Peter Schiff underestimated the wall street crooks

Max Keiser talks to Stacy Herbert about the inflation deflation debate between Peter Schiff Jim Rogers Marc Faber and how Peter Schiff underestimated the level of damage the wall street crooks would inflict to foreign investors

recorded on January 31st 2009

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[spiepr25]

Have you seen any videos of Peter Schiff. He has been telling people to get out of any market where a bubble occurs starting with the tech stock bubbles of the 90s and the housing bubble just recently. You are wrong in saying that peter schiff has been pumping and dumbing as in your words. If you want to take a look at who is orchestrating this economy into the ground has been the federal reserve and the federal government. They are the culprits behind this calamity we are in.

[qweqqweqbt]

i think i was probably wrong about him. you're probably right dude. :)

[fuzzywzhe]

@MillyVanillification "More taxes will lead to less private debt and more money in the national cash box."

Don't you realize that the more money you give the government, the more they just piss it away?

I work in the private sector. I actually WORK. I have to be good at my job. It's challenging.

The SEC couldn't figure out Bernie Madoff was a fucking crook. It took a PRIVATE CITIZEN to show he was, after he complained for a DECADE. That's a government "employee".

See the difference?

[modelmark]

@MillyVanillification "One of the traditions is not to buy more than you can afford. This concept is completely alien for US citizens"

Really, is that a european tradition? I look around and see a few european governments (well, actually all of them) that have spent quiet a bit more than they can afford. Or are governments outside this tradition you speak of?

[MillyVanillification]

@modelmark Lol. Europe has traditions. One of the traditions is not to buy more than you can afford. This concept is completely alien for US citizens. In Europe every 3rd adult has a credit card and every 5th is using it. In the USA the majority of the adults have more than 2 credit cards shifting the debt from the one to the other. Most firms in the USA with good performance have biz units in Europe. To compare the USA with Europe is simply ignorant.

[MillyVanillification]

@fuzzywzhe Taxes = wages. More taxes will lead to less private debt and more money in the national cash box. Cutting taxes is profit for folks who have money and bad for the not.-haves. People without money can't pay taxes but they'll get a job due to government contracts (infrastructure and public services). The conditions of USA's infrastructure and lots of public services is comparable to those of Rumania.

[modelmark]

I think it is also easy for Americans to underestimate the corruption in Europe. They tend to look at their own government and think:"what a mess, this has to fail, in europe or asia it can't possibly be that bad"

That assumptions is fallacious. They are possibly even more corrupt and irresponsible here in Europe.That is why the long euro/short dollar Shiff trade is dangerous.

[coturnix19]

bankers are wankers

[rmccay88]

@TheAskMegChannel

I agree with you 100 percent

[TheAskMegChannel]

@rmccay88 Bubbles would go down (but not away) if credit were severely tightened. I know it hurts "growth", but as you can see from the Clinton years, so-called strong economies can be gamed by playing the credit market. The overheating that is a result of the Clinton economic 'miracle' was merely smoke and mirrors. Fannie Mae & Freddie Mac should have never existed.

Old age: If you can't afford, don't buy it. If you don't buy it, you don't own it until you can pay CASH. Cash should be king.

[TheAskMegChannel]

The entire thought of a credit system is delusional.

Eliminate ALL easy credit, base all credit decisions based on hard assets (home, car, property, gold, etc.) and we entirely FIX our financial system. Not just the U.S., but the world economy.

I'm sorry, but not everyone should be allowed to borrow money. When someone doesn't pay it back, it hurts not just the bank but everything it services.