Peter Schiff 3/12/09 - Fox Business Closing Bell

In this video Peter explains why we need savings, not credit. He reacts to an article written by Meredith Whitney (CEO of Meredith Whitney Advisory Group) in which she states "if credit is taken away from what otherwise is an able borrower, that borrower's financial position weakens considerably." She goes on to state that Americans need access to credit for a rainy day or for an emergency. Peter says that this is nonsense. He points out that you need savings for a rainy day, not credit cards.

Category:

News & Politics

Tags:

• Peter
• Schiff
• Videos
• credit
• card
• meredith
• whitney
• fbn
• march
• 2009

[plabudotcom]

I would say that Jesse and Peter are definitely NOT working for the gangsters and cronies in power right now. For example, look-up Irwin Schiff, Peter Schiff's father. Irwin Schiff is a self proclaimed tax protester for as far back as I can remember. He was around in the 60's preaching this message of active tax protestation. He eventually ended up in jail for 13 years! Schiff's family is extremely pro-freedom and I can validate it from meeting and talking to Schiff at a financial seminar.

[TheFlex21]

Peter's hairline is steadily vanishing because of trying to kick some sense into propaganda-pushing reporters

[UrielWN]

What do you expect from a country that used to say in WWII "Spend for the Axis or SAVE for Victory". What is this irresponsible change of policy? Putting the people who make money out of debt instead of sound economic policies?

Something really un patriotic for the american people is going on here!!! The generals of the US economy are actually enemy spys destroying the home front in order to make more money out of the people's credit plight.

Use your common sense. Listen to Peter Schiff.

[aviomaster]

-- Since 2001 , Russian military indystry , is in very good shape, THANKS to USA Russian military industry , is growing like a corn in California, Thank you USA.

People around the world are afraid of USA.

[pookiroo]

Why would you depend on your credit card for your rainy day? That's so immensely stupid. If you can't pay it back right it away you will charged the highest consumer interest rate. If you can't pay it back right away it will lower your standard of living until you can pay it all back.

[FattKidd]

China has higher emission & CAFE standards than the US so much so that the Big 3 cannot sell most vehicles they make in China because they do not meet the regulations/standards. So, I would really like to hear specifically how China (or any other country) is less regulated, more business friendly, has lower tax rate, etc etc than the US. Again, the main difference is the WAGE standards. That is what truely separates the countries. That and Univ Health Ins.

[FattKidd]

Again, you can't even OWN a business in China outright. China is so regulated, that they do not allow companies to compete. They use price fixing to achieve this. So, basically, I'm still waiting to find out where these countries actually are that have fewer regulations & less taxes than the US AND (very important AND here) actually have a market in which to sell their product. China is actually moving very fast to implement enviro, workplace, wage etc standards to appease their people.

[dooglio]

As socialized as China is, they at least up to the collapse began to understand that you have to lower the regs on business if you want to raise the standard of living. And if you think it's just about slave labor, why go to a country with more regulation if it doesn't balance out? Just because you lower the cost labor does not mean you make a profit. There are plenty of countries out there with much lower tax rates and much lower regulation than the U.S..

[FattKidd]

restrictions in terms of regulation/taxation (some are communist, all are very socialized). I'd even argue some are fleeing FOR more regulation/taxation as many are admitting they are setting up shop in Canada/Europe vs US to take advantage of National Health Insurancein leiu of having to provide it for workers themselves. The whole regulation/taxation argument is a canard for more control/less responsibility. Moving offshore is shortsighted at best as America is the end user market still.

[FattKidd]

companies a la lax regulation/tax laws; Ireland, Iceland, & every Eastern Bloc country... they are all bankrupt and collapsing. So, I'm really not sure which countries you refer to when you talk about these regulation/tax havens that US companies are fleeing to. No, Us companies flee to exploit slave labor. When Mexicans demanded more from industry, they fled to China. When Chinese demanded more, they fled to Indonesia, Laos, Veitnam, Cambodia. As I said, most of these countries have MORE

[FattKidd]

If we're over-taxed regulated, then it must be REALLY bad overseas. Fact is, for all the hype you hear about taxes & regulation here, the US is BY FAR the least taxed/regulated country there is. Do you really think taxes/regulation are less/more liberal in China than they are here? In order to have a business in China or India, 51% of your business has to be owned by the gov't or a national enterprise. How's that for regulation? Look at the European countries that opened themselves up to foreign

[dooglio]

Probably as long as they are afraid of losing all the money they loaned us, yes they will continue to lend us more money. The day they decide it's no longer worth it, when they meet that tipping point, then we're screwed. So perhaps we either bankrupt on our own or they do it to us, either way it ends badly.