Peter Schiff 9/27/09 - CNN Your Money

Peter explains how the government created the economic crisis.

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[katiatomsk]

Shows Peter as a Free Market Economist and Shows Ben Barber as a Socialist, a supporter of Government control.

I will back Free Market because it backs Free Men.

[mandatum1979]

Benjamin Barber is apparently clueless when it comes to economics and finance. He had no business in this discussion. He is a writer with a left/liberal orientation that was ossified in the 60s. His rhetoric is very general, and was trite when first uttered 40 years ago. Barber is a personification of a stereotype. He was worthless participant in a real debate about the economy.

[EeeScape]

@katiatomsk

"Sacrifice is not an economic plan" Yes it is. Just because you can't quantify it using economic tools doesn't mean it doesn't exist. Sociological conditions within any society are greatly important to any economic plan. The problem now in the US is that the average worker doesn't want to admit it. Also, I never said I don't like the free market. I implied that it has limits.

[EeeScape]

@katiatomsk

What you have done is fall into "magic" of the free market ideology. Tell me what product you would sell if there was a true free market right now? Tell me, please. I'd love to hear it. You don't just say "free market" without an industry of production. So, what would you produce?

[EeeScape]

@katiatomsk

If the free market was in play back in 1979 to 2008, you wouldn't have the boom and busts we've seen since then. What you would see is the same thing we see today. Stagnation or very slow growth that is regional. But no president will allow that since they always push for intervention. So, I'm fine with the way it is today as long as you are. But that means that there will be no more booms and we'll always be around 9-12% unemployment (sometimes a little better, some times worse).

[katiatomsk]

@EeeScape "Free Market" is the buyer deciding what to buy and how much they are willing to pay for it. Unlike the controlled market that caused the housing failure. Gov't told banks to loan to whomever and backed it up. People borrowed WAY more for a home than they could really afford or the house was worth. But if Free Market had been in play, the price of homes would have been lower and only the right buyers would have bought. True supply and demand would have regulated the market, not gov’t.

[katiatomsk]

Ok, sacrifice is not a solution. You said you don't like free market, so which economic plan do you feel is better? Sacrifice is not an economic plan, it is a result of a plan. What plan are you proposing as a solution?

[EeeScape]

@katiatomsk

You want to hear something scary? The leaders don't know what to do about it. Reason: They know that there's not enough money/resources/labor to go around. So, this is why they setup the Fed, World Bank, IMF, and a FIAT currency running on an economy based on debt. It's why to "give" money to others without any sacrifice on their part. Lazy people drains a natation, but so do the rich that horde money and lend out debt (print money). Solution? Both groups have to sacrifice.

[katiatomsk]

@EeeScape Ok, so what is your proposed solution? Let us have a nice dialogue about the solution.

[EeeScape]

@katiatomsk

there is no such thing as a free market. Because even as a temporary free market enables men to gain massive wealth, those that acquire this wealth over time end up rigging the system in order to protect what they've acquired against any other men that want the same chances they had.

So called free men hate the free market because when faced with the freedom to fail, they chose protection every time. This is what riches does to men's minds.

[Tomta20012]

Ben Barber is stupid

[bellcord]

Anybody over the age of 12 should know that an unfettered Wall Street pumping toxic mortgage backed securities into the world's economy lead directly to the panic that lead to the global meltdown...No amount of phony baloney blame shifting from asshats like Petey Schiff or Rush or the Wall Street Journal is goin' change the facts...What happens when any 'Free Market' runs wild without any brakes starts getting fueled by human greed and finally runs the hell off the tracks ..."