Peter Schiff on Charles Osgood's Sunday Morning : July 20, 2008

[mkl62]

1-8-2010. Ain't it great? Charles is 78. Charles, I know that as a journalist and reporter, you have seen a lot, both good and bad. But you have been a professional through and through. Happy Birthday, and may you have many more.

[stalepie13]

blah blah blah blah blah

[ricochetVendetta]

this guy reminds me of a snl sketch

[littleredbirdy]

THE BULL IS COMING!

Maybe not in America, but in other markets.

UAE, Saudi Arabia, Egypt, Qatar, India are all going to sky rocket in the near future.

Get out of America while you can! Not only the dollar but American companies for the most part!

Go to other markets!@

[extinctionism]

better luck next time.

Obama.

[extinctionism]

By the way, the government is the only one who can do come up with THE PLAN. Rob Paul has some great ideas including reduction of the military. His anti government "free market" mantra, in other words 'let the criminals run free' is the continuation of the same fallacy that got us here. If you expect private business to create the needed stability for a functioning economy you are sadly mistaken. Like it or not the we will live or die by the government. Get active or else go look for a hole.

[davidchenard]

His name is Ron Paul, and you don't know anything about him. He is not anti-government, unless that is what you consider being pro-Constitution.

[CreativeMessage]

It's NOT the free market that's the problem - we don't have one - we have a CORPORATE market run by transnational elite who have no responsibility to any one nation. Watch how many small businesses are gone within the next year...and Ron Paul does have the answers to America's problems.

[extinctionism]

The answer is obvious: Put a Face on Crime, arrest the shysters, confiscate loot, cut out China the Cancer. Boycott Communist Slave Driver Olympics. Fuch free markets. Let about 70% of financials die. Close down the Casino: reward long term investors mercilessly flogging flippers. The government gets a huge percentage of any short term financial flip- house or business. No more bailouts. Build the Patagonia Express-High speed rail connecting N. and S. America! We NEED not A, but-"THE PLAN"!

[cybersphere]

soon, you'll be lucky to be only competing with 100 people for a single job.

[d3th2u]

Of course no mention of the real cause of these issues: monetary policy, defict spending, interest-rate price-fixing, managed trade, fiat money, credit expansion, fractional reserve lending, private central banks, exchange-rate manipulation, aggresive foreign intervention, central ecenomic planning, etc.

Who has all the answers: Ron Paul. Read, Watch, Learn, Wake-up. Our gov't did it!

(not just Bush)

watch?v=hZsZ0_OLer4

watch?v=XaxdUPNYj2s

[extinctionism]

"central economic planning". If you study the past 39 years you will see that it is exactly lack of qualified government cental planning that got us in this mess. We will grow to curse the "free market" dogma and those who so vociferously STILL cling to it. Like it or not, government, rather than private enterprise is the only body capable of such a feat. Mr. Market? Huh....Get your head examined.

[devin221983]

Contributing Govt. actions to current crisis:

a) forcing lenders 2 lend 2 people who could not pay back their loans. This began late 90's under Clinton & republican congress.The mortgage bubble was essentially a bet on the purportedly increased creditworthiness of the bottom half of the American population. After three decades of the home ownership rate stalling at around 64%, a series of federal initiatives to increase minority & low-income ownership helped push the rate up to just below 70%.

[LeftLiberalSoCal]

6:08 - 6:23 --- Isn't that the truth!

When 100 people apply for the same job what happens? WAGES FALL. Service economy. Supply vs. Demand. Welcome to third world America. Or more like -MEXICO- where 100 peasants are begging for work willing to accept 3 tacos a day! Thank you so much Bush. Your buddies in all industries (but especially the Construction, Hotel, and Agriculture industries) LOVE YOU because now wages will fall even MORE! This is your new 3rd world America. Docile cattle. Sheep.

[LeftLiberalSoCal]

ATTENTION REPUBLICANS!

Bush set the stage for all of this. Lowered taxes (especially for the rich) started a 4 trillion dollar war. Enabling outsourcing of US jobs for his buddies and CEO's looking for cheap labor and signed more "free trade" agreements under public radar than ANY OTHER PRESIDENT IN HISTORY. Also - more illegal immigration (cheap labor - wage depresssion) than any other president. And lowered interest rates to 2% to create a phoney RE bubble economy. And on and on and on.

[dentistsugardusty]

"Enabling outsourcing of US jobs for his buddies and CEO's looking for cheap labor and signed more "free trade" agreements under public radar than ANY OTHER PRESIDENT IN HISTORY"

I think that was Clinton that got that ball rollin....goes to show U, it ain't fairytale opposition. it's all the same thing. we dream republican and democrat into being. the corporate money structure and it's demands for continuation is what got us here. the legacy of "corporation" is what's stepping all over us

[LeftLiberalSoCal]

Listen you Red State moronis. The economy is in the shitter. And it's going deeper because this imbecile YOU VOTED FOR TWICE has spent us into oblivion! Clinton started NAFTA. As an experiment.Not a good choice. However this MORON has green lighted DOZENS of FTA's and has OVER 200 FTA's for his CEO'S he is demanding congress pass.200! And yes you are right about the rest they are the same but with PUPPET BUSH it is all out of control. Obama sucks too but if McCain(Bush III)gets elected it OVER.

[ronheri]

This will make the 30's look like a walk in the park. Get some gold or silver, stock up on food, make sure you have protection at home, stay out of debt and pray.

[bortotron]

Listen to the very last words of that video.

We have really serious problems in this country.

[xavster]

let me get this FDIC thing straight... so... tax payers money are insured by tax payers money... does that make sense to you? sure they'll give you your money owed by the bank, but then they'll just tax you later... SCAM!!

[danger0usknowledge]

Notice no one is saying a word. No recession, right? IndyMac was all Senator Schumer's fault. The FBI raid of IndyMac was also his fault. HA! No one can buy silver coins. Off shore drilling? Ten years away. Deregulation is what Phil Gramm wanted, what Enron wanted, remember the S&L disaster? All on the republican watch. The middle class has too much debt to care what year it is much less do something like vote. The banks are writing off too much so their everyone's looking for a rebound.

[fastinated]

So the senator gave shitty loans huh? So they became insolvent b/c of the senator? Get a life.. you are truely dangerous!!

[danger0usknowledge]

Read the comment. I'm being sarcastic. HA!

The republicans are trying to blame Schumer

for IndyMac's insolvency which is rediculous

on it's face and on their's.

[xLeeRWilsonx]

I love how they edited out petey and gave him like a total of 17 seconds facetime to make it sound as if he was just forecasting prices to rise a little and not total economic collapse. They totally switched his shit around.

[xLeeRWilsonx]

why is everyone tring to tell everybody this. I HOPE YOU ALL GET POOR. sure, the economy's in good shape. hahaha enjoy starving to death. I'm taking peter schiffs advice to the bank bitches. Go ahead and call me crazy, and I'll just laugh when I own everything.

[jbryant13]

Notice how the corporate talking head said "No one is talking about a mass failure like in the 1930's"

Obviously she hasn't been listening to Ron Paul or Peter Schiff. She's too busy reading the teleprompter containing the latest propaganda from the government and the Fed.

[tannedking187]

profit from the mayhem

but Goldspring, gspg.ob

junior gold/silver miner in Nevada

-resource report coming out mid-august

-mining beginning this fall

[garyowen4ever]

LOVE THE SCHIFF...........SCHIFFMAN RULES! but for art cashin, fed rates can never be low enough, thats what wall street loves, cheap money borrowed for nothin with huge returns mainstreeters couldn't engineer ever!!!

[omgeeze]

haha

he added this vid on my birthday

[markymarkuss777]

those little asian people were outside Indymac saying "I HAD NO IDEA IT WOULD FAIL" This is how clueless Americans are about the seriousness of this economic situation. They're going to be really shocked come September/October 2008. That's when this whole economy will let go.

[1samothrace77]

she changed the question from "should we be borrowing to spend", to "should we be spending?" that was very disingenious and of very low integrity

[KARStarla]

Now when Indybank went through this they were saying those who had less then $100,000 were protected and covered and they could take their money out by monday, so its not true it does affect them and they cant take their money out at all

[whitecollarcriminal]

Now that Whites are HURTING and LOSING EVERYTHING from their houses to their lives under the Republican administration....

Lets see if racism is strong enough in America to prevent them from doing the LOGICAL thing and electing Obama.

there is no reason OTHER THAN his race not to elect him.

You search for reasons and you find them but they are ILLOGICAL and IRRELEVANT.

John Mccain will rape us for the next 4 years.

[EVM3point0]

lol we deserve to be homeless. We let other people around the world walk the streets hungry and homeless, I think its our turn since we don't help.

[softearth]

Ron Paul, that is all!

[DillonX]

I hope everyone has learned now that giving massive billions in tax cuts to billionaires (many of whom put their money in offshore accounts where they don't even pay tax on the interests or into stocks in foreign countries) IS NOT THE ANSWER!

We've had inflation in the past were prices went up & wages rose & that's not so bad.

But under Bush prices are going up as almost all wages go down or stay constant.

IT'LL TAKE AT LEAST 2O YRS TO RECOVER FROM BUSH'S MESS!

[vicmac64]

How could anyone take one word that unamerican puppet Bush says?

[ladalang]

don't blame me I voted for Ron Paul!

[eastwood13]

hehe. that should be a bumpersticker!

[leepakim]

Peter Schiff for SECRETARY OF FINANCE for the USA.

[Budvb]

We need this any how as american's because we think we are so Perfect when we are so far from Perfect that we don't even know what Perfect is anymore! All this Money has made us Stupid as well as Unkind to Others, not only here in the USA but around the World!

[eyewitness043]

Thanks betteryouthanme for posting the vid.

[zc751c]

Whoa! Way to get this video in quick on a Sunday! THX! I was looking for Peter Schiff stuff in order to catch up on this week.

[Mechyuda]

CBS is so full of useless "analysis." The only guy who has a clue is Peter Schiff and Ron Paul. Here is their solution for America's economic problems:

1. End the costly war in Iraq

2. Tell Americans to live within their mean. America is a major exporter, but if America wants to spend more, then America needs to import more raw resources and export more finished goods and services.

3. Tell the Fed to stop inflating the US dollar with "easy money."

4. etc.

[unobb]

I voted for Ron Paul too!!

[blookup]

Don't blame me either, I voted for Ron Paul.

[bbburton]

Don't blame me, I voted for Ron Paul.

[Epic878787]

Move to China to build their railroad.

[blookup]

That's some chilling irony.

[olemunati]

If the goverment bail out every bank...Isn't that a weird sort of what you might call communism (safety) for financial institution?

You guys in the US has given more rights to corporate institution than for human beings. IT IS CRAZY!!!!!

BTW:Peter Schiff is the man!

[michaeld5]

Right on brother, Schiff is the man.

More your assets to EuroPacific Capital.

Foreign is the way to go.

[olemunati]

Well, I am foreign and live in Norway. If I lived in the US I would take your advice!

I do care about the situation in the US nowadays. It is extremely interesting. Hope it works out well for the good people over there!

Take care bro!

[lensno]

Write in Ron Paul~ Join the revolution.

"Action is eloquence" - Shakespeare

[lensno]

write in Ron Paul, beca

[jvent68]

Let's keep voting Republican people!

[radiofriendly]

"You are protected by the Federal Government."

Wow.

[radiofriendly]

The Lord giveth and the Lord taketh away.

[TBRambo]

Pete Schiff was the only person on that video who knew what's up from down.

[msulik]

Our policy makers are "making it up as it goes along" according to UBS financial director of market floor operations in NYC - making up often contradictory solutions that will be of no help. There is only one solution, and the program hinted on it: our debt-based economy HAS to go. Toward this end, it has been proposed to eliminate the private fed. reserve bank (NOT a federal bank, and with NO reserves either) and let the govt. issue money, not bonds to enslave us. END THE FED and intl. banking.

[jman196]

The policy makers are equally complicit. We must not simply end the FED and turn over the power of Fiat money generation to the federal government that is equally crooked. Fiat money causes inflation and inflation destroys the middle class and the poor. We need a sound currency to constrain monetary corruption.

[freekrolik]

worst still to come

where is my belt ...

[suave286]

I have seen Peters videos of 2005 and 2006....he is a real genius...he is Dr. Reality....Dont call him Dr. Doom

[betteryouthanme]

They can call him anything they want, but they can't call him wrong ;)

[blx2000]

They are giving Peter a lot more respect now and they are focusing much more on the value of the dollar than they used to. On one show recently, they had 3 other "experts" agreeing with most of what Peter was saying. A month ago, it was much more lopsided the other way.

[FattKidd]

he may have predicted the housing decline but, so did a lot of other people. i predicted a housing decline back in 2002/2003. it didn't take a genius. all you had to do was look at the situation. 50%-400% increases in home value in a 5 yr period for no reason at all! DUH! average home cost of $225K when average salary was $39K. DUH! But, Schiff thinks we need even LESS regulation of the banking industry? Hello? Give me a break! It was the almost total deregulation that brought this mess to bear!

[1samothrace77]

we should deregulate but if they go belly up we should let them fail and they should be paying into the FDIC

[FattKidd]

The only problem with that is when 'they' go belly up, every one else suffers and pays the consequences as well. What do you think would happen to the economy or the country as a whole even, if we just let all of these investment banks, commercial banks and even Freddie and Fannie go belly up? Your talking major catastrophe. Do you know how much the FDIC has in reserve to cover bank failures? Not much. Maybe $50billion. They can't insure everyone. It's a farce. We'd all lose, big-time.

[FattKidd]

Your home, which is most folks biggest investment, would be worthless and your savings/checking account would disappear overnight. Look at what's happening to the people at IndyMac. Many folks STILL can't get their money out. You're only covered for ONE account up to $100k. If you had multiple accounts, money markets, CD's, joint accounts, etc... you're losing. And, if there were a nationwide run, the FDIC would go under. It's a fact. These unregulated banks left the entire country overexposed.

[FattKidd]

I can't believe people are so ignorant of history that they don't know why these regulations were put into effect in the 1st place! Panic of 1907, Great Depression ring a bell? There was a reason. It was to protect consumers/general public. Now, even WITH bailouts, the dollar is worthless, your home value is declining daily and expected to lose up to 30% MORE in value on top of the 20% it's already lost, the market is tanking & we have 'stagflation'. YEah, let's just let industry police itself!

[mgilbo1]

He never said we needed NO regulation, he said the Feds and the Gov't create these bubbles that end up stealing the wealth of innocent Americans. Why is the gov't in the business of lending money with Fannie, Freddie, FHA, USDA etc??? The free market should provide financing with gov't oversight only. I guarantee you banks would have never done all those risky loans if they didn't get the green light from the Fed. They knew they would get bailed out from the beginning.

[FattKidd]

1st off, FED is not part of gov't. It's a privately owned corp. They control amount of $ in circulation & they alone create booms & busts. When gov't 'lends' $ to Fannie, Freddie or Bear Sterns, it's actually BORROWING $ from FED at interest. In other words, it's FED (private bank) that lends $ or, in essence they're BUYING these institution for pennies on $ after they themselves created conditions that led to decline in 1st place. Take control of $ & you won't have these problems.

[FattKidd]

Abolish FED altogether & issue debt free $. Banks should only be there for safe storage of $ & could lend it's OWN $ at a 1 to 1 reserve rate. Small amount of interest would be allowed to cover costs/risk. Only enough $ would be put into system as needed (about rate of population increase) which would eliminate inflation. No national debt. As it is, money is created as debt. Fractional Reserve allows for CREATION of money & thus charge interest on money that doesn't exist!

[FattKidd]

So, in a way, I agree w/you. I think regulation we need is to abolish the FED, all central banks (also privately owned) & have COngress resume it's Constitutional mandate to print & regulate the currency. I agree, this whole 'crisis' is fabricated to further consolidate wealth. Friedman said the same things. He also said during a depression, no wealth is lost, it's only transferred to the super-wealthy. Same thing here. Small banks will be bought up by central banks with our money (more debt).

[mindcloudbeta]

Ok Smartass. The Fed is a regulatory body. We should learn from our mistakes and let the market cleanse itself. There is a bigger agenda here. Everyone in economics knows about the business cycle. Those in the upper echelon of society who say the dont believe in the business cycle want this country to fail so they can rebuild it into a monetary and political union. Now you are either oblivious to that fact or on the side of the elite. In either case you're a fuck head.

[FattKidd]

Wrong. Wrong. Wrong. The FED is a privately owned corporation whos sole mission is to enrich its owners. Period. Do some research and educate yourself so you don't look like such an ass. I'm guessing you're probably a fan of Milton Friedman? Then read what he had to say about the FED and the money supply. Wake up asshole or we'll all be doomed to debt slavery or worse. You're doing the bidding of the elite by being an ignorant ass on the subject of money and eating the shit you're served.

[jbryant13]

Google "Money Masters" and watch the video on Google video and learn how the "business cycles" (boom and bust) is CAUSED by the PRIVATELY OWNED Federal Reserve