Peter Schiff Was Wrong - Part 10
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Uploaded on Aug 16, 2010
This episode of CNN Your Money aired on Dec 20, 2009., and has Peter Schiff back at his ignorant best, spouting nonsense about the auto industry, which he obviously has next to no relevant knowledge about.
Note: For explanations and supporting data on why Schiff was totally wrong about the auto industry bailout, please refer to my previous upload "Peter Schiff Was Wrong - Part 9"
Schiff says in this video "Whats going to happen is they are not going to meet the criteria, they are going to come back under the new administration and say things have even gotten worse, worse than we thought.... we need more time... they are going to get billions more... and its going to get on and on and on... its going to be a never ending money pit and will prevent restructuring"
Steve Leeb, the other guest on the show, retorts "This kind of crystal balling, I really don't buy... we don't really know what the auto industry will (do)..."
to which Schiff arrogantly replies "Sure, we do. These guys have been losing money for years" Leeb replies "How do you know they won't recover?" Schiff replies "Because it can't recover, the government is making it worse."
Now, who was right? Well, now that we have confirmed that both GM and Ford have downsized capacity, restructured their operations, focused on profitable brands / models, and have produced two consecutive quarters of profits, I think this should be very clear. Both GM and Ford are ahead of schedule in repaying the government.
So, instead of making this transitory adjustment via government bridge financing, Peter Schiff was proposing that we just let them all fail and go out of business.
Of course its very easy for an armchair expert to blow all this hot air rhetoric without understanding (foreign) ownership, brand equity, national defense and the plethora of underlying issues about just letting these companies go bankrupt (and possibly be picked apart by vulture capitalists, most likely from foreign countries).
His erroneous advice also endangers real lives and jobs.
Thankfully, the administration was clever enough not to subscribe to any of these asinine liquidationist policies or theories.
Peter Schiff, once again 100% wrong and putting other people at risk with his ignorance.
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