So you don't think it might be a bubble? What happened to gold yesterday when people got scared? They sold off their gold and went to dollars. I'm sure you'll ignore this and repeat yourself but that won't make you right.
You guys love to think pete is the only guy to see this coming but the truth is he is the most ridiculous person to see a bubble.I made a vid about the non ridiculous people who got it right so no more comments here.
I dont think Peter Schiff was entirely wrong, I do think his timeline for gold / oil / commodities rise in price prediction may have been early. They will in fact, go up in price... its just taking a bit longer then he expected. The dollar will eventually fail.
"I dont think Peter Schiff was entirely wrong, I do think his timeline for gold / oil / commodities rise in price prediction may have been early. They will in fact, go up in price... its just taking a bit longer then he expected. The dollar will eventually fail." Amen. The reason it's taking longer is that we're getting massive cash infusions in the form of loans from China, Saudi Arabia, and Japan. Once those stop, the confidence in the dollar will collapse, along with our standard of living.
The problem is the Government interfering with the Private Sector, not allowing the free market to fix itself like it always has. Instead we wasted hundreds of billions of U.S TAXPAYERS MONEY to failing companies and now Obama is deciding to stop printing them money we don't have, yep, all the private sector, Chapter 11 is there for a reason. Stay out of America's business and worry about your own Country's Socialist tendencies, we don't them here.
Your from Canada... please stop talking about the U.S. and i find it hilarious that you think this was caused by the private sector. The Goverment was 99% of the cause passing the Community Reinvestment Act and forcing Fannie and Freddie to hand out loans they knew people couldn't afford. When the Republicans came to try to regulate Fannie and Freddie Barney Frank and the rest of the liberals wouldn't allow it. And the FED printing trillions of $ we don't have isn't helping the situation much.
look, you cock knocker, I dont around the internet criticizing your talking heads or the state of your nation and, in like manner, you should stfu about the US.
Strange for someone to make an avocation of dissing Schiff. You're committed now no matter what happen, right? . Were you doing this in years past when he was ridiculed by the conventional experts of the day or did you start this after his economic crash predictions came true? Either way, you're fighting a losing battle. It's like someone dissing a certain religion just to diss it with no offered alternative. What's your answer besides getting down on someone who has one?
A tiny bit of research will tell you when and why I started pointing out how silly this pseudoeconomist.And your analogy of giving away alcohol was used by me on another vid but in my more correct analogy the authority gave the kid a car and the kid got drunk and crashed it.
SO, who then has a better track record of predicting through system economics what has happened and is happening? You? Got someone who I can research who saw this coming ? I'm interested in results not spew for spew's sake. Just one name. Perhaps he's canadian?
And I don't care about people who just want to blame the government for eveything.Reneck libretarianism is silly and has been completely discredited.And before you get all excited I am talking about since the economic collapse which was in part caused by deregulating derivatives.And saying I am in this for fame is silly since I rarely show myself and pete is a media whore.
You have no idea what I think.I just think libretarian EXTREMISTS are ridiculous.I have read more Friedman than you ever will and appreciate it's relevance but militia loving nuts take it way too many steps too far.
I say again, give me one person you hold up to be half as accurate in his economic predictions of the last 5 years as Schiff. You aren't that's for sure, and you have no one to offer. Put the rubber on the road and I'll take more credence in what you say. I think I'll be waiting a long time....
The housing bubble is what toppled the whole financial sector! That's huge and he predicted it 5 years ago! The rest of what Schiff predicts is not "psychic", it relies on the basic priciples of free market that goes back to when the first caveman traded a piece of mammoth for a custom made club. Once inefficient layers of bureaucrats muck up the water it interferes with this process and it the case of what we see now, could destroy it forever. For the third time, who's your guy?
I'm not interested in nitpicking analagies or getting off the mian track with the same old tired political spin. Looking for solid answers here. I think because you're canadian that you're partial to socialism and big government.
I don't think you really have any answers, I think this Youtube presence is all about you trying to make some kind of name for yourself as being someone who stands up against Schiff. I don't care about you or your history, just want some solid discussion on what works and what doesn't . Might have to go elsewhere for that.
Dispassionate about POLITICS not about economics. It matters not which side is in power as long as they handle the goose that lay sthe golden eggs very carefully. None of 'em have done very well in the last 20 years, and the current one looks about ready to kill it for good. The Fed is a necessary evil and seems all behind the borrow and consume crowd. They need to help the borrow and produce crowd. You sure seem hung up on the Fed.
So you say, but I've heard no logic from you, just more of the same mix of politics and voodoo economics. I'm done with that. Did Peter Schiff insult your mother or something? Or maybe Pete is 180 from your latest economics prof's drivel?
"How did the Fed make Countrywide do this?" They gave them irresistibly low rates that made them push it harder. It's like giving free alcohol to minors who then wreck the car. Who's fault? Both acutally but more on the authority that controls the alcohol.
Actually, I think we all know how real economics works from childhood; you produce something , you get paid. Then along comes voodoo economics that reasons away all of the common sense and then anything is believable no matter how wrong stacking convolusion on top of convolusion. No wonder why nobody seems to know what's going on or what to do about it. Just go back to the lemonade stand and the piggy bank...
I disagree, it makes perfect sense because it's based on very basic economics, the pricipls of which we managed to get away from somehow. Seems like you have some axe to grind against Schiff, makes me wonder if it's politics. I like Peter because he's dispassionate about taking political sides, just wants sees it as right and wrong economically. I like that, it takes the madness out of it a makes it simple.
Well the dispassionate thing sure made me laugh but as I've said before everyone is saying the system failed and needs work but he is the only one yelling and screaming about the Fed being responsible for everything and it is ridiculous.
Peter may have missed on some of the details but the BIG PICTURE is crystal clear and right on track. It's inevitable unless we change our ways. Sadly, I don't believe this will happen until either we're standing on the precipice, or laying at the foot of it. I'm restructuring my whole attitude about money and lifestyle because of a newfound grasp of ho this all really works. I just hope I have enough time to reorder my ducks before the dollar collapses...
Everyone agrees that financial reform is needed but that doesn't mean that the Fed created all of this and it definitely doesn't mean that schiff's solutions are even close to being good.
Peter's predictions are based on common sense principles of economics, not voodoo witchcraft slight of hand. I never really understood how the economy worked until I researched Peter and the like.For the first time in my life it all makes sense. The reason that all of his predictions aren't there yet is because timing is fickle due to politics and fake cash infusions, but although one wave may come in, the tide is going out. A family, a village, or a country cannot borrow their way to success.
It is really funny to see all the petey parrots trying to trace everyback to the Fed when it is clear that the secondary and primary mortgage players clearly were inflating the economy with speculative trading.BTW inflation is NOT simply adding money to the economy unlike what the Austrians tell you.You guys don't get to rewrite the dictionary.
1.) "These governmental measures, combined with the Federal Reserve's loose monetary policy, led to an unsustainable housing boom. The key measure by which the Fed caused this boom was through the manipulation of interest rates, and the open market operations that accompany this lowering.
2.) When interest rates are lowered to below what the market rate would normally be, as the Federal Reserve has done numerous times throughout this decade, it becomes much cheaper to borrow money. Longer-term and more capital-intensive projects, projects that would be unprofitable at a high interest rate, suddenly become profitable.
3.) Because the boom comes about from an increase in the supply of money and not from demand from consumers, the result is malinvestment, a misallocation of resources into sectors in which there is insufficient demand.
4.) In this case, this manifested itself in overbuilding in real estate. When builders realize they have overbuilt and have too many houses to sell, too many apartments to rent, or too much commercial real estate to lease, they seek to recoup as much of their money as possible, even if it means lowering prices drastically."
Good ol petey parrots and their meaningless comments which show how ridiculous and non analytical you are.Thanks for making it so easy for me to make fun of you.
A bank would not have made poor loans if it had limited funds and no capacity to turn them over instantly. In such a case it would make the better and more reliable loans first.
If you read Greenspan's "Age of Turbulance" you will note that the fed knew of the nasdaq bubble, and even tried to raise interest rates in order to "pop it."
The fed by its very nature is the culprit,. Interest rates are not reflective of true market levels when set by fiat.
If you already made up your mind, that there is no validity to what Schiff says and people that agree with with him are idiots.Then there is no point in trying to have a rational and honest argument.If you are an open minded individual that doesn´t jump to conclusions and that gives people that disagree with him the benefit of the doubt, then you should really check out Austrian Economics Business Cycle Theory. I think we all tend to look superficially at people that disagree with us.
And to answer your question, the fed played a huge roll in what was happening. As of now, the federal reserve can print money whenever it wants and buy up bonds that governments sell to big banks.... in return they can sell the credit to banks within the united states at a very low discount window. What they've been doing has pushed for this situation.. if you cant see that you need to look at it closer and try to understand the process.
You lost me at when you used speculating oil prices as an example of when he was wrong. At that time who knew what was going to happen. Oil prices jumped as fast as they fell.
On that note, we are definitely heading towards a dollar criss here very soon... maybe within the next five years. This is a very serious issue and we should look at it that way.
The borrowers and lenders operate in conditions established in part by the FED. Obviously the details of the housing bubble are more complex, Fannie and Freddie played a role, banks subjected to anti-discriminatory lending standards, securityzation phenomenon, failure of rating agencies, globalization etc. When you study bubbles the specific form it might take can vary, but the underlying characteristics are the same.
I think we can agree that the housing bubble was pretty big, that it wasn´t just subprime borrowers but also prime borrowers refinancing and taking money out of their house as their house appreciated. The question becomes, we know that there have always been fraudalent and greedy people, this is nothing new, why do the fraudalent and greedy people decide to get worse at the same time accross the board and inflate one of the biggest bubbles in history? They don´t create the conditions.
give it some time, then you can make a video about how YOU were wrong! That I won't criticize. All you're looking at is short term data, the fundamentals are still the same, the game has barely begun.
no one made anyone do anything. It's called malinvestment, it happens during mania's when easy credit (fed) is interpreted as large savings either domestically or from abroad. These misinterpretations cause banks and lenders to make high risk loans to individuals who shouldn't have them on the notion that interests rates will stay low. Pick up a book, hayek, mises, rothbard, you don't even know what a business cycle is. Peter schiff is just repeating the founding principles of austrian econ...
the same thing happened in the 1920's when the fed made liquidity to easy in the 1920's and people borrowed money to invests in the stock market which drove the stock prices up even more
Your totally right. This guy knows jack shit but he thinks he does so that makes him important. And everybody that thinks differently is an idiot. Just wait and see his comment to my post......
3) Schiff actually has a pretty generic message, in many ways he just repeats Jim Rogers. Again most Economists will tell you that Inflation (an increase in the money supply) is a terrible thing. This includes Alan Greenspan who made it happen as well as the Keynes, who advocated it...
"By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens."
once again, there is a boom before there is a bust. Late 2008/09 has seen the dollar spread 15Fold, you are naive if you think there will be no repercussions for all this counterfeiting.
youre absolutely right, people should be leaving this Schiff fanclub, you included sir:
fanatic: A person marked or motivated by an extreme, unreasoning enthusiasm, as for a cause.
1) this "private sector" gets its stash from the money cartel, which is the fed. please forget about alex jones or any other baboon and watch murray rothbard's lecture on the fed. the lower the interest rates, the bigger the money supply, at this point the member banks down the ponzi scheme can charge whatever interest they want.
"how did they make countrywide do this?"
easy money = more malinvestments than usual. you would think people would learn something from the "roaring 20's"
The dollar has been going down before Peter could read and write. It's going down even faster now. If you took off your blinders you would see that the strength in the dollar rally's were due to covering and redemption's.
You should definitely learn a little more about the Fed and how they encouraged and "pushed" easy money lending standards.
You seem to have a small view of the big picture here. IMO
if all currencies fall, commodities rise in all currencies, so this makes Schiff's currency play bad but his commodity play good. Also, it is clear that if there was no new world order of keynesianism deciding world economic policy, he would have been 100% right. Call him naive for denial, I guess.
but u r right in a sense that they got most of their money through leveraging, but to leverage up the money they got in their hand in the first place is through fed and their low interest rates.
the government with implied and literl backing through fannie mae, freddie mac, bailout og LTCM, bush's bid to raise home ownership,cheap money from Fed incentivized irrational risk taking and bind grees given the lack of fear of loss. What do u think banks would do when they are floatinng on cheap money, they leverage it up, and starts gambling with government(taxpayer) money, loaning out to capture market share. then countywide gets cheap money with a shitty business plan cont.....
and gives it to shitty prospects, realying on ever growing house price which is fueled by every1 buying the same houses with the same funny money from the fed. But the problem is given people's lack of ability to pay, loan resets, astronomical amount of leverage to fund all the loans, and many other issues precepitated this fiasco. Rising house price on low interest in important in that, that is what drove creditors and lenders to borrowers, who was willing to take on gigantic debt.
Based on what you were saying, you don't seem to be an idiot. But you've missed so many points which is quite unusual, so I guess you are just one of those people who wants to discredit Peter Schiff.
Peter Schiff obviously knows about what you're saying. He's mentioned this over and over again. Everyone knows by now that banks were giving out loans they shouldn't have. The question is why were they doing this? Because the government backed the loans! why wouldn't they give out loans? They had nothing to lose but the taxpayers money.
3:17 . . . how much is gold now? $1,200. He was right after all, albeit a year off. Not bad at all for macro-economic predictions.
How much was the price of gold at the time you uploaded this video? $900.
Seriously. Need I say more? I think the numbers speak for themselves.
JacobSpinney 2 years ago
LOL!
So you don't think it might be a bubble? What happened to gold yesterday when people got scared? They sold off their gold and went to dollars. I'm sure you'll ignore this and repeat yourself but that won't make you right.
dsglop 2 years ago
You guys love to think pete is the only guy to see this coming but the truth is he is the most ridiculous person to see a bubble.I made a vid about the non ridiculous people who got it right so no more comments here.
dsglop 2 years ago
I dont think Peter Schiff was entirely wrong, I do think his timeline for gold / oil / commodities rise in price prediction may have been early. They will in fact, go up in price... its just taking a bit longer then he expected. The dollar will eventually fail.
Hotel112 2 years ago
"I dont think Peter Schiff was entirely wrong, I do think his timeline for gold / oil / commodities rise in price prediction may have been early. They will in fact, go up in price... its just taking a bit longer then he expected. The dollar will eventually fail." Amen. The reason it's taking longer is that we're getting massive cash infusions in the form of loans from China, Saudi Arabia, and Japan. Once those stop, the confidence in the dollar will collapse, along with our standard of living.
wilsonspaulding 2 years ago
Comment removed
wilsonspaulding 2 years ago
The problem is the Government interfering with the Private Sector, not allowing the free market to fix itself like it always has. Instead we wasted hundreds of billions of U.S TAXPAYERS MONEY to failing companies and now Obama is deciding to stop printing them money we don't have, yep, all the private sector, Chapter 11 is there for a reason. Stay out of America's business and worry about your own Country's Socialist tendencies, we don't them here.
Cuicio07 2 years ago 2
Amen
wilsonspaulding 2 years ago
Amen to Cuicio07.
wilsonspaulding 2 years ago
Your from Canada... please stop talking about the U.S. and i find it hilarious that you think this was caused by the private sector. The Goverment was 99% of the cause passing the Community Reinvestment Act and forcing Fannie and Freddie to hand out loans they knew people couldn't afford. When the Republicans came to try to regulate Fannie and Freddie Barney Frank and the rest of the liberals wouldn't allow it. And the FED printing trillions of $ we don't have isn't helping the situation much.
Cuicio07 2 years ago
Sorry, I dont listen to Canadians...go tend to your own house, we'll take care of ours.
mushmouth4life 2 years ago
Yeah because we don't have books or the internet here and we all say aboot.You fucking retard.
dsglop 2 years ago
look, you cock knocker, I dont around the internet criticizing your talking heads or the state of your nation and, in like manner, you should stfu about the US.
mushmouth4life 2 years ago
Cock knocker.LOL you silly kid.
dsglop 2 years ago
Strange for someone to make an avocation of dissing Schiff. You're committed now no matter what happen, right? . Were you doing this in years past when he was ridiculed by the conventional experts of the day or did you start this after his economic crash predictions came true? Either way, you're fighting a losing battle. It's like someone dissing a certain religion just to diss it with no offered alternative. What's your answer besides getting down on someone who has one?
wilsonspaulding 2 years ago
A tiny bit of research will tell you when and why I started pointing out how silly this pseudoeconomist.And your analogy of giving away alcohol was used by me on another vid but in my more correct analogy the authority gave the kid a car and the kid got drunk and crashed it.
dsglop 2 years ago
SO, who then has a better track record of predicting through system economics what has happened and is happening? You? Got someone who I can research who saw this coming ? I'm interested in results not spew for spew's sake. Just one name. Perhaps he's canadian?
wilsonspaulding 2 years ago
And I don't care about people who just want to blame the government for eveything.Reneck libretarianism is silly and has been completely discredited.And before you get all excited I am talking about since the economic collapse which was in part caused by deregulating derivatives.And saying I am in this for fame is silly since I rarely show myself and pete is a media whore.
dsglop 2 years ago
Ah, it finally comes out, a big government lover. Good luck with that!
wilsonspaulding 2 years ago
You have no idea what I think.I just think libretarian EXTREMISTS are ridiculous.I have read more Friedman than you ever will and appreciate it's relevance but militia loving nuts take it way too many steps too far.
dsglop 2 years ago
I say again, give me one person you hold up to be half as accurate in his economic predictions of the last 5 years as Schiff. You aren't that's for sure, and you have no one to offer. Put the rubber on the road and I'll take more credence in what you say. I think I'll be waiting a long time....
wilsonspaulding 2 years ago 2
And tell me how pete was right about anything other than the housing bubble.
dsglop 2 years ago
The housing bubble is what toppled the whole financial sector! That's huge and he predicted it 5 years ago! The rest of what Schiff predicts is not "psychic", it relies on the basic priciples of free market that goes back to when the first caveman traded a piece of mammoth for a custom made club. Once inefficient layers of bureaucrats muck up the water it interferes with this process and it the case of what we see now, could destroy it forever. For the third time, who's your guy?
wilsonspaulding 2 years ago 4
There are so many people who got it right while saying nonridiculous things I had to make a vid about them.
dsglop 2 years ago
redneck militia libertarianism yes
but please dont bunch all libertarians into one group
we are not all conspiracy nut jobs
I would think you would know that about me at least
I feel I need to clear that up
jonLukasC 2 years ago
I wasn't talking to you but feel you go in that direction.Maybe not as far as many but still too far in my opinion.
dsglop 2 years ago
I do somewhat
you could say some of my ideas are fringe but I dont agree with alot of what peter schiff says
also you have to understand this from the perspective of your politics too
as ive said you are clearly left of center on alot of issues
jonLukasC 2 years ago
I'm not interested in nitpicking analagies or getting off the mian track with the same old tired political spin. Looking for solid answers here. I think because you're canadian that you're partial to socialism and big government.
wilsonspaulding 2 years ago
I don't think you really have any answers, I think this Youtube presence is all about you trying to make some kind of name for yourself as being someone who stands up against Schiff. I don't care about you or your history, just want some solid discussion on what works and what doesn't . Might have to go elsewhere for that.
wilsonspaulding 2 years ago
Dispassionate about POLITICS not about economics. It matters not which side is in power as long as they handle the goose that lay sthe golden eggs very carefully. None of 'em have done very well in the last 20 years, and the current one looks about ready to kill it for good. The Fed is a necessary evil and seems all behind the borrow and consume crowd. They need to help the borrow and produce crowd. You sure seem hung up on the Fed.
wilsonspaulding 2 years ago
I am hung up on the fact that people are getting duped by people who spew rhetoric with no real logic to back it up.
dsglop 2 years ago
So you say, but I've heard no logic from you, just more of the same mix of politics and voodoo economics. I'm done with that. Did Peter Schiff insult your mother or something? Or maybe Pete is 180 from your latest economics prof's drivel?
wilsonspaulding 2 years ago
"How did the Fed make Countrywide do this?" They gave them irresistibly low rates that made them push it harder. It's like giving free alcohol to minors who then wreck the car. Who's fault? Both acutally but more on the authority that controls the alcohol.
wilsonspaulding 2 years ago
Actually, I think we all know how real economics works from childhood; you produce something , you get paid. Then along comes voodoo economics that reasons away all of the common sense and then anything is believable no matter how wrong stacking convolusion on top of convolusion. No wonder why nobody seems to know what's going on or what to do about it. Just go back to the lemonade stand and the piggy bank...
wilsonspaulding 2 years ago
See pete tries to make things sound simple but they are not.
dsglop 2 years ago
I disagree, it makes perfect sense because it's based on very basic economics, the pricipls of which we managed to get away from somehow. Seems like you have some axe to grind against Schiff, makes me wonder if it's politics. I like Peter because he's dispassionate about taking political sides, just wants sees it as right and wrong economically. I like that, it takes the madness out of it a makes it simple.
wilsonspaulding 2 years ago
Well the dispassionate thing sure made me laugh but as I've said before everyone is saying the system failed and needs work but he is the only one yelling and screaming about the Fed being responsible for everything and it is ridiculous.
dsglop 2 years ago
Peter may have missed on some of the details but the BIG PICTURE is crystal clear and right on track. It's inevitable unless we change our ways. Sadly, I don't believe this will happen until either we're standing on the precipice, or laying at the foot of it. I'm restructuring my whole attitude about money and lifestyle because of a newfound grasp of ho this all really works. I just hope I have enough time to reorder my ducks before the dollar collapses...
wilsonspaulding 2 years ago
Everyone agrees that financial reform is needed but that doesn't mean that the Fed created all of this and it definitely doesn't mean that schiff's solutions are even close to being good.
dsglop 2 years ago
Peter's predictions are based on common sense principles of economics, not voodoo witchcraft slight of hand. I never really understood how the economy worked until I researched Peter and the like.For the first time in my life it all makes sense. The reason that all of his predictions aren't there yet is because timing is fickle due to politics and fake cash infusions, but although one wave may come in, the tide is going out. A family, a village, or a country cannot borrow their way to success.
wilsonspaulding 2 years ago
It is really funny to see all the petey parrots trying to trace everyback to the Fed when it is clear that the secondary and primary mortgage players clearly were inflating the economy with speculative trading.BTW inflation is NOT simply adding money to the economy unlike what the Austrians tell you.You guys don't get to rewrite the dictionary.
dsglop 2 years ago
1.) "These governmental measures, combined with the Federal Reserve's loose monetary policy, led to an unsustainable housing boom. The key measure by which the Fed caused this boom was through the manipulation of interest rates, and the open market operations that accompany this lowering.
MichaelDanePetersen 2 years ago
2.) When interest rates are lowered to below what the market rate would normally be, as the Federal Reserve has done numerous times throughout this decade, it becomes much cheaper to borrow money. Longer-term and more capital-intensive projects, projects that would be unprofitable at a high interest rate, suddenly become profitable.
MichaelDanePetersen 2 years ago
3.) Because the boom comes about from an increase in the supply of money and not from demand from consumers, the result is malinvestment, a misallocation of resources into sectors in which there is insufficient demand.
MichaelDanePetersen 2 years ago
4.) In this case, this manifested itself in overbuilding in real estate. When builders realize they have overbuilt and have too many houses to sell, too many apartments to rent, or too much commercial real estate to lease, they seek to recoup as much of their money as possible, even if it means lowering prices drastically."
MichaelDanePetersen 2 years ago
Comment removed
MichaelDanePetersen 2 years ago
And....uhh....yea....uhh.....so the uhh....interest rates are uhh......I uhhh.....dont know what the hell im talking about uhh.
blackhwk10 2 years ago
Good ol petey parrots and their meaningless comments which show how ridiculous and non analytical you are.Thanks for making it so easy for me to make fun of you.
dsglop 2 years ago
I don't think you understand how interest rates are supposed to work.
DURKLIVES 2 years ago
ye, and who made better predictions than peter schiff??? give me a name
dollarisdead 2 years ago
Rambling nonsense
vishbuzz 2 years ago
A bank would not have made poor loans if it had limited funds and no capacity to turn them over instantly. In such a case it would make the better and more reliable loans first.
If you read Greenspan's "Age of Turbulance" you will note that the fed knew of the nasdaq bubble, and even tried to raise interest rates in order to "pop it."
The fed by its very nature is the culprit,. Interest rates are not reflective of true market levels when set by fiat.
the3hol 2 years ago
Schiff addressed these points on his radio show a few weeks ago.
JesusHatesChristians 2 years ago
LOL at all the petey parrots still trying to say the Fed did it all!How did I know that was going to happen?
dsglop 2 years ago
The fed played a huge role. Having a private bank able to print money at will on the backs of hard working americans is a crime.
stix42k 2 years ago
If you already made up your mind, that there is no validity to what Schiff says and people that agree with with him are idiots.Then there is no point in trying to have a rational and honest argument.If you are an open minded individual that doesn´t jump to conclusions and that gives people that disagree with him the benefit of the doubt, then you should really check out Austrian Economics Business Cycle Theory. I think we all tend to look superficially at people that disagree with us.
dieonyourfeetDEC16 2 years ago
And to answer your question, the fed played a huge roll in what was happening. As of now, the federal reserve can print money whenever it wants and buy up bonds that governments sell to big banks.... in return they can sell the credit to banks within the united states at a very low discount window. What they've been doing has pushed for this situation.. if you cant see that you need to look at it closer and try to understand the process.
stix42k 2 years ago
You lost me at when you used speculating oil prices as an example of when he was wrong. At that time who knew what was going to happen. Oil prices jumped as fast as they fell.
On that note, we are definitely heading towards a dollar criss here very soon... maybe within the next five years. This is a very serious issue and we should look at it that way.
stix42k 2 years ago
The borrowers and lenders operate in conditions established in part by the FED. Obviously the details of the housing bubble are more complex, Fannie and Freddie played a role, banks subjected to anti-discriminatory lending standards, securityzation phenomenon, failure of rating agencies, globalization etc. When you study bubbles the specific form it might take can vary, but the underlying characteristics are the same.
dieonyourfeetDEC16 2 years ago
I think we can agree that the housing bubble was pretty big, that it wasn´t just subprime borrowers but also prime borrowers refinancing and taking money out of their house as their house appreciated. The question becomes, we know that there have always been fraudalent and greedy people, this is nothing new, why do the fraudalent and greedy people decide to get worse at the same time accross the board and inflate one of the biggest bubbles in history? They don´t create the conditions.
dieonyourfeetDEC16 2 years ago
He is a long term trend investor. It is not that we follow him, it is that he makes the most sense to us. He is just - logical.
BlueSkies360 2 years ago
give it some time, then you can make a video about how YOU were wrong! That I won't criticize. All you're looking at is short term data, the fundamentals are still the same, the game has barely begun.
dcm05002 2 years ago
no one made anyone do anything. It's called malinvestment, it happens during mania's when easy credit (fed) is interpreted as large savings either domestically or from abroad. These misinterpretations cause banks and lenders to make high risk loans to individuals who shouldn't have them on the notion that interests rates will stay low. Pick up a book, hayek, mises, rothbard, you don't even know what a business cycle is. Peter schiff is just repeating the founding principles of austrian econ...
dcm05002 2 years ago
about the fed thing
countrywide committed fraud due to thinking that they could just re sell these loans
ok
well the fed setting interest rates artifically low effects everyone and every market and that is what caused those other bubles
so there is no way they would have thought prices of houses were going to continue to rise if they were not rising
and low interst rates do more than cancel out high prices since prices as you said were driven high due to demand
jonLukasC 2 years ago
the same thing happened in the 1920's when the fed made liquidity to easy in the 1920's and people borrowed money to invests in the stock market which drove the stock prices up even more
this is not to take countywide off the hook
fuck them put these people in jail
however the fed had a key role in this mess
not completely to blame not at all
but
certainly a key role
jonLukasC 2 years ago
Sorry, this guy just does not have a complete understanding of the issues.
No sense in wasting words arguing -- he needs to do a little more research.
49Falcon 2 years ago
Your totally right. This guy knows jack shit but he thinks he does so that makes him important. And everybody that thinks differently is an idiot. Just wait and see his comment to my post......
freedomfan0801 2 years ago
3) Schiff actually has a pretty generic message, in many ways he just repeats Jim Rogers. Again most Economists will tell you that Inflation (an increase in the money supply) is a terrible thing. This includes Alan Greenspan who made it happen as well as the Keynes, who advocated it...
"By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens."
- Keynes
patrikkorda 2 years ago
2) "that was just horribly wrong"
once again, there is a boom before there is a bust. Late 2008/09 has seen the dollar spread 15Fold, you are naive if you think there will be no repercussions for all this counterfeiting.
youre absolutely right, people should be leaving this Schiff fanclub, you included sir:
fanatic: A person marked or motivated by an extreme, unreasoning enthusiasm, as for a cause.
patrikkorda 2 years ago
1) this "private sector" gets its stash from the money cartel, which is the fed. please forget about alex jones or any other baboon and watch murray rothbard's lecture on the fed. the lower the interest rates, the bigger the money supply, at this point the member banks down the ponzi scheme can charge whatever interest they want.
"how did they make countrywide do this?"
easy money = more malinvestments than usual. you would think people would learn something from the "roaring 20's"
patrikkorda 2 years ago
The dollar has been going down before Peter could read and write. It's going down even faster now. If you took off your blinders you would see that the strength in the dollar rally's were due to covering and redemption's.
You should definitely learn a little more about the Fed and how they encouraged and "pushed" easy money lending standards.
You seem to have a small view of the big picture here. IMO
JuzzChiln 2 years ago
if all currencies fall, commodities rise in all currencies, so this makes Schiff's currency play bad but his commodity play good. Also, it is clear that if there was no new world order of keynesianism deciding world economic policy, he would have been 100% right. Call him naive for denial, I guess.
Honkyrappa 2 years ago
but u r right in a sense that they got most of their money through leveraging, but to leverage up the money they got in their hand in the first place is through fed and their low interest rates.
sarjil 2 years ago
Moral Hazard
sonnybrown 2 years ago
the government with implied and literl backing through fannie mae, freddie mac, bailout og LTCM, bush's bid to raise home ownership,cheap money from Fed incentivized irrational risk taking and bind grees given the lack of fear of loss. What do u think banks would do when they are floatinng on cheap money, they leverage it up, and starts gambling with government(taxpayer) money, loaning out to capture market share. then countywide gets cheap money with a shitty business plan cont.....
sarjil 2 years ago
and gives it to shitty prospects, realying on ever growing house price which is fueled by every1 buying the same houses with the same funny money from the fed. But the problem is given people's lack of ability to pay, loan resets, astronomical amount of leverage to fund all the loans, and many other issues precepitated this fiasco. Rising house price on low interest in important in that, that is what drove creditors and lenders to borrowers, who was willing to take on gigantic debt.
sarjil 2 years ago
Based on what you were saying, you don't seem to be an idiot. But you've missed so many points which is quite unusual, so I guess you are just one of those people who wants to discredit Peter Schiff.
AcidIntheRain 2 years ago
The only thing Peter Schiff didn't get right was the dollar ... that's why all the commodities, oil, gold etc are so high now.
Well, as you can see the dollar has been falling like crazy, will see what happens in the near future.
MiroGl 2 years ago
Peter Schiff obviously knows about what you're saying. He's mentioned this over and over again. Everyone knows by now that banks were giving out loans they shouldn't have. The question is why were they doing this? Because the government backed the loans! why wouldn't they give out loans? They had nothing to lose but the taxpayers money.
myheadhurtsnow 2 years ago