The Federal Reserve is a foreign owned private corporation and needs to be thrown out of the USA along with NATO, the UN, the Bilderbergs, the foreign owned Trilateral Commission, the foreign owned Council on Foreign Relations, the foreign spy agency called the Israeli Embassy, along with the foreign president....Obama.
Peter, why in hell did you not win the election? This is why i lose faith that our government will ever do the right thing. People like you will never get elected because you are too honest and say what really needs to be done even if it is unpleasant. I would vote for you and even campaign for you volentarily if you were in my state. I just want to encourage you to keep on going and i admire your back bone and your chin of steel. I have seen you slapped and punched on some TV interviews.
Mr. Schiff needs to get into the senate immediately. We need this voice of reason. If not I'm not sure how much longer this system can sustain. Mr. Schiff's ideas will work. Tell everyone you know about him. We need to decrease spending, increase production, stop bailing out poor performance, reform our school system, get rid of government guarantees on student loans, etc. Most of all this country needs a real leader that's not just playing politician. This is a critical time.
Listen you co-jackel! All of you try to defend the bankers, business's and say that giving breaks to the rich! the rich take the money and Corporations to other Countries!
Is this guy serious? Laizze-faire economic theory says that we shouldn't step in when banks act the way they did. Banks didn't have enough capital reserves, they made millions of bad loans, and they took on too much risk. The fact is nobody stepped in the way to stop them = laizze-faire
Also, fannie and freddie mac are not the causes of the recession (though they are part, but not nearly the major cause).
I'm looking forward to the Atlanta (10th Amendment Summit) Event.. .if anybody here lives in the NE Atlanta/Gwinnett/Dacula area send me a message. We can get a carpool going and join our efforts.. .
To view event announcment paste in YT home link >> watch?v=ynVbkfXvewU&feature=player_embedded#
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Peter Schiff, Ron Paul, Allen Grayson, and Jessie Ventura should organize a grass roots uprising to push for the end of the Federal Reserve and the Central Banking system in general. Our Constitution, Article 1 Section 8, provides that Congress shall coin money and regulate the value thereof--not some band of international bankers who we don't even have the right to know the identity of!!
Leave Alan Grayson out and I would be okay with that. Grayson is a pompous idiot who, while maybe being opposed to the Federal Reserve, wants to saddle us with government ran health care.
@juliaisafilmbuff123 We would have to level with the government's creditors, both foreign and domestic, and restructure our debt. We would finally and honestly declare bankruptcy. The dollar would lose value as a result. We will lose our world reserve currency status. The costs of basic commodities and foreign made products will increase while our wages will effectively stay flat or decrease. It will be the fall of America akin to the fall of the Soviet Union in the late 80s and 90s.
Thats nonsense. We have a much lower debt to GDP ratio than other solvent nations such as Italy and Belgium, which are in relatively much more debt than us. WE are nowhere near "bankrupt."
The GDP numbers are horribly inflated and doctored. You would know this if you were economically literate.
We are the most indebted country on the planet ever in history. We are running record deficits. Our deficits are growing exponentially at about the rate of 8.8% per year. Our economy, even measured in the farcical GDP number you illiterates so love to toss around, rarely grows more than 5% per year anymore. Do the math...if you know how.
Economically illiterate? I wonder how well you can read at all, you clearly did not take the time (or have the ability) to accurately read my comment. I did not say that we weren't running deficits, or that our deficits were not big. I said we were not about to be bankrupt, and that we are still solvent. There is a difference between running a deficit and being insolvent, but you wouldn't know that since it is you who is economically illiterate. Get a clue, read a book.
As soon as China and the few others decide to stop propping the dollar up and no longer buy our treasuries we'll default in no time. Our debt is impossible to pay back (especially with our current financial policies) and China, Japan and the Saudies know this. They also know that dumping the dollar would hurt them in a major way, thus the reluctant support for the dollar. This will end at one point and we'll be in huge trouble. We are the largest debtor nation in the world!
We are the largest debtor nation in the world because we have the largest economy in the world. Any major number connected to us is going to be huge when compared in absolute value to other nations. And yes, in the long run, we do have fiscal problem that needs addressing. But Schiff and his crew say that we are presently bankrupt, which is not the case. Not the case at all.
The amount of the student loan "forgiveness" after 20 years is a taxable event, much like an IRA distribution. If you are "forgiven" $100,000 and pay 20% income tax, you'll need $20,000 for the tax man, immediately. If you are employed in "qualified" profession, the forgiveness is not taxable. There will be short term civil service job programs you can participate in that will make part of your taxable "forgiveness" tax-free. Join or Pay. The Freedom is Yours!
I absolutely hate that comments get deleted after they receive more than (what, six?) "thumbs down." Crazy morons have a right to free speech too, no? I think it's extremely hypocritical of us Libertarians (lets be honest, on Schiffs videos it is Libertarians doing the thumb-down-ing) to disapprove people's comments out of existence.
I was listening to wall st unspun (I think the 13th or 14th of Jan) and a person called in quoting the bible and Schiff said something along the lines of "Their is a lot of wisdom in that book". I wonder if he ever actually read it? If so, I guess he is ready to shut down hospitals and just perform exorcisms on the sick? Bring back slavery? Stone people to death for minor infractions including working on the sabbath (isn't he working 7 days a week?
well the day ain't starting out too well now is it? Once again, for 6 weeks straight we have dollar strength, and gold/silver weakness. Just relentless, which is why I keep telling people they need to trade, not hold. It's bad enough if you choose the wrong side of the charts on the most recent trade, but if you're wrong, at least you have previous gains to fall back on.
Fundamental buy and hold is and will always be, complete bullshit for the clueless. Congrats Jimmy Rogers. You da man.
Trading?? You would invest in this highly manipulated environment?? I think the "weakness" in metals is a great buying opportunity!! This dollar "strengthening" will be short lived and the crash that much more severe. I wouldnt touch financials now with a 100-ft pole and other peoples money.
@CASTILLOM1..lol. good point. I rarely 'invest' in anything. By invest I mean buying something to actually hold it for months/years. Not a chance. That philosophy was debunked in my mind years ago, thankfully.
As for me, I AM in CAD financials and doing quite well overall, but then again I just started buying them.
Save a sheeple and answer this question. When the schiffs of the world talk about the crisis leading to the low near zero interest rates. Does this mean interbank lending or mortgage rates?
can't agree that people will just borrow for the sake of borrowing. That's a sad commentary on the values of kids, and I just don't see it. I would like to have more faith in them than that-yes I"m a student.
I know alot of people who would take advantage of that program. Everybody is not honest like you. Anything the government has program meant to help people abuse the system(welfare and Medicare, disability).
@rolexx as of 9PM EST, he's most likely watching the dollar gain even more ground against the majors, like it has for the last 6 weeks straight. :-) The Euro is shitting the bed again, and we're closing in on 90.50 Yen.
Peter, I'd like to hear more positive recommendations from you in these videos. I think Americans know there is a big mess in Washington. Instead of criticizing the establishment, let's hear some solutions. I think that's what Americans want right now.
Also Hap, I must say I disagree when you say Schiff is a charlatan. His Fundamentals are in my mind perfect. Where I diverge from him however is that I do my best to not take a shit-kicking when I can plainly see charts going against me. I do not have the fear that the market/stock/commodity will run away on me. Doing this has allowed me to not take what is amounting to a 25% beatdown in my favorite gold stocks in the last month. Don't get me wrong, I am currently down in them more than I'd like
For the record Hap, I went long gold stocks last week the same time I went short the USD (at 200ma). I went long silver yesterday and long gold bullion today, the last two at their respective lows. We are so close to all levels here I know a move is imminent. If someone is long these things from a while ago and in serious pain, I suggest you at least wait to see how these levels play out. I also suggest you use charts to limit the pain next time.
As I had mentioned before Haploid, we are certainly on the cusp of many charts. The point that the dollar has been hovering around (200ma) is from a technical level extremely pivotal. It was wrong to be short the dollar in 2008 and if we gain and hold the 200ma I suspect it will be wrong to short the dollar again. Believing in some fundamental BS regardless of how true it may be, is a horrible way to invest/trade. Being in anything for the 'long haul' is another way of saying "I have no clue".
@mcdonaldscalling21 "Being in anything for the 'long haul' is another way of saying "I have no clue" err no, it just means they aren't day traders or market timers. Investing for the long term does not mean that an individual is clueless. "Believing in some fundamental BS regardless of how true it may be, is a horrible way to invest/trade", not for investors in gold, oil other commodities its not.
After upwards up 4-5 yrs in Gold stocks you have bupkis less inflation. That's a bad investment. That's too long in something to have gained nothing. And since you nor Peter is 100% invested in Gold Bullion, that ain't gonna save your portfolio either.
"long term investing" blows and is wrought with under-performance. Timing is and always will be the way to go for max gains, and even that is no guarantee.
Naw, as the prices seem to be artificially, I think it wouldn't. As Schiff aludes to, the prices already reflect the depth of the buyer's pocket more than the cost of the product.
Its called the Tokyo Syndrome in the early 90's.Japan had a real-estate bubble and is still not recovered the difference is that Japan had the highest savings rates in the world during that time and huge manufacturing infrastructure.USA has weak infrastructure a blown real-estate bubble,no savings, and a titan like China winning the US manufacturing role....it doesn't look good and like Japan there hasn't been a recovery.I see a continuing contraction of the US economy for the long term.
' The fact that a quasi-government agency, unaccountable to the American people, likely wasted billions of taxpayer dollars and went to great lengths to prevent Congress and the American people from learning about these actions demonstrates the threat that the Federal Reserve poses to basic principles of American democracy'.
schiff, sometimes you disappoint me. tax cuts should be extended across the board, not just at the top. some good will definitely come out of tax cuts to the middle and lower income persons, especially in the present economy, to use that money to start businesses. don't assume that people aren't saving. higher income persons and businesses aren't out there creating jobs, and there must be some policy-incentive given to entrepreneurs to do so. your position here rests stokes class war.
He always suggest tax cuts to ALL classes, he uses the "Rich" point to refute Liberals and Socialist saying the wealthy are greedy and corrupt, which happens in all human activity,
A govt has no wealth it can only take some one else's resources and reallocated it to another.
You need capital through savings and this can create the environment for opportunity, not guarantee it.
His whole point is free people can Potentially achieve more than a central planned economy/lifestyle/philoshphy
i am very familiar with schiff, and i think you misunderstood my point and what he said in the videoblog. by railing against tax cuts to the middle class, particularly, intimating that they don't create jobs, and continuing on that the wealthy would have to make up that shortfall and, incidentally, they are the most deserving of tax cuts as the greatest creator of jobs plays right into the hands of many of his and other free market and lower tax skeptics.
making the wealthy central to the recovery is precisely why people recoil. i think he should have just followed word-for-word my example, and went across the board.
again, it's not like the wealthy are creating jobs if you total the number of job losses over the last two years, or the last few days. tax policy, more than ever, must aim at job creation across all brackets. he fails to say that by particularizing the wealthy in this log even if he, as i agree with you, knows better.
What makes you think that the USA is in a downward spiral? Are you also a fan of G. Edward Griffin and do you watch his videos here on youtube too? 1984 is now. Peace!
Wouldn't it be wonderful if Peter Schiff could actually become Ben's replacement and then teach congress how to invest some of the tax revenue they collect so that the American Government can get to the point that they can survive off the interest earned on the investment of tax dollars rather than the wasteful borrowing and spending they currently are obsessed with. I know this may be a novel idea but it sure would help our government reduce taxes over the long term. Best wishes for all! :)
We don't regulate how trees should grow and how bees should pollinate - physics laws take care for all that for us... but still there are those knowing better - idealists/socialists/utopians.
Peter, I would like to know what your plan is for the middle class? I see alot of people who are running for office say how bad the current ideas are, but I have seen no plan from them, on how to help the middle class with jobs, healthcare, or education. Make no mistake I am not in favor of any party, but I am in favor of helping save the middle class.
do you think houses in a good market like texas or north carolina will still be selling after the tax credit's over in april? and the fact that fha won't loan past $278,000
A processor's salary drives up the cost of education. The salary is determined by what they would make on their own in the private sector. The college is forced to compete. No?
not true. he said it "could" go to $2k or $5 depending on what the government did. it should of been at $2k even before the crisis if central banks didnt keep selling gold to keep the price down. even with all the manipulations of the gold market by central banks, it has still gone from $700 to over $1000 in one year. thats 50%.
Bologna Michael. He said 2K by the end of this year (2010) He's been quite adamant. He never said $5, ever, and in fact he doesn't really believe it's going down at all. If he did, he would not have said just two evenings ago that he's still buying gold companies.
You can only truly have it one way. If he held through that downdraft of 2008, he'd hold it that far down again, because what he believes wouldn't allow the sale. Holding onto fundamental beliefs can be costly when things turn on you
he guarantees nothing. He said 2K by end of 2010 many times, the last one on Fast Monkey. If you meant 5K was possible (not $5), well then we've heard the same clip where he gave both of those numbers. Keep waiting, or don't lay your err on me.
For the record, I went back long at 1080-1100 after dumping all of it on the run to 1200. I just got back into Silver this AM when it dumped hard to support, and I went back short the dollar this past week where I am currently slightly up. If the Dollar Index gains and holds the 200ma I would be forced to go long the Dollar or at least exit my short at a loss. Trading on fundamentals alone is a garbage way to play. It's very wasteful. Jim Rogers had a good call - long the Dollar a month back.
yea dude - playing on fundamentals is not always good because its hard to predict the short term impact a stimulus pack will have on the economy - all they're doing is creating another bubble. It'll crash again - hard to say when though but, it will definitely happen if spending keeps up. If your in gold for the long run you'll see a massive return because it's going to jump huge in comparison to the USD once inflation kicks in. short sell and buys is not what he's recommending.
You've got that right. The facts are shares in gold companies as of this writing have been complete dead money, some for upwards of 5 years. If all you did was buy the average, and then hold you've actually lost money due to inflation. The dollar, gold ad silver are on the cusp yet again for another day. Gold shares have been getting hammered for a month straight, almost every day. The truth is they either a screaming buy or the whole gold/dollar 'fundamentals' have changed......cont...
...cont.... I have to go long gold here as well as short the dollar, but I know sure as shootin' we are on the edge. It's either a complete shit the bed moment, or the best buying opportunity you've have in a long while. Place your bets.
@APRtunedAudi ......Mabe so but trying to start a third party ie (libertarian) in these senate races is a fools game.. I love libertarians love what they stand for, but the fact is any one going into this race libertarian has no chance in hell...I dont like it any more than you.. but it is a fact..Further more Peter should distance himself from Ron Paul.
about a year ago gold was around 700 bucks. And schiff said it would reach over 1100. Go look the gold price now.
Dont worry about gold going to 5000$ it will be there in no time. It takes time and he said might. Gold is over 1100$ and i said it will reach 1700 soon and i bet it will. I mean in a year it has gone up over 400$.
lol. you guys are pathetic. if you hate jews so much why dont you kick them out of the middle east? oh wait, you tried that, and failed miserably. ha ha ha ha! i wonder why cant you beat little old israel? after all, you have millions of super duper holy islamic, suicide bombers with missiles atomic (not mention allah) on your side. hmm, i guess this whole islamic thing isnt so great after all, is it? maybe try christianity?
I guess all Americans have to shut up too because we all are killing innocent Iraqi's? Under this logic, pretty much every citizen of every western country should shut up because all of our governments have committed atrocities at one time or other.
I think your "Doctor Doom" imagine has been vindicated.
I like Ben. Bernake would make a good neighbor inviting him over for a barbeque....but I always see him holding back his words, calculated, probably due to the hole he's dug himself...shorting the truth.
it's funny all the anti-peter mouthbreathers here couldn't see the crash coming. Now they're all gurus telling Peter he's wrong when you couldn't see the shit storm until after the fact like you have some fucking credibility. Here's a hint, no one gives a fuck what your stupid opinion is. I hope Peter loses, not because I want him to, but because I'd like to see all the naysayers suffer fom their ignorance and stupidity.
@abdi9999 If these candy land programs really benefited us in the long run, Republicans and Libertarians wouldn't oppose them. You mustn't be blind to unintended consequences.
Don't argue with me, go out and erase your viewpoint, then look up the facts, both sides of the arguments and hopefully, you'll see that what I'm saying is correct.
abdi9999 - dude you didn't listen to a word he said did you? His ideas are to better the country for everyone - i know it's a little different then the rhetoric you're use to hearing from Obama and others alike - but, that's because this guy is actually sensible. There aren't many sensible human beings running your country - that's why you need to vote this guy in. He's a gem.
He's just piling up the kindling. Get ready for a much much bigger fire in the next few years. He's just doing more of the same dude - spend, spend spend... someone has to pay for it sometime - either through insane taxes or hyperinflation. I'm up in Canada so I'll watch from above.
Lots of schaudenfreude up there in Canada is there? Gold is not a good investment unless you have a way to escape the country that failed to get to another country with a sound economy.
schadenfreudes, get out of here... what am I going to do about it? I discuss it and hope that one day we change and make better decisions. Until then all I can do is act to better my personal state and that of those around me. Real (commodities) or foreign are a good investments in failing economies.
haha I love how people who say it as it is are always called out for being "extremists" or now "schadenfreudes". I guess I'll take it over todays idea of "common sense".
and it seems that I'm one of very few up here in Canada that's able to step out of the box a little bit and see whats actually happening - and what the future is most likely going to bring if we keep up our ways of over consuming, under producing and excess borrowing. We're not to much better but, at least in canada we have natural resources up the ass.
@ClothCanopyUnfurled America is still a powerful nation, boy. We aren't going to be taken out so damn easily. America is powerful enough to take on Iraq, Afghanistan, Pakistan, North Korea, Russia, Iran, Venezuela, Cuba, Libya, and China at the same time if we have to. We have some of the best weapons on the planet, like the M1A2 Abrams tank, M2 Bradley infantry fighting vehicle, carriers, etc. World War 3 is going to be fun. Plenty of volenteers with the legions of unemployed and starving!
All those unemployed and starving are going to make up Obama's national security force when martial law is declared. THEY will be locking your ass up.
@get50007 Wrong answer. They will be the meat that goes into the meat grinder in the next World War. FEMA camps aren't going to happen. A world war is going to be a more likely scenario.
No way can we take on "Pakistan, Afghanistan, North Korea, Russia, Iran Venezuela, Cuba, Libya and China" at the same time. Logistically impossible. There would be a second, 'civil war' if it were even tried.
WW3 will likely be short and I may be wrong, but it'll probably go nuclear or something more horrifying. No need to invade when you can just 'fumigate' the terrestrial hordes.
I hear it is already planned that we lose! LOL, yes, sounds like "fun" indeed.
Dude, I own a condo in Vancouver, one in Mexico City and about to own one in Cancun. I´m not suffering. Regarding my english comprehension....I´m multi-lingual. I can´t always punctuate or spell correctly because for some of us, rules from other languages get mixed in with the wrong one. You´d know that if you bothered picking up another language or two. I live in Mexico part of the year, what you are describing is how Mexico is today. You have no clue whats waiting for you.
...I travel with an entourage from the airport to my home. My friend was kidnapped for $2 MILLION years ago....her father paid the ransom and the surprising thing is she was released. Normally, they just kill you because often times, the kidnappers are your NEIGHBOURS, FRIENDS, ASSOCIATES at work. She was lucky because she didnt recognize any one of them.
If things go to shit and you´re still enjoying a marguerita....it means you´re next in line for a kidnapping.
Being multi-lingual does not excuse you from consistently mis-spelling words. You are asserting that I am not when you know nothing about me at all - how stupid can one be? Well sorry, for your information, I am fluent in 4 languages.
Are those all the assets you have? If so and those assets are paid up for in cash, then you are middle class. If you took out a loan to buy them, then sorry, you are an indentured slave to us, the people who absolutely know and control whats going on. idiot.
...next time I´ll use the spell checker. That way you´ll be convinced that I have the capacity to link string theory into Einsteins theory of relativity.
No dude, it requires effort and my wife would tell you that I leave the towels on the floor every morning....for her to pick up. If I had a bit more energy it sure wouldnt go to appease you....so forget the spell checker. Its just not on the key board.
Well they should savour the fabulous taste of the "marguritas" because after this, it only gets worse. No more stimulous is coming. Did you enjoy your stimulous? Funny, I dont remember it.
I agree with you on Fannie and Freddie, except you are dead wrong on the affordability issue. Fannie and Freddie are active players in the multifamily market and have kept rates attractive to keep the working who rent at levels they can afford.
Nobody stays a student forever. The jobs of the future are technical. We need to keep innovating to stay ahead. The jobs of painting Mickey Mouse figurines have gone to China. They aint ever coming back. Soon, call centre jobs will be going there too. What is 700 million Americans gonna do with their time? Go on welfare? No??? Then we head into the direction of China where a civil war is brewing because of joblessness and hopelessness.
....or, you can adopt the Mexican model of PURE CAPITALISM and watch a crime wave overcome your cities and towns. Kidnappings, ransoms.....oh my! The govt could also stop BUYING democracy for other nations and start investing in our own people if we want to head off our own civil war. Infastructure is failing, bridges collapsing, policemen and firemen are being paid via BONDS donated by the Feds to California. Droughts across the land. Homelessness.
I have a feeling that you don't have any idea about any other nations economic and political systems. You just carelessly label any nation that is poor as capitalist. By the way, just to give you an example of Mexico. They have a nationalized oil industry and a monopolized phone industry, but they have cheaper dental services than we do in the U.S. It's all relative, your mindless and dogmatic clumping shows that you're an idiot who likes to SHOUT.
There are levels of socialisim across the world. In Canada and Mexico we have socialized programs. In Canada my car insurance is socialized, my medical care and my post secondary schooling was affordable because of socialized govt programs. Capitalism....REAL capitalism is without a safety net. Sink or swim. You lose your job tommorow in Mexico...too bad. No insurance no welfare. You´re selling balloons for a living the next day if you dont have money saved up. The UN is there to help some.
...in Mexico most people have cell phones that are privately owned and more less monopolized by a man by the name of Slim. He doesnt like paying taxes either even while he´s arguably the wealthiest man in the world.
Canada is the only nation that didnt lose a single bank in the crises and its because of MORE govt NOT LESS. More govt enforcing REGULATIONS. More govt = more agent keeping an eye on the banks. More agents is akin to more cops on the beat, Schiff. Canadian banks swooped down on the over 100 American banks that failed....we snacked on the road kill and have gotten bigger. Not bigger from fat, but bigger as in LEANER and Stronger. USA banks were FAT and bloated with gas.
Second point you are in error over....nobody knew house prices would come crashing down? Look, when you hand mortgages to poor people because you ran out of middle class, they are gonna start defaulting by the millions. Which they did. The market got SATURATED by foreclosed homes. Why would anybody buy your $200,000 house when they can buy the one next door exactly like yours for $80,000 - under receivership? THINK Schiff - THINK!!
When you hollow out the middle class because you want to ship jobs to China, and when you are a bank who´s run out of clients and face a flat growth for the next 20 years, you create deregulation where you can sell debt to stupid people and live off that until the house of cards come tumbling down. But you dont worry because you already cashed out and living it up in Cancun. In Canada we require a solid job, 15% down on homes and a solid credit report. No security guards buying mansions here.
Banks own solvency regulations -- the deregulation touted came as an unintended consequence of guaranteeing loans for under-qualified borrowers. By banks securitizing their mortgages, it resolved two concerns:
1. Their solvency was reset...time to make more loans.
2. Risk was completely eliminated.
Canada didn't have a Government agencies subsidizing banks by guaranteeing any and all mortgages shuffled their way. The Government provided the incentive. Simple economics.
We don´t need such guarantees of subsidey when we have strict regulations that ensure they never need to be. It´s more about regulations and less about economics....the economics of it are laid out in the regulations - you just need to read between the lines.
Hahaha! Did you even listen to what Peter said?! Have you read his literature? From the sounds of your comments, no you haven't! For example, when you say,
"Look, when you hand mortgages to poor people because you ran out of middle class, they are gonna start defaulting by the millions. Which they did. The market got SATURATED by foreclosed homes."
you are actually ECHOING what peter has said in the past. You are an embarrassment to your country.
No, he said that the govt was TOO INVOLVED with the mortgage and credit markets that the banks failed. The man speaks out of both sides of his mouth. "The last thing we need right now is to further encumber our economy with higher taxes and additional regulations. ' Peter Schiff. No, Peter, the $10 TRILLION shouldnt be paid down, and the banks should continue business as usual.
Dude, you got lost in his long winded speaches. He shoots in all different directions.
You pay down the debt so you dont bend to the whims of other nations....CHINA. You regulate banks because GREED is always underestimated. The insiders are taking the public for a ride. The guy cant remember his own story he told yesterday and today he´s reacting to something else but still has trouble being consistent.
Okay, today he says NO to REGULATION or posting a ´cop on the beat´at banks...ok. Lets all try to remember that shall we?
There is a difference in being a regulatory body that protects the investor from fraud and graft. The involvement that we have seen and still see is the govt subsidizing bad decisions. He is 100% correct that we shouldn't have bailed out those failed industries and let them fail. Let the free market work. As it stands instead of goldman sachs and jp morgan failing they used tax dollars to undermine small bank systems and gobble them up. Schiff is right.
You're not factoring risk into the equation. The Fed + Fannie and Freddie eliminated the risk to banks by increasing the qualifying pool and securitizing any loan thrown their way. This gave banks an incentive to take on, what would have otherwise been, high-risk borrowers. Instead of denying them based upon both liquidity regulations and risk standards, banks remained solvent and risk-free by siphoning those tox loans through Fannie/Fred. Incentive is the key, the unintended consequence.
So which DÉ-regulation allowed them to off load so much risk to Fannie y Freddie? I´m assuming there was no limit on how much risk they can take on....they were insolvent and would have known that. Wouldnt the banks have known it too from due delligence? Dont say it wasnt for the banks to know. They are part of the system.
Lowering the Fed interest rate qualified every bum on the street. Fan/Fred securitizing every loan thrown their way removed risk from banks. Subsequently, they re-rated those mortgages in their favor and transferred that risk to the derivatives market. They were the enablers - caught w/ 5+trillion in toxic loans.
I never said banks weren't part of the system. I said the Government gave them the incentive. Absent either one of those above, the housing crisis could have been minimized.
Govt DEREGULATION was the cause. There were a SERIES of deregulations starting with Ronald Regan who stated "we hit the jackpot" when he signed the removed the regulation. Next runner up was Bill Clinton...another hit, and then we had Alan Greenspan (What´s my name again?), who opposed regulations. In 2002 in Canada they wanted deregulation and to become more integrated with American banks....it was soundly rejected. Every country in the world that integrated w- the USA was harmed severely.
Deregulation, in your head, was the cause because of the fact that the elites push "Too big to fail" policies. If "Too big to fail" policies weren't implemented then the regulations would come from the market rather than policy makers. Regulations need to be there but arbitrary(political) ones should not be used in place of natural market regulations.
Why did we reject the integration? The analysts uncovered a murky secret world worth bilions of debt secretly guarded in the American industry. Oh, nothing to see here, folks....move along.
Glass-Steagall was an important solvency regulation that was changed in the late '90's -- it allowed banks to use increased leverage. Dare I suggest it was signed by Clinton?
What regulatory bills which you say were at the heart of our woes are you referring to when you say Govt DEREGULATION was the cause?
It doesnt matter which party caused the most harm, all I know is if its not one, its always gonna be the other. I´m not coping out here either. I just wanted to know because the media isnt explaining what happend.
With that, I agree. There are goats on both sides of the isle and we have yet to see the story unravel on a large scale. Check out Khan Academy. Khan goes into banking, finance and the credit crisis in great detail. He's here on youtube and has his own website. Great resource.
You are smoking something, dude. I´m gonna part company here. It seems like you are emotional over something and are all over the map making very little sense. You take care now, cowboy.
Stop posting stupid comments. For Christ's sake, did Canada have a Fannie and Freddie buying up mortgages whose credit worthiness were awful? Did Canada have a credit rating cartel that had every incentive to rate them as prime as AA or AAA? Did Canada subsidize down payments ? Did Canada have mark to market accounting regulation with regards to valuing houses? Did Canada have lax monetary policy that helped fuel these regulatory policy blunders? Anyway, what kind of regulation did Canada have
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The Federal Reserve is a foreign owned private corporation and needs to be thrown out of the USA along with NATO, the UN, the Bilderbergs, the foreign owned Trilateral Commission, the foreign owned Council on Foreign Relations, the foreign spy agency called the Israeli Embassy, along with the foreign president....Obama.
altgeldrarities 2 weeks ago
Peter, why in hell did you not win the election? This is why i lose faith that our government will ever do the right thing. People like you will never get elected because you are too honest and say what really needs to be done even if it is unpleasant. I would vote for you and even campaign for you volentarily if you were in my state. I just want to encourage you to keep on going and i admire your back bone and your chin of steel. I have seen you slapped and punched on some TV interviews.
Piper43078 10 months ago
@Piper43078 Because the other candidate had 50 million dollars to spend. US democracy = the richest get elected.
TWSceptic 1 month ago
Let the students have a good time. If they graduate and only make 30000 a year then their life is over anyway!
chefshitpiece 1 year ago
Ron Paul & Peter Schiff saw it coming! Bernarke needs to learn Austrian economics.
wraye81 1 year ago
La-zy Fair, is that a new name for Wel-Fare? Lazy Fair
mastermind48451 1 year ago
And by the way, get the memo Mr Schiff: its BernANKE not BerNAKE.
hoodoo961 1 year ago
Mr. Schiff needs to get into the senate immediately. We need this voice of reason. If not I'm not sure how much longer this system can sustain. Mr. Schiff's ideas will work. Tell everyone you know about him. We need to decrease spending, increase production, stop bailing out poor performance, reform our school system, get rid of government guarantees on student loans, etc. Most of all this country needs a real leader that's not just playing politician. This is a critical time.
beebop46n2 1 year ago
Listen you co-jackel! All of you try to defend the bankers, business's and say that giving breaks to the rich! the rich take the money and Corporations to other Countries!
1chichimec1 1 year ago
Is this guy serious? Laizze-faire economic theory says that we shouldn't step in when banks act the way they did. Banks didn't have enough capital reserves, they made millions of bad loans, and they took on too much risk. The fact is nobody stepped in the way to stop them = laizze-faire
Also, fannie and freddie mac are not the causes of the recession (though they are part, but not nearly the major cause).
girardbcp 1 year ago
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I'm looking forward to the Atlanta (10th Amendment Summit) Event.. .if anybody here lives in the NE Atlanta/Gwinnett/Dacula area send me a message. We can get a carpool going and join our efforts.. .
To view event announcment paste in YT home link >> watch?v=ynVbkfXvewU&feature=player_embedded#
blttomato 2 years ago
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Leadwerks 2 years ago
do you want to get us jobs, or just get elected... cause everyone that looks honest becomes a serious spender when they get elected...
lovepeace2you 2 years ago
@AtlasShruggery He didn't call to bomb Iran. Many might not agree with his comment, but you are misrepresent what he said.
Godwad 2 years ago
Schiffty Pete the Neocon. Wonder if his call to bomb Iran is connected to his prediction that the price of gold will rise to $5,000 per ounce?
AtlasShruggery 2 years ago
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ephedrinedietpills 2 years ago
I love it when Peter Schiff pounds on CNBC
seminar7 2 years ago
Sell out.
Why would someone support you to go and add the 70th vote to Bernanke's confirmation.
Illimitus 2 years ago
Peter Schiff, Ron Paul, Allen Grayson, and Jessie Ventura should organize a grass roots uprising to push for the end of the Federal Reserve and the Central Banking system in general. Our Constitution, Article 1 Section 8, provides that Congress shall coin money and regulate the value thereof--not some band of international bankers who we don't even have the right to know the identity of!!
Me9231 2 years ago 2
Leave Alan Grayson out and I would be okay with that. Grayson is a pompous idiot who, while maybe being opposed to the Federal Reserve, wants to saddle us with government ran health care.
AlbaGoBragh 2 years ago
Can Ron Paul REALLY just abolish the Federal Reserve? And if he did, what would happen in the short-term? Would there be a lot of instability?
juliaisafilmbuff123 2 years ago
@juliaisafilmbuff123
Yes, he can. No, it wouldn't.
You're assuming that it would happen immediately. Nobody said it'd be immediately changed. It takes time and Ron Paul has said that.
flashlightbrown 2 years ago
@juliaisafilmbuff123 We would have to level with the government's creditors, both foreign and domestic, and restructure our debt. We would finally and honestly declare bankruptcy. The dollar would lose value as a result. We will lose our world reserve currency status. The costs of basic commodities and foreign made products will increase while our wages will effectively stay flat or decrease. It will be the fall of America akin to the fall of the Soviet Union in the late 80s and 90s.
chuska8383 2 years ago
Thats nonsense. We have a much lower debt to GDP ratio than other solvent nations such as Italy and Belgium, which are in relatively much more debt than us. WE are nowhere near "bankrupt."
hoodoo961 1 year ago
Wow, keep drinking the koolaid Mr. Doo!
The GDP numbers are horribly inflated and doctored. You would know this if you were economically literate.
We are the most indebted country on the planet ever in history. We are running record deficits. Our deficits are growing exponentially at about the rate of 8.8% per year. Our economy, even measured in the farcical GDP number you illiterates so love to toss around, rarely grows more than 5% per year anymore. Do the math...if you know how.
chuska8383 1 year ago 4
Economically illiterate? I wonder how well you can read at all, you clearly did not take the time (or have the ability) to accurately read my comment. I did not say that we weren't running deficits, or that our deficits were not big. I said we were not about to be bankrupt, and that we are still solvent. There is a difference between running a deficit and being insolvent, but you wouldn't know that since it is you who is economically illiterate. Get a clue, read a book.
hoodoo961 1 year ago
@hoodoo961
As soon as China and the few others decide to stop propping the dollar up and no longer buy our treasuries we'll default in no time. Our debt is impossible to pay back (especially with our current financial policies) and China, Japan and the Saudies know this. They also know that dumping the dollar would hurt them in a major way, thus the reluctant support for the dollar. This will end at one point and we'll be in huge trouble. We are the largest debtor nation in the world!
0oHIZAKIo0 1 year ago
We are the largest debtor nation in the world because we have the largest economy in the world. Any major number connected to us is going to be huge when compared in absolute value to other nations. And yes, in the long run, we do have fiscal problem that needs addressing. But Schiff and his crew say that we are presently bankrupt, which is not the case. Not the case at all.
hoodoo961 1 year ago
@chuska8383 - Agreed. In 2009 our economy actually had NEGATIVE growth. Since the late 70s the US only averages about 2-3% economic growth per year.
A86 1 year ago
The amount of the student loan "forgiveness" after 20 years is a taxable event, much like an IRA distribution. If you are "forgiven" $100,000 and pay 20% income tax, you'll need $20,000 for the tax man, immediately. If you are employed in "qualified" profession, the forgiveness is not taxable. There will be short term civil service job programs you can participate in that will make part of your taxable "forgiveness" tax-free. Join or Pay. The Freedom is Yours!
WGS669 2 years ago
Cramer is a rider of the short bus. Or a schill (or both).
Paetaor 2 years ago
I absolutely hate that comments get deleted after they receive more than (what, six?) "thumbs down." Crazy morons have a right to free speech too, no? I think it's extremely hypocritical of us Libertarians (lets be honest, on Schiffs videos it is Libertarians doing the thumb-down-ing) to disapprove people's comments out of existence.
liberationn15 2 years ago
@liberationn15,
They do not get deleted. You have to go to OPTIONS and select SHOW ALL COMMENTS that way any comments that have more than -6 will be visible.
josacape 2 years ago 2
You, sir, have changed my YouTube life forever.
liberationn15 2 years ago
Ron Paul for Federal Reserve Chairman!!!
CASTILLOM1 2 years ago 7
haha.. He would actually abolish the Federal Reserve before he become a chairman.
lexus232323 2 years ago
Comment removed
cunnidvd 1 year ago
@cunnidvd Of course I know this Cunni. Im very aware of how the Federal Reserve system operates.
CASTILLOM1 1 year ago
Comment removed
cunnidvd 1 year ago
@CASTILLOM1 If it was up to Ron Paul there would be no Fedreal Reserve and that's a good thing.
cunnidvd 1 year ago
I was listening to wall st unspun (I think the 13th or 14th of Jan) and a person called in quoting the bible and Schiff said something along the lines of "Their is a lot of wisdom in that book". I wonder if he ever actually read it? If so, I guess he is ready to shut down hospitals and just perform exorcisms on the sick? Bring back slavery? Stone people to death for minor infractions including working on the sabbath (isn't he working 7 days a week?
christo930 2 years ago
Opppsss... That should say "There is a lot of ..."
christo930 2 years ago
well the day ain't starting out too well now is it? Once again, for 6 weeks straight we have dollar strength, and gold/silver weakness. Just relentless, which is why I keep telling people they need to trade, not hold. It's bad enough if you choose the wrong side of the charts on the most recent trade, but if you're wrong, at least you have previous gains to fall back on.
Fundamental buy and hold is and will always be, complete bullshit for the clueless. Congrats Jimmy Rogers. You da man.
mcdonaldscalling21 2 years ago
Trading?? You would invest in this highly manipulated environment?? I think the "weakness" in metals is a great buying opportunity!! This dollar "strengthening" will be short lived and the crash that much more severe. I wouldnt touch financials now with a 100-ft pole and other peoples money.
CASTILLOM1 2 years ago
@CASTILLOM1..lol. good point. I rarely 'invest' in anything. By invest I mean buying something to actually hold it for months/years. Not a chance. That philosophy was debunked in my mind years ago, thankfully.
As for me, I AM in CAD financials and doing quite well overall, but then again I just started buying them.
mcdonaldscalling21 2 years ago
Save a sheeple and answer this question. When the schiffs of the world talk about the crisis leading to the low near zero interest rates. Does this mean interbank lending or mortgage rates?
Thanks for your answer, I'm not an economist!
doomalicious 2 years ago
this guys a broken record
larrydallas187 2 years ago
I agree that this vlog is a good candidate for more precision.
Sometimes shorter is better.
TofCanada 2 years ago
can't agree that people will just borrow for the sake of borrowing. That's a sad commentary on the values of kids, and I just don't see it. I would like to have more faith in them than that-yes I"m a student.
kiasmama 2 years ago
I know alot of people who would take advantage of that program. Everybody is not honest like you. Anything the government has program meant to help people abuse the system(welfare and Medicare, disability).
87estab 2 years ago
Peter it has been two days... we need an update. Where are you?
rolexx 2 years ago 2
@rolexx as of 9PM EST, he's most likely watching the dollar gain even more ground against the majors, like it has for the last 6 weeks straight. :-) The Euro is shitting the bed again, and we're closing in on 90.50 Yen.
mcdonaldscalling21 2 years ago
Why does everyone that watches these videos post negative comments?
aaronbasile 2 years ago 2
Peter, I'd like to hear more positive recommendations from you in these videos. I think Americans know there is a big mess in Washington. Instead of criticizing the establishment, let's hear some solutions. I think that's what Americans want right now.
fiveminuteplan 2 years ago
Nope, he needs to explain the ideas that the government thinks will "help the people" when i reality it'll destroy us again.
iloqin 2 years ago
Also Hap, I must say I disagree when you say Schiff is a charlatan. His Fundamentals are in my mind perfect. Where I diverge from him however is that I do my best to not take a shit-kicking when I can plainly see charts going against me. I do not have the fear that the market/stock/commodity will run away on me. Doing this has allowed me to not take what is amounting to a 25% beatdown in my favorite gold stocks in the last month. Don't get me wrong, I am currently down in them more than I'd like
mcdonaldscalling21 2 years ago
For the record Hap, I went long gold stocks last week the same time I went short the USD (at 200ma). I went long silver yesterday and long gold bullion today, the last two at their respective lows. We are so close to all levels here I know a move is imminent. If someone is long these things from a while ago and in serious pain, I suggest you at least wait to see how these levels play out. I also suggest you use charts to limit the pain next time.
mcdonaldscalling21 2 years ago
As I had mentioned before Haploid, we are certainly on the cusp of many charts. The point that the dollar has been hovering around (200ma) is from a technical level extremely pivotal. It was wrong to be short the dollar in 2008 and if we gain and hold the 200ma I suspect it will be wrong to short the dollar again. Believing in some fundamental BS regardless of how true it may be, is a horrible way to invest/trade. Being in anything for the 'long haul' is another way of saying "I have no clue".
mcdonaldscalling21 2 years ago
@mcdonaldscalling21 "Being in anything for the 'long haul' is another way of saying "I have no clue" err no, it just means they aren't day traders or market timers. Investing for the long term does not mean that an individual is clueless. "Believing in some fundamental BS regardless of how true it may be, is a horrible way to invest/trade", not for investors in gold, oil other commodities its not.
titan13131 2 years ago
@titan13131 sorry to say, but yes it is.
After upwards up 4-5 yrs in Gold stocks you have bupkis less inflation. That's a bad investment. That's too long in something to have gained nothing. And since you nor Peter is 100% invested in Gold Bullion, that ain't gonna save your portfolio either.
"long term investing" blows and is wrought with under-performance. Timing is and always will be the way to go for max gains, and even that is no guarantee.
mcdonaldscalling21 2 years ago
He's in for the long term. Be sensible.
rupertmja1 2 years ago
So should the schools have price control?
EdgeNicx 2 years ago
Yes, schools should have a price control. The same one the corner sandwich shop has: the ability of the customers to pay.
End the effective State monopoly on education, and the prices will go down, and the quality will go up.
dmgoddard 2 years ago
I was thinkin the other way. In Norway we have free public colleges "competing" with private ones.
And as I write it, I realize my mistake. As we have private schools, we don't have monopoly. Well played, dmgoddard. Well played.
EdgeNicx 2 years ago
It would make education scarce.
pedroquintero 2 years ago
Naw, as the prices seem to be artificially, I think it wouldn't. As Schiff aludes to, the prices already reflect the depth of the buyer's pocket more than the cost of the product.
With the state monopoly, scarcity isn't an issue.
EdgeNicx 2 years ago
Could be, but I feel like they would not take profit losses and cut corners to maintain their salaries.
pedroquintero 2 years ago
Its called the Tokyo Syndrome in the early 90's.Japan had a real-estate bubble and is still not recovered the difference is that Japan had the highest savings rates in the world during that time and huge manufacturing infrastructure.USA has weak infrastructure a blown real-estate bubble,no savings, and a titan like China winning the US manufacturing role....it doesn't look good and like Japan there hasn't been a recovery.I see a continuing contraction of the US economy for the long term.
humaner 2 years ago
' The fact that a quasi-government agency, unaccountable to the American people, likely wasted billions of taxpayer dollars and went to great lengths to prevent Congress and the American people from learning about these actions demonstrates the threat that the Federal Reserve poses to basic principles of American democracy'.
Clap Clap Clap Darrell Issa
That's it -go back to sleep y'all [sic]
madhuradi 2 years ago
schiff, sometimes you disappoint me. tax cuts should be extended across the board, not just at the top. some good will definitely come out of tax cuts to the middle and lower income persons, especially in the present economy, to use that money to start businesses. don't assume that people aren't saving. higher income persons and businesses aren't out there creating jobs, and there must be some policy-incentive given to entrepreneurs to do so. your position here rests stokes class war.
pobaldy66 2 years ago
He always suggest tax cuts to ALL classes, he uses the "Rich" point to refute Liberals and Socialist saying the wealthy are greedy and corrupt, which happens in all human activity,
A govt has no wealth it can only take some one else's resources and reallocated it to another.
You need capital through savings and this can create the environment for opportunity, not guarantee it.
His whole point is free people can Potentially achieve more than a central planned economy/lifestyle/philoshphy
europa 2 years ago
@europa,
i am very familiar with schiff, and i think you misunderstood my point and what he said in the videoblog. by railing against tax cuts to the middle class, particularly, intimating that they don't create jobs, and continuing on that the wealthy would have to make up that shortfall and, incidentally, they are the most deserving of tax cuts as the greatest creator of jobs plays right into the hands of many of his and other free market and lower tax skeptics.
pobaldy66 2 years ago
@europa,
making the wealthy central to the recovery is precisely why people recoil. i think he should have just followed word-for-word my example, and went across the board.
again, it's not like the wealthy are creating jobs if you total the number of job losses over the last two years, or the last few days. tax policy, more than ever, must aim at job creation across all brackets. he fails to say that by particularizing the wealthy in this log even if he, as i agree with you, knows better.
pobaldy66 2 years ago
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918yourass 2 years ago
The USA is in a downward spiral.
rollsthepaul 2 years ago
What makes you think that the USA is in a downward spiral? Are you also a fan of G. Edward Griffin and do you watch his videos here on youtube too? 1984 is now. Peace!
Lingerfoot 2 years ago
Wouldn't it be wonderful if Peter Schiff could actually become Ben's replacement and then teach congress how to invest some of the tax revenue they collect so that the American Government can get to the point that they can survive off the interest earned on the investment of tax dollars rather than the wasteful borrowing and spending they currently are obsessed with. I know this may be a novel idea but it sure would help our government reduce taxes over the long term. Best wishes for all! :)
nvsyru 2 years ago
It's called comunism and it's been tried before and failed.
Marine475 2 years ago
lais⋅sez faire = natural laws
We don't regulate how trees should grow and how bees should pollinate - physics laws take care for all that for us... but still there are those knowing better - idealists/socialists/utopians.
grraadd 2 years ago
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israel=alqaida
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MsRawrPink 2 years ago
Peter, I would like to know what your plan is for the middle class? I see alot of people who are running for office say how bad the current ideas are, but I have seen no plan from them, on how to help the middle class with jobs, healthcare, or education. Make no mistake I am not in favor of any party, but I am in favor of helping save the middle class.
kubie3787 2 years ago
do you think houses in a good market like texas or north carolina will still be selling after the tax credit's over in april? and the fact that fha won't loan past $278,000
cyndrellian 2 years ago
A processor's salary drives up the cost of education. The salary is determined by what they would make on their own in the private sector. The college is forced to compete. No?
fatherOfDescendants 2 years ago
would must die
hatemorethanyou999 2 years ago
God! I hate my Student Loans!
The Stupidest thing I ever did.
c1fuzzles 2 years ago 2
not true. he said it "could" go to $2k or $5 depending on what the government did. it should of been at $2k even before the crisis if central banks didnt keep selling gold to keep the price down. even with all the manipulations of the gold market by central banks, it has still gone from $700 to over $1000 in one year. thats 50%.
michaelpshipley1 2 years ago
Bologna Michael. He said 2K by the end of this year (2010) He's been quite adamant. He never said $5, ever, and in fact he doesn't really believe it's going down at all. If he did, he would not have said just two evenings ago that he's still buying gold companies.
You can only truly have it one way. If he held through that downdraft of 2008, he'd hold it that far down again, because what he believes wouldn't allow the sale. Holding onto fundamental beliefs can be costly when things turn on you
mcdonaldscalling21 2 years ago
i meant $5k.
show me the clip or text that proves he guaranteed any exact price for gold at any specific date. go ahead, ill wait.
michaelpshipley1 2 years ago
he guarantees nothing. He said 2K by end of 2010 many times, the last one on Fast Monkey. If you meant 5K was possible (not $5), well then we've heard the same clip where he gave both of those numbers. Keep waiting, or don't lay your err on me.
mcdonaldscalling21 2 years ago
For the record, I went back long at 1080-1100 after dumping all of it on the run to 1200. I just got back into Silver this AM when it dumped hard to support, and I went back short the dollar this past week where I am currently slightly up. If the Dollar Index gains and holds the 200ma I would be forced to go long the Dollar or at least exit my short at a loss. Trading on fundamentals alone is a garbage way to play. It's very wasteful. Jim Rogers had a good call - long the Dollar a month back.
mcdonaldscalling21 2 years ago
yea dude - playing on fundamentals is not always good because its hard to predict the short term impact a stimulus pack will have on the economy - all they're doing is creating another bubble. It'll crash again - hard to say when though but, it will definitely happen if spending keeps up. If your in gold for the long run you'll see a massive return because it's going to jump huge in comparison to the USD once inflation kicks in. short sell and buys is not what he's recommending.
mikekets 2 years ago
You've got that right. The facts are shares in gold companies as of this writing have been complete dead money, some for upwards of 5 years. If all you did was buy the average, and then hold you've actually lost money due to inflation. The dollar, gold ad silver are on the cusp yet again for another day. Gold shares have been getting hammered for a month straight, almost every day. The truth is they either a screaming buy or the whole gold/dollar 'fundamentals' have changed......cont...
mcdonaldscalling21 2 years ago
...cont.... I have to go long gold here as well as short the dollar, but I know sure as shootin' we are on the edge. It's either a complete shit the bed moment, or the best buying opportunity you've have in a long while. Place your bets.
mcdonaldscalling21 2 years ago
what funds buy into gold, and precious metals???????????????????
Directly buying into metals, or just by buying into mining corporations....
idrobinhood 2 years ago
Sounds like Von Mises and Hayek, Austrian School economics. We're well on the way down The Road to Serfdom it would seem.
vbywrde 2 years ago 3
Austrian School = the only sensible economic school of thought
mikekets 2 years ago 2
@APRtunedAudi ......Mabe so but trying to start a third party ie (libertarian) in these senate races is a fools game.. I love libertarians love what they stand for, but the fact is any one going into this race libertarian has no chance in hell...I dont like it any more than you.. but it is a fact..Further more Peter should distance himself from Ron Paul.
damnright4 2 years ago
about a year ago gold was around 700 bucks. And schiff said it would reach over 1100. Go look the gold price now.
Dont worry about gold going to 5000$ it will be there in no time. It takes time and he said might. Gold is over 1100$ and i said it will reach 1700 soon and i bet it will. I mean in a year it has gone up over 400$.
SeaTownJoshTV 2 years ago 3
This comment has received too many negative votes show
Shut up jew
you don't get to talk about politics, you kill innocent palestinians
lvl100pokemans 2 years ago
lol. you guys are pathetic. if you hate jews so much why dont you kick them out of the middle east? oh wait, you tried that, and failed miserably. ha ha ha ha! i wonder why cant you beat little old israel? after all, you have millions of super duper holy islamic, suicide bombers with missiles atomic (not mention allah) on your side. hmm, i guess this whole islamic thing isnt so great after all, is it? maybe try christianity?
michaelpshipley1 2 years ago
I guess all Americans have to shut up too because we all are killing innocent Iraqi's? Under this logic, pretty much every citizen of every western country should shut up because all of our governments have committed atrocities at one time or other.
christo930 2 years ago
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twofamousproduction 2 years ago
Fire Bernanke and Cramer, that'll be two birds one stone.
ciberwarrior 2 years ago
Where is this world going. It seems like everything just stopped and there is no future?
Is it just me?
CP91311 2 years ago
Obama is not a Democrat! He is a Progressive in Democrat Clothing!!!
moonbaby625 2 years ago 2
then why dont you apply for Bernanke's job rather being a senater?
hurcule911 2 years ago
it don't work like that... use some sense when commenting
mikekets 2 years ago
I think your "Doctor Doom" imagine has been vindicated.
I like Ben. Bernake would make a good neighbor inviting him over for a barbeque....but I always see him holding back his words, calculated, probably due to the hole he's dug himself...shorting the truth.
AccuracyMarked 2 years ago
Wow
keeptkntests 2 years ago
Absolutely. Why is it that even after it is explained clearly & succinctly, the sheep still want to argue about it? No child left behind?
hillbillybeachboy 2 years ago
it's funny all the anti-peter mouthbreathers here couldn't see the crash coming. Now they're all gurus telling Peter he's wrong when you couldn't see the shit storm until after the fact like you have some fucking credibility. Here's a hint, no one gives a fuck what your stupid opinion is. I hope Peter loses, not because I want him to, but because I'd like to see all the naysayers suffer fom their ignorance and stupidity.
emp0rizzle 2 years ago
This comment has received too many negative votes show
you republicans are crazy, you are against everything good.
peter why do you have to see the bad side of letting people getting help with the tuition fees.
abdi9999 2 years ago
@abdi9999 If these candy land programs really benefited us in the long run, Republicans and Libertarians wouldn't oppose them. You mustn't be blind to unintended consequences.
Don't argue with me, go out and erase your viewpoint, then look up the facts, both sides of the arguments and hopefully, you'll see that what I'm saying is correct.
BTbass 2 years ago 2
abdi9999 - dude you didn't listen to a word he said did you? His ideas are to better the country for everyone - i know it's a little different then the rhetoric you're use to hearing from Obama and others alike - but, that's because this guy is actually sensible. There aren't many sensible human beings running your country - that's why you need to vote this guy in. He's a gem.
mikekets 2 years ago 4
@mikekets
Bernanke did a good job putting out the fire.
After he started the fire himself in the first place.
HeisenbergSleptHere 2 years ago 2
He's just piling up the kindling. Get ready for a much much bigger fire in the next few years. He's just doing more of the same dude - spend, spend spend... someone has to pay for it sometime - either through insane taxes or hyperinflation. I'm up in Canada so I'll watch from above.
mikekets 2 years ago
@mikekets
Lots of schaudenfreude up there in Canada is there? Gold is not a good investment unless you have a way to escape the country that failed to get to another country with a sound economy.
HeisenbergSleptHere 2 years ago
schadenfreudes, get out of here... what am I going to do about it? I discuss it and hope that one day we change and make better decisions. Until then all I can do is act to better my personal state and that of those around me. Real (commodities) or foreign are a good investments in failing economies.
haha I love how people who say it as it is are always called out for being "extremists" or now "schadenfreudes". I guess I'll take it over todays idea of "common sense".
mikekets 2 years ago
and it seems that I'm one of very few up here in Canada that's able to step out of the box a little bit and see whats actually happening - and what the future is most likely going to bring if we keep up our ways of over consuming, under producing and excess borrowing. We're not to much better but, at least in canada we have natural resources up the ass.
mikekets 2 years ago
@mikekets: if I understand right, Canada didn't have subprime mortgages so you should be in great shape.
my next door neighbor is living in his house for free because the bank isn't ready to take it back. while i have to work and pay taxes to keep mine.
papaboule 2 years ago
Dam, i would love to go to college in america, drugs, women, cars, luxury pads...and only pay 10%?! Van wilder eat your heart out
conor34040 2 years ago 2
nah, its not 10% of income, its 10% above the poverty level. Virtually 0 students will qualify.
bowtie728 2 years ago
"The Devil that we know" haha - nice
lenny380 2 years ago
In Israel school is free - subsidized by the US Tax Payer why not he same in the US?
marniespeaks 2 years ago
just collapse already. not like a little collapse, or a gradual decline. just freakin' COLLAPSE! I want to see the whole world crumble overnight!
Yeah, that's right, I WANT it to happen.
burn burn burn!
ClothCanopyUnfurled 2 years ago
@ClothCanopyUnfurled America is still a powerful nation, boy. We aren't going to be taken out so damn easily. America is powerful enough to take on Iraq, Afghanistan, Pakistan, North Korea, Russia, Iran, Venezuela, Cuba, Libya, and China at the same time if we have to. We have some of the best weapons on the planet, like the M1A2 Abrams tank, M2 Bradley infantry fighting vehicle, carriers, etc. World War 3 is going to be fun. Plenty of volenteers with the legions of unemployed and starving!
He101A 2 years ago
All those unemployed and starving are going to make up Obama's national security force when martial law is declared. THEY will be locking your ass up.
get50007 2 years ago 2
@get50007 Wrong answer. They will be the meat that goes into the meat grinder in the next World War. FEMA camps aren't going to happen. A world war is going to be a more likely scenario.
He101A 2 years ago
No way can we take on "Pakistan, Afghanistan, North Korea, Russia, Iran Venezuela, Cuba, Libya and China" at the same time. Logistically impossible. There would be a second, 'civil war' if it were even tried.
WW3 will likely be short and I may be wrong, but it'll probably go nuclear or something more horrifying. No need to invade when you can just 'fumigate' the terrestrial hordes.
I hear it is already planned that we lose! LOL, yes, sounds like "fun" indeed.
ClothCanopyUnfurled 2 years ago
@ClothCanopyUnfurled The elites have decided on World War 3 instead of FEMA camps for all Americans. Enjoy the last 2 years of life as it was.
He101A 2 years ago
nothing on the SCOTUS and how corporation will pick our legislators?
marniespeaks 2 years ago
Dude, I own a condo in Vancouver, one in Mexico City and about to own one in Cancun. I´m not suffering. Regarding my english comprehension....I´m multi-lingual. I can´t always punctuate or spell correctly because for some of us, rules from other languages get mixed in with the wrong one. You´d know that if you bothered picking up another language or two. I live in Mexico part of the year, what you are describing is how Mexico is today. You have no clue whats waiting for you.
Rata4You 2 years ago
...I travel with an entourage from the airport to my home. My friend was kidnapped for $2 MILLION years ago....her father paid the ransom and the surprising thing is she was released. Normally, they just kill you because often times, the kidnappers are your NEIGHBOURS, FRIENDS, ASSOCIATES at work. She was lucky because she didnt recognize any one of them.
If things go to shit and you´re still enjoying a marguerita....it means you´re next in line for a kidnapping.
Rata4You 2 years ago
Being multi-lingual does not excuse you from consistently mis-spelling words. You are asserting that I am not when you know nothing about me at all - how stupid can one be? Well sorry, for your information, I am fluent in 4 languages.
Are those all the assets you have? If so and those assets are paid up for in cash, then you are middle class. If you took out a loan to buy them, then sorry, you are an indentured slave to us, the people who absolutely know and control whats going on. idiot.
trinomialtree 2 years ago
...next time I´ll use the spell checker. That way you´ll be convinced that I have the capacity to link string theory into Einsteins theory of relativity.
No dude, it requires effort and my wife would tell you that I leave the towels on the floor every morning....for her to pick up. If I had a bit more energy it sure wouldnt go to appease you....so forget the spell checker. Its just not on the key board.
Rata4You 2 years ago
arbitrage, you drink margaritas because your a pussy
4theConstitution 2 years ago
Well they should savour the fabulous taste of the "marguritas" because after this, it only gets worse. No more stimulous is coming. Did you enjoy your stimulous? Funny, I dont remember it.
Rata4You 2 years ago
I agree with you on Fannie and Freddie, except you are dead wrong on the affordability issue. Fannie and Freddie are active players in the multifamily market and have kept rates attractive to keep the working who rent at levels they can afford.
JackMism 2 years ago
Stop buying Chinese made goods. China is responsible for turning the U.S. into a socialist nation!
He101A 2 years ago
I cant stop....the chinese have my job and I can only afford this $2.99 stool I bought at Walmart.
Rata4You 2 years ago
Watch this fuck up story>BREAKING: Supreme Court Gives U.S. Government To Corporations, Unions Next In Line
hilololomoa 2 years ago
lol i LOVE student loans.... i'll stay student all my life. this is awesome. and I don't even have to get a job in order to pay my loan....
I love government!
boygenis 2 years ago
@boygenis
You mispelled your screen name.
You DID mean to name yourself boypenis didn't you?
NotEasilyRegimented 2 years ago
Nobody stays a student forever. The jobs of the future are technical. We need to keep innovating to stay ahead. The jobs of painting Mickey Mouse figurines have gone to China. They aint ever coming back. Soon, call centre jobs will be going there too. What is 700 million Americans gonna do with their time? Go on welfare? No??? Then we head into the direction of China where a civil war is brewing because of joblessness and hopelessness.
Rata4You 2 years ago
....or, you can adopt the Mexican model of PURE CAPITALISM and watch a crime wave overcome your cities and towns. Kidnappings, ransoms.....oh my! The govt could also stop BUYING democracy for other nations and start investing in our own people if we want to head off our own civil war. Infastructure is failing, bridges collapsing, policemen and firemen are being paid via BONDS donated by the Feds to California. Droughts across the land. Homelessness.
Rata4You 2 years ago
I have a feeling that you don't have any idea about any other nations economic and political systems. You just carelessly label any nation that is poor as capitalist. By the way, just to give you an example of Mexico. They have a nationalized oil industry and a monopolized phone industry, but they have cheaper dental services than we do in the U.S. It's all relative, your mindless and dogmatic clumping shows that you're an idiot who likes to SHOUT.
Chainedorlo 2 years ago
There are levels of socialisim across the world. In Canada and Mexico we have socialized programs. In Canada my car insurance is socialized, my medical care and my post secondary schooling was affordable because of socialized govt programs. Capitalism....REAL capitalism is without a safety net. Sink or swim. You lose your job tommorow in Mexico...too bad. No insurance no welfare. You´re selling balloons for a living the next day if you dont have money saved up. The UN is there to help some.
Rata4You 2 years ago
...in Mexico most people have cell phones that are privately owned and more less monopolized by a man by the name of Slim. He doesnt like paying taxes either even while he´s arguably the wealthiest man in the world.
Rata4You 2 years ago
Canada is the only nation that didnt lose a single bank in the crises and its because of MORE govt NOT LESS. More govt enforcing REGULATIONS. More govt = more agent keeping an eye on the banks. More agents is akin to more cops on the beat, Schiff. Canadian banks swooped down on the over 100 American banks that failed....we snacked on the road kill and have gotten bigger. Not bigger from fat, but bigger as in LEANER and Stronger. USA banks were FAT and bloated with gas.
Rata4You 2 years ago 2
Second point you are in error over....nobody knew house prices would come crashing down? Look, when you hand mortgages to poor people because you ran out of middle class, they are gonna start defaulting by the millions. Which they did. The market got SATURATED by foreclosed homes. Why would anybody buy your $200,000 house when they can buy the one next door exactly like yours for $80,000 - under receivership? THINK Schiff - THINK!!
Rata4You 2 years ago
When you hollow out the middle class because you want to ship jobs to China, and when you are a bank who´s run out of clients and face a flat growth for the next 20 years, you create deregulation where you can sell debt to stupid people and live off that until the house of cards come tumbling down. But you dont worry because you already cashed out and living it up in Cancun. In Canada we require a solid job, 15% down on homes and a solid credit report. No security guards buying mansions here.
Rata4You 2 years ago
@Rata4You
You are correct about the problem, but incorrect about the causes.
NotEasilyRegimented 2 years ago
Banks own solvency regulations -- the deregulation touted came as an unintended consequence of guaranteeing loans for under-qualified borrowers. By banks securitizing their mortgages, it resolved two concerns:
1. Their solvency was reset...time to make more loans.
2. Risk was completely eliminated.
Canada didn't have a Government agencies subsidizing banks by guaranteeing any and all mortgages shuffled their way. The Government provided the incentive. Simple economics.
musicman812 2 years ago
We don´t need such guarantees of subsidey when we have strict regulations that ensure they never need to be. It´s more about regulations and less about economics....the economics of it are laid out in the regulations - you just need to read between the lines.
Rata4You 2 years ago
@ Rata4You
Hahaha! Did you even listen to what Peter said?! Have you read his literature? From the sounds of your comments, no you haven't! For example, when you say,
"Look, when you hand mortgages to poor people because you ran out of middle class, they are gonna start defaulting by the millions. Which they did. The market got SATURATED by foreclosed homes."
you are actually ECHOING what peter has said in the past. You are an embarrassment to your country.
Schiff For Senate 2010.
Jpiedro 2 years ago
No, he said that the govt was TOO INVOLVED with the mortgage and credit markets that the banks failed. The man speaks out of both sides of his mouth. "The last thing we need right now is to further encumber our economy with higher taxes and additional regulations. ' Peter Schiff. No, Peter, the $10 TRILLION shouldnt be paid down, and the banks should continue business as usual.
Dude, you got lost in his long winded speaches. He shoots in all different directions.
Rata4You 2 years ago
You pay down the debt so you dont bend to the whims of other nations....CHINA. You regulate banks because GREED is always underestimated. The insiders are taking the public for a ride. The guy cant remember his own story he told yesterday and today he´s reacting to something else but still has trouble being consistent.
Okay, today he says NO to REGULATION or posting a ´cop on the beat´at banks...ok. Lets all try to remember that shall we?
Rata4You 2 years ago
There is a difference in being a regulatory body that protects the investor from fraud and graft. The involvement that we have seen and still see is the govt subsidizing bad decisions. He is 100% correct that we shouldn't have bailed out those failed industries and let them fail. Let the free market work. As it stands instead of goldman sachs and jp morgan failing they used tax dollars to undermine small bank systems and gobble them up. Schiff is right.
Michael7893 2 years ago 2
You're not factoring risk into the equation. The Fed + Fannie and Freddie eliminated the risk to banks by increasing the qualifying pool and securitizing any loan thrown their way. This gave banks an incentive to take on, what would have otherwise been, high-risk borrowers. Instead of denying them based upon both liquidity regulations and risk standards, banks remained solvent and risk-free by siphoning those tox loans through Fannie/Fred. Incentive is the key, the unintended consequence.
musicman812 2 years ago
So which DÉ-regulation allowed them to off load so much risk to Fannie y Freddie? I´m assuming there was no limit on how much risk they can take on....they were insolvent and would have known that. Wouldnt the banks have known it too from due delligence? Dont say it wasnt for the banks to know. They are part of the system.
Rata4You 2 years ago
Lowering the Fed interest rate qualified every bum on the street. Fan/Fred securitizing every loan thrown their way removed risk from banks. Subsequently, they re-rated those mortgages in their favor and transferred that risk to the derivatives market. They were the enablers - caught w/ 5+trillion in toxic loans.
I never said banks weren't part of the system. I said the Government gave them the incentive. Absent either one of those above, the housing crisis could have been minimized.
musicman812 2 years ago
@Rata4You
You are too technical for most people to understand.
Using all the buzz words, all the bells whips ana whistles that the insiders use.
Terms like "fat and bloated with gas"." Snacked on the Road kill".
You don't seem to realize that government policies and regulation of the banks in the US was the cause of the problem.
NotEasilyRegimented 2 years ago
Govt DEREGULATION was the cause. There were a SERIES of deregulations starting with Ronald Regan who stated "we hit the jackpot" when he signed the removed the regulation. Next runner up was Bill Clinton...another hit, and then we had Alan Greenspan (What´s my name again?), who opposed regulations. In 2002 in Canada they wanted deregulation and to become more integrated with American banks....it was soundly rejected. Every country in the world that integrated w- the USA was harmed severely.
Rata4You 2 years ago
Deregulation, in your head, was the cause because of the fact that the elites push "Too big to fail" policies. If "Too big to fail" policies weren't implemented then the regulations would come from the market rather than policy makers. Regulations need to be there but arbitrary(political) ones should not be used in place of natural market regulations.
spikelou 2 years ago
You can disregard economics all you want but that will not change any of its laws.
spikelou 2 years ago
Why did we reject the integration? The analysts uncovered a murky secret world worth bilions of debt secretly guarded in the American industry. Oh, nothing to see here, folks....move along.
Rata4You 2 years ago
Glass-Steagall was an important solvency regulation that was changed in the late '90's -- it allowed banks to use increased leverage. Dare I suggest it was signed by Clinton?
What regulatory bills which you say were at the heart of our woes are you referring to when you say Govt DEREGULATION was the cause?
musicman812 2 years ago
It doesnt matter which party caused the most harm, all I know is if its not one, its always gonna be the other. I´m not coping out here either. I just wanted to know because the media isnt explaining what happend.
Rata4You 2 years ago
With that, I agree. There are goats on both sides of the isle and we have yet to see the story unravel on a large scale. Check out Khan Academy. Khan goes into banking, finance and the credit crisis in great detail. He's here on youtube and has his own website. Great resource.
musicman812 2 years ago 2
Nice Revisionist history? Are you going to write a book? What kind of deregulations are you talking about and how did they harm the system?
Chainedorlo 2 years ago
You are smoking something, dude. I´m gonna part company here. It seems like you are emotional over something and are all over the map making very little sense. You take care now, cowboy.
Rata4You 2 years ago
Stop posting stupid comments. For Christ's sake, did Canada have a Fannie and Freddie buying up mortgages whose credit worthiness were awful? Did Canada have a credit rating cartel that had every incentive to rate them as prime as AA or AAA? Did Canada subsidize down payments ? Did Canada have mark to market accounting regulation with regards to valuing houses? Did Canada have lax monetary policy that helped fuel these regulatory policy blunders? Anyway, what kind of regulation did Canada have