few decades it has become much more of a socialist system than a capitalist one.
All of these "experts" are donkeys except Schiff. Where did logic and common sense go? Why should profitable company's subsidize non-profitable companies, not to mention the worker's expensive benefits. Does anybody understand or even care what our government is doing. We are becoming a socialist republic quick. AIG, Fannie, Freddie, Bear etc. I am self employed, take responsibilty for my actions, and provide my own benefits, what a concept.
though he had little to do with the subject at hand, this christian guy had a point about middle class and unions. but in a post-industrial world, unions could certainly use a redefinition of role.
$1,000 for every car produced goes towards employee health benefits, or so says GM. If you nationalize health care then you have a more competitive industry.
The GM bailout is bullsh*t. Oh, BTW-- Who killed the electric car? FKN'eh.
The auto industry has failed, our regulatory system has failed and our government has failed.
Technology HAS BEEN in place a long time to bring this country to the next tier of evolution in transportation and our LEADERSHIP has sold our future down the river for short term money.
Guess what, there are alot of rich FKN people that like our oil based economy just fine.
"The labor unions are good for GDP and productivity? What planet is this bald moron from?"
He's from the planer Marx.
Any fool can juggle the numbers and show that unions had a "positive" effect on 1950's and 1960's productivity, instead of looking at the lower regulations and better stability of the dollar in that era.
instead of giving the money directly to companies, someone in the government, on behalf of the people should dictate how the money is spent within that company
Whatever happens in the short term (2-3 years) will be known as the "Bush" Recession (Depression). It's already here and of course it is going to get worse in the short term. The ditto-heads blame Clinton for the Holocaust and the crucifixion. They're irrelevant.
The whole segment should have been Peter Schiff talking. I hate having to listen to these other guys...Ali's got a head on his shoulders...there wasn't enough Peter in this clip.
Those workers at the foreign car companies think they'll be safe if the Big 3 go down. Guess what, they brought them here to appease the American consumer, once the Big 3 are gone, you will see those transplants head for low wage countries (South America). Think Toyota, Honda, BMW etc. will pay $20.00 an hour when they can go to Mexico and pay $3.00? Does anyone remember NAFTA? Our leaders have sold us out. The Federal Reserve must be abolished!
learn to take care of yourselves and your families, looks like we are on our own. firewood, woodstoves (inside our out) and a garden. a sack or two of beans would help also
Oh and could someone please send the bald guy without the glasses to some mental institution for intellectual bankrupt academics? Please? Giving the circumstances this is not funny anymore...
A large percentage of the US population can not live on what most US companies pay, it is simple math. I think alot of debt is racked up just to survive. Think about it, could you live on $400 a week. Selfishness and greed will be the end of the world as we have known it.
part of the reason they can't live off of their pay is because wages are too high. Sounds counterintuitive but you gotta look at the results. Minimum wage is too high which means teens that just start make more money than they should and the people that have been with the company longer and need the more money can't make a higher wage. It basically lowers the number of people employable and lowers potential pay for the poor people who really need it.
I'M Canadian and socialism is all about govt control, international tariff protectionism, union feather bedding,unions are a closed shop (no new members wanted), a 'wait in line' health care system, reduced education structure and infrastructure non-performance.
In Mexico City, my friend was boxed in by 4 cars and her body guards disarmed. The people let her go only after 2 million was paid out. She lived and it's only a surprise that she lived because 90% of the kidnapped are killed off even after the ransom money is rec'd. THIS will happen here. If you have a large house and known to have money the clock will count down for you. America is heavily armed - and the people very resourceful.
It was a major cause of the depression, and has been a cause of job loss all through history, countries destroy each others' export sectors and then their economies all suffer.
HAHA WHAT A LIE. Free trade is a LIE. Protectionism is a conservative principle that built this once-great nation. Free trade is a horrifically bad idea that is destroying America. Bring back tarriffs and get rid of the income tax and the Federal Reserve and America will return to greatness.
No, the problem is we don't have free trade. We have trade agreements that have "Free Trade" in the name but they aren't free trade. They're managed and controlled and are simply given "free trade" in the name to trick people into supporting them when they're really for the benefit of a few special interests.
Very true that we do not really have any free trade agreements. That is what i meant by "free trade is a lie." We the people, are paying dearly for the super rich to enjoy what they call "free trade." Sure it's great for them, but we pay for it....dearly.
Load of bullshit, just as the whole of conservatism is. We had the best growth when our trade was freest under people like Jefferson Cleveland and Coolidge.
Conservatism is not to blame. Coolidge was conservative. Neo-conservatism and Neo-liberalism are to blame. They are so hell-bent on globalism that they should be stripped of their citizenship and tried for treason!
Social Fascism NOW! Fascism now Fascism Forever!!! CNN and Fox News are right. The power of the State is far superior to individual freedom and liberty.!!
Actually I'm Canadian and we are socialists. Socialism is not about limiting rights, it's about removing the for-profit board-members from the private sector and replacing them with non-profit gov't reps. For instance, in Canada our health care is non-profit. What's wrong with that? Free-trade is about giving YOUR job to a Chinese man and telling you to get off your ass and get a job and stop being a welfare commie. Globilization is what's destroying you.
No, free trade is about giving jobs to people who can do them better or cheaper and then you doing a different job that is more efficiently done in your own country. It's a fallacy that people have that there is some fixed number of jobs in the economy but that simply isn't true.
If we build it the world should buy from us at whatever cost. The Chinese certainly can't afford to buy our shit so then what? If it's not because their 90% impoverished then it's because they also have protectionist measures. They take the jobs, and they won't take our cars.
Anyway, bottom line is that we're all going down the tube together and there's nothing a capitalist system is willing to do to make neccessary changes. I'm going into the kidnapping business when we hit depression.
lol @ "capitalist"...what capitalist system? We have a mixed economy. We do things all the time that are blatantly anti-capitalist. Unfortunatley the problems they cause usually get blamed on capitalism.
I wouldn't say irrelevant. I'm sure there is SOME tie between the two but yes it is probably more independent because some jobs pay more while others don't pay as much. The thing is that you shouldn't increased pay of ONE job just to do it. If people want higher pay they can negotiate or learn a skill that will allow them to work a new job for higher pay. The thing about increasing minimum pay rate is that now you get people who can't have jobs at all because of it.
Rata4You - Social fascism is far better than socialism, like in Canada just like you said.
I think you need to learn the difference between a socialist and socialist fascist. Socialist fascist believe that the State can manage these large corporation better than the people can. It is what Hitler preached and implemented. And it worked great!
CHINA is an example of FREE market economy raising standards of CHINESE
Go look at SHANGHAI pictures 25 years ago and now 2011 ...
aviomaster 7 months ago
Campbell Brown presumptiously says what Schiff is talking about is "missing the point" and "in the weeds."
What a dumb bitch. It's irrational soccer moms like her while we're in this problem and Obama even got elected.
selfrealizedexile 1 year ago
New deal? C'mon the soviets had 0% unemployment when the country collapsed. I mean we could have make work jobs where we give everyone in the country a spoon & have them dig a hole that won't solve our problems. Only the market can effectively deploy capitol that is what we need.
dontdispie 1 year ago
This has been flagged as spam show
so morons refused to except there was a collapse coming ?morons denied when the collapse was taking place before our very eyes that it was happening,now the same morons are claiming we are coming out of the collapse that was'nt going to happen and not happening ! but parrots are not expected to think just repeat ?
spectre1929 2 years ago
campbell brown is really a clueless @*#¤!"
Sivels 2 years ago 5
The US is the home of the broke.
wackydan74 2 years ago
Man ever since Ted Turner was forced to leave CNN has gone completely down hill. Campbell Brown is perfect evidence of someone that has no clue. Peter thanks for setting the fools straight!
timadams100 2 years ago
Nice try. Keep it up check out esteembpo + com for social media marketing. go
SadeTabitha 2 years ago
1) Prof Weller is a closet Commie
2) Peter Schiff was right.......again
ForTehNguyen 2 years ago 4
Comment removed
ForTehNguyen 2 years ago
Why was my comment given 5 thumbs down?
Anyone who claims the government is doing the right thing needs to take a Economics class in order to see through all these malicious lies.
osgangstarrr 2 years ago 4
All the wall street people and look what happen?
Gbroadcaster 2 years ago
are you kidding me? the minimum wage is a joke in America - you've got fatcat fiscal losers pocketing billions of dollars and wandering off to Palm islands in Dubai and your pissing and moaning about an autoworker getting $x an hour. The facts are even if you pay americans so little they can't afford to eat or clothe themselves there will still be someone overseas who'll do that work for less.
12inchvertical 2 years ago
yeah and you wanna know why there are so many poor people. Ok the minimum wage in my state last year was around $5. In 1971 when we went off the gold standard, adjusted for inflation, the minimum wage was at $9.50. Then we got off the gold standard and the dollar plummeted and is dropping year after year because we can not stop printing money.
SilencerRPMs 2 years ago
I think the For union auto workers finally woke up and saw what the union over at GM was doing to their future.
pepsimannampepsi 2 years ago 2
Strong unions are good for the economy? Hahahahaha! How precious.
svenp 3 years ago 11
if you are not educated in economics you have no valid argument to provide.
osgangstarrr 3 years ago
Unions destroy the middle-class. They were DESIGNED to destroy the middle-class. The idea of unions goes back to the central-planning and Socialist/Communist Progressive Movement. Otto Von Bismark wanted Germans to become dependent upon the state, hence the term Welfare State was proudly created.
Unions invariably increase the cost of production by receiving over-inflated wages through government protection and intervention.
thomaserossi 3 years ago 12
When wages are increased "artificially" that is by government fiat, inflation occurs. Why? A large group is receiving more wealth than they are generating.
If an employer can afford to pay someone $25/hr they will. Why? Because if they don't another auto company, like a non-entrenched union Japanese plant, will build cheaper cars. They're cheaper because the workers aren't being paid $25/hr to change tires on an assembly line.
Labor Unions DESTROY ECONOMIES - PERIOD
thomaserossi 3 years ago 8
This has been flagged as spam show
If you want more Peter Schiff videos, articles and his weekly podcast, check out Peter-Schiff . com, which is all on one page.
ggadguy 3 years ago
This comment has received too many negative votes show
Unions are not the problem. In Germany where every auto-job is unionized workers make 3-times more than the US auto workers. German cars are selling like cupcakes. In fact German auto workers are the biggest buyers of their own factory's cars, because a.) they can afford them, and b.) they are proud of what they make. But, its true, VW CEO doesn't put 25 million Euros into his own pocket. And thats also because of the Union.
NorceCodine 3 years ago
Gold is a suckers bet at current prices.
Jacobrester 3 years ago
It doesn't get any "Bigger Picture" than Peter Schiff!
Playboysmurf1 3 years ago 7
I NEED SOMEONE TO TALK TO
hi anyone want to chat Hw
02hetty03 3 years ago
I NEED SOMEONE TO TALK TO
im bored on cam ZJ
360lol 3 years ago
everyone should really check this out right about now silversnowballdotcom/1088
darthalphy 3 years ago
As for the dollar, I don't keep any money in cash -- buy gold, commodities, stocks in Asian markets, etc. because it's not a matter of "if," but "when" the dollar collapses. Use its little purchasing power while it still has some, and buy something of real worth. And I don't think the smart "should" exploit the dumb, etc, but I don't see how it could ever be different -- historically, it never has. Attempting to artificially level the playing field creates the problems we see today.
GregStir 3 years ago
I have bought gold, and commodities long before Mr Schiff ever showed up on CNBC. I don't invest in Asia, I consider it treasonous to build China's infrastructure. They are communist and have no plans of changing their political ideology. They just got a gift from Mr. Clinton, and Bush Sr. by giving them MFN. All those intent on exploiting cheap Mexican labor, made a b-line for China with their 1.2 billon labor force. We have the economic mess today, because of that unpatriotic greed.
louiethegreater 3 years ago
By the way, of course I'm not endorsing communism. In fact, I support the farthest thing from it (Libertarianism). But, at least China's communistic society has its economic policies more on track than ours. The US government's meddling in the free market will be the downfall of this great nation.
GregStir 3 years ago
I believe you are saying the rich should always exploit the poor. The intelligent should always exploit the less intelligent. The strong should always exploit the weak. I continue to tell you the Free Market doesn't exist, it never will untill Nation States cease to be. Wages would have to be equalized globally, and that cannot happen with Asia having such a massive work force. I voted for the Constitutional Party candidate, tariffs are completely constitutional, they should pay for government.
louiethegreater 3 years ago
Well Greg, if Communism is the way you think we should go. What are you complaining about. Could You explain Economic Freedom to me. I don't think I will look up our Republic. I was I passed my Civics, in the third grade and every year for the next 14 years. Of course I didn't have you teaching me.
louiethegreater 3 years ago
Really? What is it? And of course you didn't have me teaching you -- you wouldn't be such an idiot of that were the case. Of course, maybe it would, but it certainly wouldn't have hurt.
GregStir 3 years ago
Also, the Chinese $.40/hr that you made up (or got from an anonymous source) will look a whole lot better after our dollar's collapse, when the Chinese will benefit from not propping our gov't up anymore through loans and provision of the cheap goods you mentioned. This means that their own prices will drastically reduce (or their currency will gain value, maybe both), thus increasing their overall purchasing power and quality of life. Right now, the US is a cancer on the world's economy.
GregStir 3 years ago
That will never happen, we are China's largest export market. All we need is a tariff, and China is a cooked duck. If we can spend 4 trillion bailing out the banks, China dumping our dollars would just be a glitch on the screen. A healthy tariff, and Multinational Corperations will bail out of China, and come sucking up to the good ole U.S.A. again.
louiethegreater 3 years ago
But you're delusional -- we're NOT important to the Chinese market because even though we represent the largest recipient of their exports, we pay them back with PHONY MONEY that's not worth anything. We're essentially buying all of their stuff with IOU's, but we no longer have the means to produce anything (export) to pay them back. Plus, once Messiah Obama decides to spend even more money, watch the value of the dollar drop to nothing...
GregStir 3 years ago
Hay: any of those IOUs you consider worthless I will be more than happy to take them off your hands. The reason we don't have the means to produce anything, is because our industry has been exported to cheap third world unregulated labor markets. The collapsed economy, we have today was caused by replacing 20hr. jobs with 10hr. jobs. Our whole economy is deflating because folks don't have jobs, or the job don't pay a living wage. It's human nature they will look to government for support.
louiethegreater 3 years ago
Well I'll be damned -- on this, we agree. I also voted for Chuck Baldwin and completely agree with your idea of tariffs paying for government. But what we have in America is not a true free market, it's really corporatism. Corporations aren't the real problem here, corrupt government supporting (and rewarding) corrupt corporations are the problem. We've sent cheap jobs overseas and are now only the consumers of the world -- but like your freeloading friends, consumers eventually get cut off.
GregStir 3 years ago
My freeloading friends; my friends are hard working americans, who through no fault of their own have had their livleyhood jurked out from under them, by a manipulative government owned by their corperate masters. Their ancient goal is to produce a global plantation for themselves. We didn't send jobs overseas, your types did. In the past, few years government has attempted to do what common decency, kindness, and patriotism had taken care of, in previous generations.
louiethegreater 3 years ago
We already know that the economy is bad. It's time to make our demands.
watch?v=nEDL85eF3vc
therealcaptobvious 3 years ago
Crysler, GM, & BMW: & what did BMW make? Motorcycles for Hitler's SS! Yeah Kraut eng. are expensive! Total failure to realize sig. of Hub/wheel Drives: Total failure to realize Hibrid gas-motor gen. can be replaced by ELECTRIC ONES: Total failure to realize that ELECTRICAL GENERATORS can be powered by PHOTONS! Ahhh, go pick cucumbers for a few years, maybe some of that Nazi racist shit predjudice will wear off! WE CAN'T AFFORD YOU-BUMMER!
PhotonDrive 3 years ago
Peter Schiff explain it very clearly, look Government suppose to work for us, we don't work for them. They just want more control and more spending. They need allow these companies to bankrupt, they will never learn, if we continiously spoil them with bail-out which doesn't work. All CEO take the money, workers been suffering. We get more tax, when do people stop and listen and do. Peter Schiff may be CEO, at least he make sense.
sungmee45 3 years ago
The first thing anyone should remember whenever an assclown from the Center of American Progress appears anywhere is that they are first and foremost part of the "Progressive Infrastructure" in place to elect Leftist Democrats. That's all.
VinceP1974 3 years ago
What the heck does Politicians and Bureaucrats know about making cars?
yannchambrier 3 years ago 3
Just think if people would have voted for Ron Paul, Schiff would have probably been in his cabinet. But the American people though that Obama and McCain were better for the job DOH!!!
runned 3 years ago 5
best part, schiff shuts him down says "your logic is faulty"
bicstic8 3 years ago 5
I think the reason why Peter has such a huge fan base and a devoted following, is because he tells the truth straight up without getting into the idiotic nuances that some of the commentators do.
chootlund 3 years ago
HAHAHA...they bring dumb Campbell Brown to discuss the economy with Peter. She can't hold a candle to the brilliant Peter.
chootlund 3 years ago
if we want to save the big 3 we should buy there cars. But nobody wants to buy SHIT CARS!
fringlishman 3 years ago 2
That was an intelligent comment. Now go back to serving up french fries and McShakes.
Sodnal 3 years ago
what do you drive?
fringlishman 3 years ago
"More Fuel-Efficient Cars"! Where have you BEEN! It NEVER HAS WORKED & NEVER WILL! These "Big 3" bastards are OWNED BY OIL! Your job as SLAVES to the Oil-Empire is to BURN GAS & THEN DIE! Nothing less, nothing MORE! The whole thing is CRASHING under MASSIVE inefficiency! Armies, bribes, tankers, pipelines, earthquakes. A MASSIVE mindset change: from CONSUMERS of energy, to PRODUCERS of energy is needed! Fuel-Less Transport has been invented & will allow this! B3 ERASED is biginging of solution!
PhotonDrive 3 years ago
You're an absolute idiot. I work for GM and in Hybrid Vehicle development. GM is spending a fortune developing alternative energy vehicles. We are NOT owned by Oil.
Try thinking instead of emoting for a change. People may take you more seriously. Then again, maybe not.
Sodnal 3 years ago
Its too late. GM needed to change decades ago. Its time that it dies, and nothing anyone can do to save it. Just too much fat on that monster. Govt can try keep its CPR going - but it simply will not work.
utubehayter 3 years ago
So what is the time line for a GM Hybrid and a competative price to market? 5yrs? 10yrs? It should have been 10 years ago...
mvandenberge 3 years ago
should have been longer ago than that. the original ford model A got 25 mpg. our average mpg these days is 20. it is absurd.
bicstic8 3 years ago
I agree. However, let me pose a question: Is our global fuel consumption market based or environmental? I ask because if we had vehicles that got 500/mpg, gasoline would be price over $100.00/gal. Because we KNOW the prices are fixed.
It's time to break out of the oil energy paradigm.
mvandenberge 3 years ago
i agree. i was trying to say that we have had soo much time that we should have already developed different sources of energy to power our cars. the fact that we are still oiled up is sad imo. yup, we pay what they want.
bicstic8 3 years ago
10 years ago Gas was less than $ 2/gallon and people would not have bought Hybrids. GM makes what people want. We don't create market demand, we react to it. People who suggest GM or any other car COMPANY make vehicles nobody wants to buy simply because it's the right thing to do from a fuel economy/emissions standpoint don't know how a business runs. Now if you want to stick a $ 2/gallon tax on gasoline so market demand for Hybrids is stimulated, fine. I'd support that.
Sodnal 3 years ago
exactly.. your point is the exact reason your firm is going belly up, yous are reactive rather than pro active, complacent and now unfortunately yous are reaping what you sowed i afraid. good luck x
chrisdorman 3 years ago
You're the idiot! Yes- a FFORTUNE: on Generation ONE hibrids! Every new "fantasy" model of yours I've seen - STILL has a DRIVE SHAFT! STILL has AXLES! STILL has SHIFT! Why do you THINK engineers LAUGH at you when they see how FAR BEHIND YOU ARE? DINOSAURS! Obsolete in the DRAWING STAGE! Take a LOOK at any Asian city street traffic: They are all hauling ass with little transports you don't BEGIN to UNDERSTAND! What 50 years of oil-prop can do!
PhotonDrive 3 years ago
You're an idiot. I AM an engineer, working in Hybrid Vehicles for GM. What you don't know about them would fill volumes. GM markets more cars in USA (30 models) that get greater than 30 MPG than ANY other manufacturer. Including Toyota, Nissan and Honda.
Go back to reading comic books since discussing technical issues is clearly out of your comfort zone.
Sodnal 3 years ago
sodnal where was the hybrid and good mpg cars 8 years ago when the american motor companies were falling to garbage?
Its a too little too late effort by gm. buying a few more life rafts wont keep the titanic from sinking
Happydude11 3 years ago
Can't you even articulate a clear thought? I can't understand your rambling so I won't attempt to respond to it.
Sodnal 3 years ago
Fact of the matter is, cars produced 15 years ago were MORE efficient than the ones produced today -- look it up. Sure, no one wants to drive a 55hp Geo Metro and everyone likes the bigger versions of the Honda Accord and Civic, but fuel efficiency has never been the problem -- its the Big Three's obligations to their unions that's the problem. Giving them extra taxpayer money won't help that.
GregStir 3 years ago
Greg, Have you insight on the employees of Bear Sterns, Lieberman Brothers, AIG, CitiCorp, and Bank of America. I assume they were all earning a living wage. Is blue collar employees suppose to earn less than a living wage. Sounds like you have been watching CNBC rag the unions.
louiethegreater 3 years ago
Well, looks like we've got a teamster here. You may like your union and claim that's the only way to earn a living wage, but American workers for Nissan, Toyota, Honda, etc. have much better job security than those for the Big Three. I'm sure they're glad that there are no unions to help them earn a "livable wage" while their Big Three counterparts are laid off when they all collapse.
GregStir 3 years ago
Greg, The only reason Japanese Auto Makers are in this country, is because Reagan gave them an ultimatum invest in America, or face a tariff to offset wage difference. They pay good wages because of the fear of being organized by labor. The constant threat of being organized keeps most companies paying livable wages. Are you a great admirer of WalMart; 7.00 bucks an hour and they help their employees fill out the nessary forms for public health benefits. Encouraging venders to outsource.
louiethegreater 3 years ago
I guess you're not a fan of the free market. You're probably one of these idiots who thinks minimum wage should be raised, not realizing that the purchasing power stays the same and companies usually have to lay some people off in order to pay their employees the government-mandated pay rate (communism, anyone?). Just don't be surprised when government bailouts allow people to keep their jobs, but devalue the dollar to the point that it's worthless.
GregStir 3 years ago
I'me a pragmatist, I just don't believe free trade exist, and never has, or never will, as long as there are Nation States. You should really examine your example of communism and the other isms thrown around, and look at globalism. All the thing you mention is a result of Political Internationalism and the Globalisation of our economy. If Capitalism is such a deterrent to communism; why is communist China having a 13% GDP and we are having a 1.5%. How could that work. Think, Think, Think.
louiethegreater 3 years ago
China's GDP has nothing to do with the fact that they're communist, it has to do with their emphasis on production rather than consumption. America doesn't produce anything, we simply consume everything the rest of the world produces, which is why our GDP is terrible (and manipulated by the gov't). China's doing well, yes, but they would be doing even better if they were not under communist rule. Maybe free trade doesn't exist, but it doesn't mean we can't strive for it -- like world peace?
GregStir 3 years ago
You said "their emphasis on production and not consumption", and I ask you who THEY are. They surely aren't the .40/hr peasants manning the State of The Art manufacturing facilities built by multinational corperations. They don't consume; because they don't have the cash to consume. Americans don't produce anything because, manufacturing has been outsourced to these cheap labor markets. You are saying Capitalism and Communism can co-exist: right? Why mention communism at in context.
louiethegreater 3 years ago
China's GDP has to do with Capitalism! They've opend up their markets to the West and gave their people a little economic freedom. That's where your 13% GDP is coming from. They've basically started from nothing (due to Communism), so now you are seeing rapid growth. They won't be able to sustain it indefinetely. At some point the'll have to give more economic freedom or else their growth will start to diminsh. They still have a long way to go.. their still poor.
DDD522 3 years ago
Don't quite understand the context you are using economic freedom. I personally don't think economic freedom can exist, without political freedom.
Capitalism in China began when Bill Clinton gave MFN to China. The Chinese responded by saying; come over here, we have 1.5 billion workforce you can exploit, for .40/hr. wages. You can manufacture here and export the products back to the US, and as long as there are no tariffs we will all make a lot of money. Of corse that destroy your won ecomomy.
louiethegreater 3 years ago
This is where you're wrong. China's benefiting because they're not a democracy, not in spite of it (remember, America was never meant to be a democracy, we were meant to be a republic -- look it up). China's communist rule is nasty in a lot of ways, but they do have a lot of economic freedoms(despite your claim it doesn't exist) that our "free" market doesn't have. Also keep in mind that conflating macroeconomic and microeconomic ideas is probably why you're so confused.
GregStir 3 years ago
Heavans Greg, I know were a republic, every third grader knows that. We do vote for our represenatives that makes us a democracy. Could you defin " Economic Freedoms " for me. I know that is a Friedman buzz word, however I don't understand what it means. Does it mean they can spend their whole .40/hr paycheck, buying one American made product, or spend it buying the months staples made in China? The only trade surplus we have with China is Soy Beans, and Scrap Steel. They do the value added.
louiethegreater 3 years ago
I really don't think that you do understand the difference between a republic and a democracy. Look it up before responding. Economic freedoms means, yes, the government has much less interference in the Chinese economy than our own government has. Do they have a minimum wage, affirmative action, artificial interest rates, etc in China? While you would say this is bad, it's exactly these gov't policies that are completely fucking us over now, and in a few years, you'll wish we never had them.
GregStir 3 years ago
greater than 30 MPG haha, is that meant to be an acheivement, the reason your company are going bankrupt is they have not created electric vehicles which produce 90 MPG CLEAN !!!!!!
chrisdorman 3 years ago
Electric vehicles that produce 90 miles per gallon? Gallons of what?? Seriously, what are you talking about, you nitwit.
GregStir 3 years ago
He doesn't know what he's talking about, he's just rambling like most folks in these comments. For those who care to know the FACTS GM is investing many $ Millions into Hybrid Vehicles as well as Fuel Cell vehicles (longer term, Hydrogen Technology). I know because I work there.
We're not following anybody, we're leading the industry. You're going to see some AMAZING things over the next few years. Trust me!
Sodnal 3 years ago
Ok, whatever you say. Now please go back to coloring with your crayons-there's a good boy!
Sodnal 3 years ago
Sodnal: You are slime ass-kissing engineer to work for GM! These fuckers PERPOSELY make ALL "Alternative" vehicles THE SAME as their Gas-Guzzlers, except MORE EXPENSIVE and WORSE! Fuck your "investment" talk! It's more money down the TOILET! Go to "Mag Amp Gen" to see how I have gotten rid of need for expensive Bats. & solar power feeds. MILLIONS of Fuel-Less Transports are being made in Orient now: many with 3-wheels! Go bankrupt & carry sandwich sign loser!
PhotonDrive 3 years ago
Tariffs is the answer, wonder why none of these people ever mention the use of teriffs.
louiethegreater 3 years ago
If they did Schiff would just explain the devestating effects of tariffs.
kekoayates 3 years ago
Yes kekoayates, I know they would all be on the MSM explaining protectionism. Wonder why they never explain, American labor competing with third world, unregulated labor. It really is common sense, Americans has to make less wages, or the third world has to make more wages, and that is never going to happen. China's labor force is 1.2 billion strong, India is over a billion strong; those labor markets will never be competive. Schiff is not sympathetic to labor, he is Wall Street.
louiethegreater 3 years ago
i really hope schiff is dead wrong!
carlkepler 3 years ago 2
Well, guess what, he's DEAD RIGHT!
chootlund 3 years ago
yeah! true! ik! but nobody can't deny that they hope that his dom predictions don't come true! cause honestly idk much about investing
carlkepler 3 years ago
Life is not about money. You just make it to be about money. We are not here for building cars.
WolYou 3 years ago
F**k Yeah!!!
chootlund 3 years ago
Schiff is one of the most astute and insightful person around. He has been , and is still, dead on correct.
psmith930 3 years ago 3
Cambell Brown: Another bimbo anchor. You're an idiot, Miss Brown.
rqlwa21 3 years ago 5
So true.
therudman 3 years ago
T like it how they focus on one company as if its the only company letting people go. "Hey guys this is the only company that has and will let people go if this bailout thing doesnt happen!" Eat that propoganda for breakfast yum yum in my tum. I laugh at anyone who thinks a free market is where the goverment funds private car companys with tax payer dollars.
gaia942 3 years ago
Now Campbell Brown can jump on the bandwagon of talking to Peter Schiff for some sense on the economy; up to now her Obama propaganda wasn't cutting it
doctel999 3 years ago 2
I thought the US is a capitalist economy, what is with the corporate welfare? If my small business fails, I won't see a penny from the government so why should the massive corporations get free money? To paraphrase Peter from another video, let the free market carry the carcass to the kerb.
munib1000 3 years ago
About the only good I can see the government do at this point is cut spending, and expand SBA loans. That would get money into the hands of the people most likely to move it, instead of having it clogged in lending shy banks. Plus, people are more likely to try their best to keep their own business going, as opposed to just working in another job.
I'm all for green jobs, but Schiff is right, the government is broke, tax incentives are fine, but there's no federal money left to create jobs.
zenmachinefilms 3 years ago
Yes, Peter is right the small companies (car, mortgage, lenders) with good buisness practice will prevail and will grow, create jobs etc.. will take the place of the big companies with bad buisness practice (bankrupt)
1tubedout 3 years ago
I like Peter Schiff but sometimes he goes overboard with he's thinking... If the market is so fucking smart then why did it take it so fucking long to figure out that the US economy in the last eight years has mostly been based on Consumer debt fuel by companies in the private sector. Peter sometimes acts like the market is somehow great at predict things while in-fact it overshoots and undershoots all the time then he says yes the marketing is working things out. George Soros: Alchemy of Fin.
iali00 3 years ago
Schiff is right. People need to understand that the gov't doesn't have any money. They have to take it from everybody else in order to give it to these bailout beggars. So the gov't ends up rewarding the colossal failures who lost BILLIONS in their businesses while they punish working people and successful businesses that make a profit and save and re-invest!
Apart from the moral aspect, it is totally inefficient to bail out these bloated monstrosities. They're nothing but destroyers of money!
OgeronimonominoregO 3 years ago
Boycott the IRS!!! We shouldn't pay for this.
Zeldovich 3 years ago 2
Peter Schiff is smart. We need a car company that makes cars that Americans want to buy. We need to let GM go under.
Wivanunu 3 years ago
whether right or wrong, how these guys ever do any actually work is beyond me. every 5 seconds their on some network talking about the economy, I wonder how much time do they actually spend with their clients money? I dont want to see the person holding my money on TV every 5 damn minutes, lol
Bahia82 3 years ago
free advertising u know.
braviet 3 years ago
need to let the Big 3 go under...Americans have spoken by not buying their crap. My Toyota has been running fine and it was built right here in the USA. Clearly there has to be some kind of Quality issue at Big 3.
systemaddictshock 3 years ago
That boy Christian looks like a bald socialist! A strong labor movement??? Are you NUTS???
bigart1993 3 years ago
Peter Schiff is amazing.
StoneRock454 3 years ago
Raise tariffs, really high.:) Ban Jap car imports. Nothing personal, just business.:)
majorcatch22 3 years ago
That won't work either. First of all where is the competitiveness of free trade and secondly, it will only make US car maker continue making bad car. Furthermore how about European car?
ru40342 3 years ago
so...how do we ban Jap imports when we're making them here in the first place?
systemaddictshock 3 years ago
General motors has made some bad business decisions, but they have a lot working against them. The unions, unfair trade policies, health care and taxes directly diminish the profit potential of any US manufacturing corporation. No company should be bailed out, none; but since this horrific bailout bill was ratified it should be used to actually help the economy, nothing would help this economy more then saving the 3+ million jobs attached to GM, just for now.
Esuric86 3 years ago
Please, someone make sure that what this man says is listened to. I do not know how long i have wanted what peter has said to come to light on the news of today.
BlackRainGraffiti 3 years ago
I wish CNN would put Peter and Christian on in a debate type format. It would be a lot better than the recent political debates.
vipero00 3 years ago
I disagree with peter, though his ultimate point is right. I disagree with the notion that we should let all these major corporations collapse at the same time, its fundamentally irresponsible. Yes, GM should go, just not right now, lets not let all the shit hit the fan at the same time.
Esuric86 3 years ago
So lets give them some billion now so they can lose it all by next year? Either way they're not run by competent people and the faster they go out of business- the faster we can have a REAL auto industry as someone else buys the factories.
Bowser2398 3 years ago
I'm so sick of the straw man argument the regulation lovers put out there, that the free market is responsible for all our troubles. In 200 years we went from nothing on an empty continent to half the world's economy with the free market. Why abandon the concept because of one lousy president who gives all our tax money to his corporate buddies?
fristintal1 3 years ago
We've actually never really had a true free market in this country, and over the past few decades it has become much more of a socialist system than a capitalist one.
ronpaulrevolution 3 years ago
All of these "experts" are donkeys except Schiff. Where did logic and common sense go? Why should profitable company's subsidize non-profitable companies, not to mention the worker's expensive benefits. Does anybody understand or even care what our government is doing. We are becoming a socialist republic quick. AIG, Fannie, Freddie, Bear etc. I am self employed, take responsibilty for my actions, and provide my own benefits, what a concept.
yugmnivek 3 years ago
It's really funny to watch the "experts" when they don't have a real response to the hard logic from Schiff.
franciju0 3 years ago
though he had little to do with the subject at hand, this christian guy had a point about middle class and unions. but in a post-industrial world, unions could certainly use a redefinition of role.
CacaLauncher23 3 years ago
Donkeys!...ahh haahahaaha
sayfaylo 3 years ago
$1,000 for every car produced goes towards employee health benefits, or so says GM. If you nationalize health care then you have a more competitive industry.
bpmca69 3 years ago
cambell browns just a model that reads not a journalist.
tomdamho 3 years ago 2
Thats going too far......about the model thing.
batrama310 3 years ago
Schiff schools em again!
ronpaulrevolution 3 years ago
The GM bailout is bullsh*t. Oh, BTW-- Who killed the electric car? FKN'eh.
The auto industry has failed, our regulatory system has failed and our government has failed.
Technology HAS BEEN in place a long time to bring this country to the next tier of evolution in transportation and our LEADERSHIP has sold our future down the river for short term money.
Guess what, there are alot of rich FKN people that like our oil based economy just fine.
Our whole system is broken. No bailout.
A19Z89 3 years ago
"The labor unions are good for GDP and productivity? What planet is this bald moron from?"
He's from the planer Marx.
Any fool can juggle the numbers and show that unions had a "positive" effect on 1950's and 1960's productivity, instead of looking at the lower regulations and better stability of the dollar in that era.
ftorresgamez 3 years ago
The labor unions are good for GDP and productivity? What planet is this bald moron from?
pretorious700 3 years ago
he obviously has something to gain by shilling
shroomingnewman 3 years ago
schiff is right except that he doesn't understand that the state is the private whore of the corporations.
pt1200 3 years ago
instead of giving the money directly to companies, someone in the government, on behalf of the people should dictate how the money is spent within that company
CocoaLuv22 3 years ago
The Country is going to go into depression and Obama will get the blame.
stewart0312 3 years ago 2
you don't know wat you talkin about. he has already accomplished so much.
Obama 2012
panther9mm 3 years ago
Whatever happens in the short term (2-3 years) will be known as the "Bush" Recession (Depression). It's already here and of course it is going to get worse in the short term. The ditto-heads blame Clinton for the Holocaust and the crucifixion. They're irrelevant.
RonPaulGeorgeRingo 3 years ago 2
1970's Jimmy Carter,Regan,Bush Sr,Clinton,Bush = 1920's Hoover.Cause of the repression starts
2009 Obama= 1930's FDR.Prolongs it into a depression.
TiaSaysSo 3 years ago
"There are a handfull of reasons why the domestic auto industry it's in the crisis it's in and one of them is the union."
-Great response
Minnesnowtakid 3 years ago
"End the Fed. Support H.R. 2755: Federal Reserve Board Abolition Act by contacting your State Rep."
Agreed FreedomFighterAmerio
benjahbreaker 3 years ago
The whole segment should have been Peter Schiff talking. I hate having to listen to these other guys...Ali's got a head on his shoulders...there wasn't enough Peter in this clip.
Let's try part II.
roddiero 3 years ago 3
Amen dude. wtf...
Lib3rtyFTW 3 years ago
So true, I can't enough of his clips myself...
I would also say the Union makes sense.. if they were making $15-$20/hr and more flexibility, and not threatening to strike every contract round.
at1212b 3 years ago
Schiff is so right.
nleytman 3 years ago
Those workers at the foreign car companies think they'll be safe if the Big 3 go down. Guess what, they brought them here to appease the American consumer, once the Big 3 are gone, you will see those transplants head for low wage countries (South America). Think Toyota, Honda, BMW etc. will pay $20.00 an hour when they can go to Mexico and pay $3.00? Does anyone remember NAFTA? Our leaders have sold us out. The Federal Reserve must be abolished!
ronheri 3 years ago
learn to take care of yourselves and your families, looks like we are on our own. firewood, woodstoves (inside our out) and a garden. a sack or two of beans would help also
99cachorro 3 years ago
no shit, i thought about growing my own produce now since shit is so expensive.
systemaddictshock 3 years ago
Oh and could someone please send the bald guy without the glasses to some mental institution for intellectual bankrupt academics? Please? Giving the circumstances this is not funny anymore...
wreagfe 3 years ago
low taxes and low regulation... hmmmmmm. obama = higher taxes and more regulation...
jeffcaldwell2 3 years ago
compared to the other guy peret schiff i a giant!
warpicachu 3 years ago
i think they both make good points and maybe the solution is somewhere in between
rh7onda7 3 years ago
New Deal? Did she say New Deal?????
Fuck we are screwed...
Br0k3nS41nt 3 years ago
A large percentage of the US population can not live on what most US companies pay, it is simple math. I think alot of debt is racked up just to survive. Think about it, could you live on $400 a week. Selfishness and greed will be the end of the world as we have known it.
70road 3 years ago
but then again, "poor" americans have tv, computers, an automobile and other amenities
Elasaltaculos 3 years ago
part of the reason they can't live off of their pay is because wages are too high. Sounds counterintuitive but you gotta look at the results. Minimum wage is too high which means teens that just start make more money than they should and the people that have been with the company longer and need the more money can't make a higher wage. It basically lowers the number of people employable and lowers potential pay for the poor people who really need it.
stealthswimmer 3 years ago
I'M Canadian and socialism is all about govt control, international tariff protectionism, union feather bedding,unions are a closed shop (no new members wanted), a 'wait in line' health care system, reduced education structure and infrastructure non-performance.
jibbi4one 3 years ago 2
In Mexico City, my friend was boxed in by 4 cars and her body guards disarmed. The people let her go only after 2 million was paid out. She lived and it's only a surprise that she lived because 90% of the kidnapped are killed off even after the ransom money is rec'd. THIS will happen here. If you have a large house and known to have money the clock will count down for you. America is heavily armed - and the people very resourceful.
Rata4You 3 years ago
Schiff keeps getting better with age.
mosifchi 3 years ago
haha.. that guy shouldn't be a professor. Schiff is correct as always.
Desnoxvu 3 years ago
Protectionism by definition is a bad idea.
NeonKnight88 3 years ago
It was a major cause of the depression, and has been a cause of job loss all through history, countries destroy each others' export sectors and then their economies all suffer.
NeonKnight88 3 years ago
HAHA WHAT A LIE. Free trade is a LIE. Protectionism is a conservative principle that built this once-great nation. Free trade is a horrifically bad idea that is destroying America. Bring back tarriffs and get rid of the income tax and the Federal Reserve and America will return to greatness.
djkillercool 3 years ago
No, the problem is we don't have free trade. We have trade agreements that have "Free Trade" in the name but they aren't free trade. They're managed and controlled and are simply given "free trade" in the name to trick people into supporting them when they're really for the benefit of a few special interests.
stealthswimmer 3 years ago
Very true that we do not really have any free trade agreements. That is what i meant by "free trade is a lie." We the people, are paying dearly for the super rich to enjoy what they call "free trade." Sure it's great for them, but we pay for it....dearly.
djkillercool 3 years ago
Load of bullshit, just as the whole of conservatism is. We had the best growth when our trade was freest under people like Jefferson Cleveland and Coolidge.
NeonKnight88 3 years ago
Conservatism is not to blame. Coolidge was conservative. Neo-conservatism and Neo-liberalism are to blame. They are so hell-bent on globalism that they should be stripped of their citizenship and tried for treason!
djkillercool 3 years ago
Social Fascism NOW! Fascism now Fascism Forever!!! CNN and Fox News are right. The power of the State is far superior to individual freedom and liberty.!!
putittogether 3 years ago
Actually I'm Canadian and we are socialists. Socialism is not about limiting rights, it's about removing the for-profit board-members from the private sector and replacing them with non-profit gov't reps. For instance, in Canada our health care is non-profit. What's wrong with that? Free-trade is about giving YOUR job to a Chinese man and telling you to get off your ass and get a job and stop being a welfare commie. Globilization is what's destroying you.
Rata4You 3 years ago
No, free trade is about giving jobs to people who can do them better or cheaper and then you doing a different job that is more efficiently done in your own country. It's a fallacy that people have that there is some fixed number of jobs in the economy but that simply isn't true.
stealthswimmer 3 years ago
Free trade can only occur with the abolition of the state.
gsn1hiroland 3 years ago
If we build it the world should buy from us at whatever cost. The Chinese certainly can't afford to buy our shit so then what? If it's not because their 90% impoverished then it's because they also have protectionist measures. They take the jobs, and they won't take our cars.
Anyway, bottom line is that we're all going down the tube together and there's nothing a capitalist system is willing to do to make neccessary changes. I'm going into the kidnapping business when we hit depression.
Rata4You 3 years ago
lol @ "capitalist"...what capitalist system? We have a mixed economy. We do things all the time that are blatantly anti-capitalist. Unfortunatley the problems they cause usually get blamed on capitalism.
stealthswimmer 3 years ago
well i guess the number of jobs is irrelevant to amount earned at a job.
systemaddictshock 3 years ago
I wouldn't say irrelevant. I'm sure there is SOME tie between the two but yes it is probably more independent because some jobs pay more while others don't pay as much. The thing is that you shouldn't increased pay of ONE job just to do it. If people want higher pay they can negotiate or learn a skill that will allow them to work a new job for higher pay. The thing about increasing minimum pay rate is that now you get people who can't have jobs at all because of it.
stealthswimmer 3 years ago
Rata4You - Social fascism is far better than socialism, like in Canada just like you said.
I think you need to learn the difference between a socialist and socialist fascist. Socialist fascist believe that the State can manage these large corporation better than the people can. It is what Hitler preached and implemented. And it worked great!
Fascism Now!! Fascism FOREVER!!
GO OBAMA!!
putittogether 3 years ago
bitch interrupts a lot! Should just stick to blowjobs if at all wants to open her mouth!
prmd142 3 years ago
Try to express your opinion without being a sexist sack of shit.
DamNationDiplomat 3 years ago
just did!
prmd142 3 years ago