Peter Schiff 2/6/09 - Yahoo Tech Ticker

[AtlasShruggery]

Schiffty Pete kinda forgot to mention that it was his party, the Republican Party, who controlled the entire government when this economic mess was made.

[vitalious]

@AtlasShruggery

It appears you probably think that the 2 tier system the United States has is a Good Vs. Evil whereby one of the parties consists of properly informed individuals with a wide understanding of the society and economics, yet the other party is full of monkeys that throw feces at each other, and as such was elected by similar fellow Americans.

You are so good, you.

[mit26chell]

@AtlasShruggery Actually he does mention that, and so does Ron Paul, quite often.

[hustarn]

"countries like latin america"

[mintoo2cool]

@hustarn haha!

[fulbert4605]

After a drought had ruined crops in several Texas counties, Congress appropriated $10,000 to purchase seed grain for farmers there. Grover Cleveland vetoed the expenditure. In his veto message, he espoused a theory of limited government: "I can find no warrant for such an appropriation in the Constitution . . . to the end that the lesson should be constantly enforced that, though the people support the Government, the Government should not support the people." Grover Cleveland, Democrat

[emosarefaggots12]

good quote.

[herbs814]

Grover Cleveland, the last good Democrat.

except perhaps Kennedy (tax cuts, XO 11110), there has not been a respectable Democrat in more than a century.

[666sigma]

His views on the world economy are wrong because their economies are also dependent on borrow-and-spend Americans,

However, he is "spot on" on America. You can not borrow and spend your way to prosperity while outsourcing jobs and importing cheap labor from south of the border.

This may work for the super rich, but it is death to all but the few.

[beckyhmn]

You Obama maniacs wanted him... well you got him! So when we are going through the impending Depression that he will cause ... I hope you ponder on your vote and the change that you wanted!

[skaismith]

Can you say New World Order?

[startlearningchinese]

As my label says, start learning Chinese, folks. China will own us very very soon.

[sawzaw203]

Schiff knows EXACTLY what he's talking about!! "Stimulus" bills will NOT work and the longer they continue to not listen to people like Peter Schiff, Jim Rogers and Ron Paul, our country is going to get worse and our economy will only get worse as well. It's time to wake up people!! Great Video!!!

[silvereagle51203]

Obama has never had any sort of economic plans or policies. Why did we vote him in? Oh yeah. Bankrupt America. Doesn't matter what color you are, rich presidents will never know what Americans need. Thanks for screwing us over in your first month Obama.

[timmunst]

We can thank Obama, Pelosi, Reid and the Democrat controlled Congress for the new American low. Obama talks a good game, but his words and his actions do not match. God help America!

[emosarefaggots12]

he got voted due to popularity not substance WTF do you expect ...

[herbs814]

and he'll get voted out when America sees his lack of substance.

[30percentplusreturns]

Thank god peter schiff is on youtube. Obama is creating the worst mess ever!

[phil777h]

Why is it so important for the US to have a really high dollar anyway?

It's not good for the US dollar to crash either, but if it was say 10% lower it might have some positive effect for the US, ie normally that cuts consumer spending as imports are more expensive and exporters start getting more money and doing better.

Schift thinks cutting consumer spending is a good thing.

[gabrielbardas]

For example the cars will not be sold .... the people who will work to make cars will be out. The car company will cut the contract with the suppliers ... another people will be out. This people will not have money to buy food, to pay the rate for house, education ..etc. In that moment the sales are going down for all products .... and in this moment we are now!!!! If we don't stop this, the economy will be broken and is coming the civil war, to fight for the food.

[Izakokomarixyz]

So, who thinks Obama fucked up big time?

[BIGBOYREDGIE]

every1 keeps talking about this they need shut up for awhile

[silvereagle51203]

we need to keep talkin about this. No one is being informed on the issues. Even on Cspan people in government are upset that no one spent the time to read through it. A thousand pages in 1 night and everyone votes the next day. Seems like another act. But unlike the Patriot act (which got amended) this bill will not be amended and will stay in law for years to come. Screw Obama. Economists recently stated let the country fall so we can remake a system that is not based on debt.

[hkrainman]

Real wealth comes from: Services, natural resources, or products beyond your own consumtion that other countries wants.

America don't have it! America need to wake the hell up and don't expect Obama to save them!

[Champraves311]

He seemed to know what he was talking about but Schiff lost his pathos when he criticized the economy under FDR and said FDR made the deppression worse through the 1930's. He couldn't be anymore historically inaccurate. FDR was president starting from 1933. The New Deal was passed immediately into his presidency. Look at the GDP and unemployment graphs as soon as he passed the New Deal. The 1937 recession was a result of his conservative advisers telling him to cut back on the New Deal.

[davidferrie]

The debate is over on the New Deal. It's pretty clear that it did in fact prolong the Great Depression directly. There are many main stream economists that believe this now.

[Champraves311]

Youtube isnt letting me post GDP and unemployment graphs from 1921-1941. So google it yourself.

Note that FDR was elected and imposed the New Deal in 1933. The graphs indicate an immediate tremendous GDP growth and employment. As you can see, GDP doubled the previous record 1929 economic mark with a few years. The 1937 recession was a result of FDR's conservative advisors pressuring him to cut New Deal spending. But the economy had more than rebounded right before WWII.

[husgvarnya]

Neither of those numbers mean that there was a recovery under FDR. GDP rose because because government spending increased and the money supply doubled, not because of any real economic growth. Unemployment fell because people were employed in government make-work schemes, which is a drag on the economy.

[Champraves311]

Nonsense, the total real GDP of a nation consists of consumer spending + business spending + government spending. When there is a unbalance in this equation, then one of the three have to provide a relief (temporarily) in response to the slow decrease in spending. At that time, like now, the private sector is failing to provide a demand since the consumer confidence has fallen (mainly from bad lending practices and faulty credit, but also because of uneven growth the past 8 years).

[husgvarnya]

There are three problems with your reasoning. First, you assume that all forms of spending are of equal value. The truth is that government spending is a drain on the economy, and that increasing spending will only further undermine wealth creation. Second, you incorrectly assume that the economy is driven by consumption. It is saving that creates growth. Third, you resurrect the long-discredited mercantilist belief

[husgvarnya]

that economic recessions are caused by under-consumption. Recessions are the result of the distortion of the capital structure that accompanies inflationary booms. For more on this see mises . org / story / 3194

[Champraves311]

Therefore, just like back then, the Government has no choice but to stimulate the economy through programs that provide jobs and tax cuts.

[Nickalispicalis]

Give the money to the porn industry. At least they will be honest about stimulating people.

[ceaseyoxoogurl]

wonder what obama's gonna say when this stimulus package fails...its not official yet, but they are very close to coming to an agreement, which pisses me off. But it's all good, all obama has to do is say "I SCREWED UP," and all is forgiven!

[miniccc]

Republicans : Crooked business

Democrats: Crooked Government.

[freesk8]

Libertarians: free minds and free markets.

[SubmarinerAndroid]

And vice versa!

[Nickalispicalis]

Exactly. They pass the baton in screwing the public. So Obama is a trainwreck, what choices are there ? Go back to the Republicans ?

[miniccc]

No, the choice is well have, riots, then a revolution. When a superorganism goes on the decline, new memes emerge which give rise to a new one. If you dont know what a meme or a superorganism is, go read Howard Bloom's book.

[Nickalispicalis]

I don't see any revolution happening in the US anytime soon. The population in general seems to be very subdued and passive. Illegal wars, loss of liberties, now loss of economic security and I hardly see a murmur of protest.

[miniccc]

They wont be subdued once there isnt any food on the shelves.

[Nickalispicalis]

True, but at that point it is a little bit too late is it not ? My advise to Americans is do not let the State take away your firearms no matter what. The day is coming when you will understand why.

[miniccc]

I already understand.

[thegreatcrates]

Wheel barrel of money for a loaf of bread?Fuck.Could that happen to us?

[justgetsome]

I'm sure they said the same thing in German when it was happening. Argentina and currently Zimbabwee.

[sovercplusv]

this is like watching an infomercial

[propheticimpact]

And all the people said, "Amen."

[1217jesss]

For too many years honest working Americans have been blood sucked by glutenous sloths, filthy rich pigs and a thugish crooked government. Americans are holding out and now our wealth is being stolen forcefully from our retirements and anywhere they can find it. not only do they whant to rob the present generation but the future generations before they even exist!! revolution sounds just about right!

[XxZaitenxX]

Can't have a revolution without guns man. =(

[religionisnonsense]

which is why the democrats want to take our guns away

[singledad1234]

ontario canada

fourty two

single

want to marry and have a woman

that wants to be loved

grow our own food

we can live through the depression

I am a good man

and I dont drink

[BlackpeopleLOL]

Obama sucksssssssssssssssssssssss

[kimsfishface]

If ths simulas pass's it will bankrupt this country.

[gnuochtapir]

dleddy: I think he just forgot to say countries "in" Latin America.

[ParapaDrifter]

why is he getting more on TV? do they want thing s implode?

[VisionQuest2012]

The fractional reserve banking system is a ponzi scheme.

[dleddy1414]

I love you Peter, but Latin America is not a country.

[eddearborn]

Everyone who is commented negatively is too involved in being right. Non one really understands economics, and the truth will come regardless of everyone's opinion. Economics is based on natural law. This guy makes the most sense that anyone else.

[Ducky1987]

Nice hair plugs Schiff. Oh, and shut the f up.

[DroogInPhoenix]

He was right 2 years ago while others laughed at him... Why would you tell him to shut the f up now when I think we need to consider he may be right again. The people trying to fix this are the people that got us into this mess, them I do not trust.

[MrHolipsism]

No. You shut the F up.

[freedomsfart]

Legalize marijuana and no one will care.

[darwinx0101]

only thing that will cause a new depression will be republican strategies.

fact

[silvereagle51203]

where is your facts dumbass? Give me hard core facts and evidence that republicans will cause a depression! More and more economists are saying that Obama's bill will make us go into a great depression recently. GIVE ME YOUR FAKE FACTS!

[darwinx0101]

facts easily verifiable with simple google searches:

when reagan took office in '81, deficit was 900 billion.

when he left in '89, deficit was 2.5 trillion.

bush 1 left office in '93, deficit was 4.1 trillion.

bush 2 added 5 trillion more to the deficit.

together, republican presidents since reagan have authorized nearly 8 trillion of the 10 trillion deficit.

dem presidents (clinton) added 1.5 trillion.

do you really consider the republicans the party of 'fiscal responsibility'?

why?

[silvereagle51203]

Who brought us into the Vietnam war? A democrat? Who got us out? A republican. You're gonna blame a republican for a democrat's bull? War is expensive. Desert Storm was Saudi Arabia requesting the US help them so they do not get invaded. Obama is about to add another 1 trillion in one month. And he added more troops to foreign soil when he promised to get them all out. NOT ADD. HE CANNOT BE TRUSTED! Your savior is our doom

[sderenzi]

No one believes him, no one, but they will all see, including you : points :

[warGjee]

How much credible is this "economist"?

[dlmaniac]

Search the video "Peter Schiff was right" on 'tube and find out yourself.

[8880038]

It's a relief to hear some common sense, even if it's bad news.

It's frightening when we all know massive government spending historically is the wrong thing, and our politicians are telling us otherwise. Make you wonder if the nuts are running the nuthouse!

[clthinkingman]

We will not be able to build proper econ till the tnedor laws are repealled and that won't happen becuase the elite don't want to give up power, we need to take power to free ourselves that is the only way, Go Ron Paul ! R3volution!

[enoughdems]

this administration is allocating a great deal of money to upgrade computers in all departments of government. We are in Animal Farm now and will soon reach the real 1984 where the administration run primarily by the Jewish lobby will own you ---- Fascism is what is coming, not socialism. Read the history of Germany in 1930-1939. It was not just one man who created the destruction of Germany.

this is a big of control by govenment, don't be fooled to think you are going to benefit.

[dan020350]

i wonder what happens if gold can be transmuted like paper money can be printed out of thin air with out the backing of gold?.

[DroogInPhoenix]

There are substances that can be nearly identical to diamonds, but that doesnt make the diamond any less valuable.

[njattack]

Foreign Negro terrorist, Obama, the hater & enemy of white Americans, is announcing a SOCIALIST stimulus package which will do little if anything to put Americans back to work. That is not "big ears" goal contrary to his unintelligent LYING rhetoric by him & his dummy anchor Gibbs.

There is only 1 way 10% unemployed Americans will be able to get jobs. And that is by massive, violent demonstrations in D.C. to demand the illegal aliens & H-1Bs be immedately deported. They were given your jobs.

[yogibear4091]

What does being a Negro have to do with anything? Everyone behind the so-called puppet regime is white or jewish. (Zbigniew Brzezinsk, Rahm Emanuel, Nancy Pelosi, Timothy Geithner ect. He's a puppet right. So "the hater & enemy of white Americans" is other white Americans. If you hate Blacks just say you hate blacks.

[njattack]

You state that "the hater & enemy of white Americans is other white Americans."

You're 100% correct with Bush and his corrupt gang being first on the list. But as the saying goes, "The buck ends with the CEO." so it does here, "America's buck ends with the Prez."

[silvereagle51203]

hell yeah it does. Name one president that was not filthy rich before entering the presidency. You can't! they all were. How do rich people stay rich? THEY KEEP THEIR MONEY! WHERE IS MY STIMULUS? We can give CEOs 100s of billions of dollars, yet the government refuses to give people more money for college tuition? WTF!!!

[NZ500D]

God help generation Y. Go get a job and pay for your own tuition!

[DroogInPhoenix]

That is stupid. The jobs Americans want are not picking cotton in the fields, as my grandparents did during the depression.

[njattack]

I'm not interested with your propaganda.

[DroogInPhoenix]

Then show me where i can read about Americans are unable to get jobs because they are being taken up by illegals. You made a statement, im just asking you to back it up with facts.

[sderenzi]

I agree with you, the jobs illegal americans are actually doing are ones that no real american could ever survive on. The only reason they can is because they all live together in a small apartment and thus have some ability to manage that small sum of cash. Don't go bashing illegals they have no real effect on the US, this is a matter of industry leaving because they wanted to make more instead of paying honest wages. Make it illegal to outsource then see how fast we return to normal.

[rw5791]

just another jackass from the midwest making the scene in LA.Real californians have finally reached the breaking point in this illegal invasion from mexico.Just ask the state workers on mandatory furloughs.

[BlackpeopleLOL]

i agree I live in Britain im unemployed, i've had enough of all this foreign labour.British jobs for british workers. sod Johnny Foreigner.

[njattack]

Those foreigners are the heart of the problem in England & the U.S. England for the English, not foreigners.

I saw news showing hundreds of you Brits demonstrating against them. Then, they just stopped! At least you have the courage to get out into the cold & demonstrate. I'm the only one here as my video shows.

Americans have become to lazy & cowardly and have the attitutde of "you go get dirty, not me. I just want the cake."

Americans have sounded their own death knell & don't care.

[justgetsome]

Yeah..but you guys won't do the work. Triple D jobs....you want to sit in the pub and collect dole. The only reason why foreigners come is because they WILL do the jobs and for 1/3 of the pay, the same thing here for us in South Korea. No one wants to do the dirty factory work. They only want good jobs where you wear and tie and suit to work and shuffle paper. Koreans love to blame foreigners as well for the same assisine reason.

[stelmogunnut]

America will be much better off after DC and the Northeast are nuked.

[madridisinSpain]

Anyway there is no need to hurry. Just keep spending !!! And having fun!!!! It's fun to keep borrowing and spending. If we didn't borrow and spend, the asians wouldn't have anything to do, right?

[Benaiahh]

Everyone watch out for a bump n' dump scam going on by George4title and Lebed. check out these two vids

/user/George4titleisascam to see what I mean.

[RaptureWatch]

Obama has a lot of plans and just like the first TARP where money was reappropriated on a whim, the same will happen with this bill. If you think the GOP didn't manage things properly, wait until it gets into the democrats corrupt hands.

Lord help us if this passes.

[Benaiahh]

Yeah. Bush gave the private bankers all the money, but the Democrats want to use the money to perform abortions.

[xyzjohnwesley]

when GOP messes up, its mismanagement and when Democrats mess up, its because they are corrupt !!?

I think Americans need stop backing political parties the way teen back baseball teams.

I have never seen the so called facial conservatives stand to Bush's madness - however rest assure they will surely make a crusade out of criticizing Obama.

[Rider0101]

Shut Up!

Oboma's gonna save the world.

[ExtraTerrestrials]

please GTFO now, thank you!

[silvereagle51203]

who retarded are you? Have you noticed how many promises he already has broken in the past month? most obvious one if you cant tell cause your still getting high - He promised to get all the troops out of foreign soil and reduce the size of the military. HE JUST ADDED ANOTHER 17,000 SOLDIERS TO AFGHANISTAN! HE IS A LYING SON OF A BITCH! WORSE THEN KERRY

[bl782]

Schiff is spot on about a lot, austrian economics students predicted the rescession in later 60's early 70's, predicted collaspe of the soviet union, predicted the rescession of 07-08, and currently predicts a collaspe of 09. Keynesian economic students predicted none of them, also many said the Soviet's could not fail for thier ability to "prime the pump". I would also bet that if thier any austrian students from the 1920s alive today, they'd have predicted the FED credit expansion led 2 1929

[howitzer24]

Peter Schiff understands economics. Too bad he doesn't realize how this whole thing is being directed by people above the government.

[Benaiahh]

I agree. I think Schiff's biggest downfall is that he doesn't believe there are behind the scenes people pulling the strings. I'm not expecting him to believe in Bilderberg/CFR/Trilateral... but anyone who does any ammount of research should easily come to the conclusion that powerful men with money control the politicans and are stearing this whole process.

[TheFlex21]

no that's why he knows they're stearing it for disaster

[Benaiahh]

Howitzer, also, if Schiff knew that there were powerful behind-the-scenes forces at work, then he'd understand why the "laws of economics" are being broken. As an example: he doesn't know why gold didn't skyrocket last year. We do. We know that gold was suppresed by the powers that be.

[howitzer24]

He's aware of the manipulation of gold and silver. He's talked about it in his commentaries and book I think. His analogy was it's like holding a beach ball under water. When the forces can't contain it any longer it goes flying up.

[elboertjie]

He does realise it, he just never talks about it, as that would be committing corporate suicide for him. He is not denying any of those claims, he only says that 'I don't know anything about that'.

[howitzer24]

On his radio show he specifically said they aren't smart enough to set this kind of thing up. His reasoning is that they actually think they are doing the right thing. Then how can Alan Greenspan go from writing accurate articles in the sixties to being an interventionist as head of the Fed. All things I've read about the NWO plans point to this kind of behavior from the government.

[elboertjie]

If Schiff categorically stated that a NWO and their agenda does not exist, then he is either lying through his teeth or he is not as far sighted as I thought he is.

Either way, people who've done their own investigations into this matter, would no the truth, even if they do not speak about it.

[jcNOVA88]

F obama!!! obama's the next Bush they both voted for the war, patriot act, more government, wallstreet bailouts, theyre the SAME!!!!! they're socialist bastards!!!! Ron Paul 2012 for FREEDOM!!!!!! yaliberty . org ronpaulforpresident2008 . com F big government F wars F taxes F gov. for taking our liberties Legalize the Constitution!!!!

[shoeman3434]

Peter Schiff, right again!

I recommend that everyone prepare for this, it's going to be worse than the great depression.

[myliverwurst]

Since the accuracy of the data is and has been in question for a long time I would suggest that any "slowing" that's being talked about is nothing more than concocted trash.

[Justbeatit999]

God I love Peter Schiff! By the way guys, I always go to financialtruth0.blogspot . com because they post all the latest videos there of JIM ROGERS, MARC FABER, RON PAUL and PETER SCHIFF! Thanks for uploading anyway!

[rage2203]

You must run the financial truth blog because you post this same email everyday.

[prescottbill]

That's ok, he has a nice website with some different stuff on it.

Interesting to hear hyperinflation and depression from Schiff on TV and have someone take him seriously. The world economy is becoming one giant game of Chicken, with everyone speeding towards a giant crash. It sure would be nice if our "leaders" would swerve off the path they are takening us on.