Misguided re-regulation of financial services

[savemyhope]

Yes. At the end of day, you need them to kill US governers.

[savemyhope]

Peter you are my hero in finance and economics. .

[help676]

This guy doesn't need to run for senate he needs to run for pres

[moyog3]

PETER YOUR THE BEST!!!!!!!!

[reVittorio1]

Which is why govt wants to take them away from you. In the worst case scenario in a complete economic meltdown doomsday depression, there will only be two types of people --those with loaded guns and those who dont.

[steveinamerica]

Schiff for Senate!

[CptMarvelous1]

Schiff for Senate.

[lucasindustriesinc]

Here's the SALVAGE value of INTANGABLE assets.

000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­000000000000000000000000000000­0ZEROZEROZEROZEROZEROZEROZERO

[lucasindustriesinc]

WHATS the SALVAGE VALUE of an INTANGABLE ASSET? HUH?

Hmm................

[lucasindustriesinc]

That's right Peter! And let's talk about Insurance on INTANGABLE ASSETS! THAT'S What I want to talk about. Like derivitives!

[chivas17986]

Peter Schiff For California Senate!!!! LOL Just Run For Senate.

[hazballs09]

I had no clue about this here channel on the tube. If you read this, Sir Schiff, PLEASE consider a senate run. -A statesman from Illinois

[BrainDeadRepublican]

Solveing high unemployment. Dear Leader ZerO creates massive regulations. Companies need more manpower to research, maintain and implement the regulations for their company. Unemployment solved as an extra 15% is added to each companies employee base.

[owenander]

But then the price goes up to produce products and people buy less of each product meaning more people employed as regulators and less people employed as producers, which is why we currently have massive trade deficit with countries that have more producers.

[ceasey0xoogurl]

this is a good video

[gregwnorris1]

I do not understand why you are all upset about hyper inflation. I can't wait for it. I own lots of real estate. Every dollar they print has a multiple effect on real estate. I have fixed payments, so as rent goes up and i will get richer and richer. All the gold bugs will help you do is keep more of your purchasing power than holding dollars. Whoooop dee dooo. You better have a better plan than that.

[devilmirror]

Well, hyperinflation will cause the price of food, gas, and other common goods to rise first. The wage and real estate is the last on the list.

The rent will not go up as fast because people who rent are mostly average american employees. Their wages will increase much slower than others. They will need all the earning to buy food.

So, you can't be too positive about hyperinflation. Look at Argentina or Zimbabwe inflation crisis and you will get a better picture of hyperinflation.

[ceasey0xoogurl]

Hyperinflation is bad to any innocent taxpayer - - they cause hyperinflation by robbing us through taxes etc...and print billions of dollars while their at it...doing nothing for us but saying they are and that THEY NEED TO...Obama is just another player PLAYING US...or trying to - we get it, but some people don't. When they broke they will be saying WE WERE RIGHT. We need to protest because we stronger then the Government - people just don't wanna do shit - LETS DO IT!!!

[AM429]

what about the slowing in global growth?

[PairoftheSocks]

What will you do if nobody can afford houses? LMAO, thats why they call it an inflationary depression. Because it has all the affects of a depression, high unemployment, high cost of living, and many HOMELESS people.

[rockhuddy]

You're looking at it the wrong way, Peter- those regulations provide jobs for Americans! You're not against jobs for Americans, are you?

lol

[ceasey0xoogurl]

Government jobs don't count as jobs...they do nothing for the economy but build BIGGER GOVERNMENT! It's their promotion to people...

[Organjic]

I wish more listened to P.S.

P.S.: You're right ;)

[Organjic]

The irony in all this is that I sent my resume... :P

Peter, if you read this, be careful who you hire for these new regulatory precaution positions. Trust me, I'm entry level ;)

[LoveAndLiberty1776]

Last Chance for Revolution!

1776' style~~

thomaspainereturns. net

[helpendthefed]

This Govt is driving me absolutely crazy.

[nictron99]

Nice vent Peter, regulation clearly frustrates you especially when they provide little benifit or function.

Keep up the good work I enjoy your VBlogs allot.

Nico Fourie

[BlueSkies360]

And there is no bailout for small/medium size businesses.. They are the ones who pay for bailing out too-big-to-fails that will eventually come back and kill small businesses with economies of scale.. We need to think how to stop all that lobbying in Congress by big business. The halls are swarming with lobbyists that fight for bailout funds--one commentator said. Small businesses have no voice. SBA is just a zombie lending intermediary.

[bajoverga]

Peter, I'm a compliance officer at a FINRA firm. I hate enforcing these ridiculous rules about correspondence and gifts and gratuities, when the SEC misses someone like Madoff.

[DillonX]

The reason we got in financial trouble wasn't because we had too much regulation during the Bush years, but because we had too little.

[john5246]

Your right, we should have our VERY INTELLIGENT politicians decide how much credit card debt a person can get into, what size mortgage they can get, at what interest rate, for for what time. Also the Government should decide what type of car you can buy so you don't get into financial trouble by buying a Mercedes Benz S600 when you should be buying a much more cost effective Toyota Prius.

[myrelative]

well, we actually HAVE those VERY INTELLIGENT politicians.

the fannie&freddie conforming loan guidelines, that is, what (junk) mortgages fannie&freddie would buy, were set by the Office of Federal Housing Enterprise Oversight.

they appear to have been renamed to Federal Housing Finance Agency now.

obama should have said what kind of CHANGE he had in mind. a name change.

[bajoverga]

DillonX, I'd love to see your examples of "too little regulation." I can give you plenty of examples of TOO much regulation: Federal Reserve, FDIC, DHS, DOE, FCC, FTC, USDA, FDA, NASD, SEC, EPA...my god the alphabet soup could go on all day

[robertparker9999]

Regulation by government is generally unconstitutional and counter productive. Regulation merely provides the government an easy way to watch where our money goes and keep track of us. It does nothing to stop market fluctuations and it drives up the cost of doing business which is always passed on to the consumer.

Let's see, how many recessions have we had since the Federal Reserve was created and how many before? Government is not the answer, it is the problem.

[paulvahur]

This one of the best Schiff commentaries recently. I have been in financial services sector and everything he says is true. Some of the rules are just crazy and the bureaucrats are stupid and/or malicious.

[gtele5hev]

Bureaucrats are the same everywhere, if they fuck up on something the only thing they can come up with to fix that, is to give themselves even more power, so that can fuck up next time on a bigger scale. At the end how many officials have you heard saying: "I fucked up, I need to resign"? And I guess that'd be naive to expect anything like that from them, they are professionals in what they do...

[Pnkbong]

I was not aware of how much regulations that are is place already. Thank you Peter for the education.

Excellent point about Bernie Madoff and how regulators totally dropped the ball (or were bought off and/or threatened.).

I'm studying accounting at a college right now. But I'm wondering if I would be better off learning to be an automobile mechanic or a machinist?

God bless Peter Shiff!

[sexydorkmo]

he looks like bill maher kinda

[raythespian]

It's hopeless.

[FinancialTraffic]

Wasn't the reason Madoff got busted because his sons snitched on him?

[4rcane]

We need more ppl like Peter in the Republican party. Too many Republican politician just play lip services to capitalism but have NO CLUE about what it means, so when they're in power they just do the same thing Democrats does Bush is a clear example when he made the asinine point that we need Socialism to save Capitalism. Capitalism is urgently needed esp in time of crisis.

[jvittetoe]

part 2 ?!?!?!

[helpendthefed]

Excellent job Peter. Keep telling the truth!

[flaunttnualf]

Peter Schiff for Senate 2010!!!

[RAMKING61]

Peter, you still see the government as good guys who are making bad decisions. That's wrong. These are devious banksters who enjoy controlling a financially destroyed global society.

[commonsense2008]

You are right. I had this conversation with other people yesterday. Looking back at the last 20-30 years, Reagon, Clinton, Bush. What have they done other then selling our jobs overseas and spending trillions on wars and other useless projects? America could be such a great country, we have one language, one currency, plenty of natural resources. However, as of today, we are on the edge of bankruptcy, it is a complete joke, and well orchestrated by the people behind the scenes.

[kcoozzy]

Perfectly said RAMKING61. It's all part of their plan along with the Central Banksters(Mobsters) Bilderberg, Trilateral Commission and CFR. Watch The Obama Deception video.

[anevilpettingzoo]

This is just like what happened in Atlas Shrugged. Frightening.

[eurohim]

Economic conservatives need to make a come back. Those guys in the Republican party aren't economic conservatives, they just pay lip service to them. They're only slightly less economically liberal than the Democrats. ugh

[fritzi1212]

You mean liberal? We need economic liberals!

[kenandjasha]

yeah just like how they ran California right..we need to be fiscally conservative now more than ever

[fritzi1212]

Liberalism is different when defined in economic terms vs. political terms.

Economic liberalism:

Theories in support of economic liberalism were developed in the Enlightenment, and believed to be first fully formulated by Adam Smith which advocates minimal interference by government in the economy, though it does not necessarily oppose the state's provision of a few basic public goods with what constitutes public goods originally being seen as very limited in scope.

[PanzerDivisionBOM]

@fritzi1212:

Are you referring to the commonly perceived split between personal and economic freedom in policy making?

[eurohim]

This is the only time I heard economic liberalism defined in such a way. That sounds like economic conservatism. Economic liberalism, and I know it, is defined as fiat money, heavy government control in interest rates and redistribution of wealth with many social programs, etc.

[Xasew]

Liberalism used to mean something completely different. It's just that in economics they never shifted the definition as radically as they did with social issues.

But even though it may be factually correct, I still wouldn't say "economic liberalism" without specifying what one means, because it can indeed be confusing.

[myrelative]

this "name change" btw only happened in the US. in other country there are still parties calling themselves liberal(without "classical" or something attached) which are free market and liberal on social issues.

the word "libertarian" is almost unknown where I live, the liberals are considered the free market people.

[portlandore]

schiff knows economics.

[harveybirdmannequin]

Peter should have talked more about how the Fed Reserve (consisting of private bankers) will be given the authority to monitor other private financial institutions and how this is a GIANT step towards a centrally planned economy likened to communism/fascism/dictatorship­. Imagine now that the Fed Reserve not only controls public and private financial institutions but has the power to set interest rates for every lending institution.

Another point is the record debt auction by the Treasury today.

[rawer77]

thanks for the info peter!

[fantasyfootballgod]

Run Peter, Run!!

[liahwy]

Peter go buy a headset so people can hear you!

[Nickelodeon2002]

I can hear him fine.

[laosuwan]

meanwhile, the dollar is up, inflation is down, gold is down, foreign stocks are selling off.

[hayekian]

Great video as usual. So are you running for senate or not? the two weeks are up...

[christo930]

Since we did go ahead with the bailouts, the least we could have done was fire the people responsible.

The government always thinks they are smarter than anyone else and they aren't. I'll bet dollars to donuts that this new regulation will favor the guys in the big firms that needed to bailed out.

[HiredGunz98]

Peter are you hiring? I want to wok for you!!

[moofree]

You're gonna get him in more trouble with the feds!

[CrazyPianoMan1]

Wish I lived in Connecticut so I could vote for you. Hope you run!

[warpicachu]

peter schiff for president.

obama should be in jail

[malibuhur12]

I feel like we need to sit every politician don in front of peter and make them listen to him speak for 5 hours. Hopefully some would wake up.

[audioX1]

peter schiff for senate!

[Stargazer5781]

*sigh* Maybe after the whole country collapses people will figure out that central planning of economies is impossible. Doubt it though :-/

[ShaddowSwordX]

It took us in Sweden a major crisis in the 90's then it had been ever expanding since the 20's.

Europe right now has "Been there. Done that" and is if ever so slowly going the opposite way.

Just immagine the day France has less legislation then the US *shivers*