Does anyone remember when someone on TV called Peter Schiff a socialist? I cant seem to find that clip.
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Peter Schiff believes Americans have to go back to a basic economy that grows based on savings, not consumer credit.
| The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |
| Peter Schiff | ||
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Tue, June 9, 2009
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
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June 10th, 2009 at 7:51 am
The most intriguing part was Schiff admitting that he was considering running for Senate.
June 10th, 2009 at 12:10 pm
He was right? I don’t think you would have made money following his advice.
June 10th, 2009 at 12:12 pm
[...] From The Daily Show – Hat Tip Barry Ritholtz. [...]
June 10th, 2009 at 12:39 pm
He wasn’t right about everything, but he was right about many things, much more so than the bulk of the MSM (the video is a perfect reminder of this).
June 10th, 2009 at 1:29 pm
I recall that first clip – after the commercial break, the plastic Brylcreme-hair dude’s stock pick of the year for 2007 was WaMu.
I thought it might have been Art Laffer, in that classic “penny bet” video, over Peter’s misogynistic little aside about wives having to go back to work? (about 6:30 mark in here) But that wasn’t it. Enjoy anyway…
http://www.youtube.com/watch?v=IU6PamCQ6zw
June 10th, 2009 at 10:09 pm
i think Schiff would be great in the Senate but yeah, as far as following his investing strategies? Early is wrong and wrong is wrong….
June 10th, 2009 at 10:42 pm
While there is much I agree with about what this guy says, I shake my head every time I hear the tired libertarian refrain that it is all the Fed’s fault for encouraging reckless lending and reckless consumption by keeping interest rates low. That’s like blaming the sheep for being killed by the wolves.
Nobody made the banks extend credit to unworthy customers. Nobody made the banks securitize risky assets, or ratings agencies to give junk securities a AAA rating.
This society holds bartenders and bar owners accountable for serving alcohol to somebody is already drunk, why don’t we do the same to financial institutions that extend credit to people who cannot afford to pay it back? The other choice is to hire shepherds (i.e., regulators) who actually tend the flock of sheep and keep the wolves at bay. But regulation is Baaaaaaahhd.
June 10th, 2009 at 10:51 pm
Ben Stein should go back to hosting gameshows.
June 11th, 2009 at 10:58 am
“Nobody made the banks extend credit to unworthy customers. ”
Some congressional acts did, and went as far as to fine those banks who didn’t.
“ratings agencies to give junk securities a AAA rating.”
The rules created in having these ratings agencies opperate allowed for this abuse to happen.
“why don’t we do the same to financial institutions that extend credit to people who cannot afford to pay it back?”
We used to, it’s called bankruptcy.
And as for regulators, they have missed everything, and what they don’t miss congress tells them to ignore.
June 11th, 2009 at 11:44 am
He is right we are headed for an economic collapse. The Fed Is Dead.
http://bluelori.blogspot.com/2009/06/fed-is-dead.html
June 12th, 2009 at 8:31 am
Answer to your question:
Hannity, the clown brain surgeon on Fox, called Peter a socialist.
If you believe the party line they are trying to flog now, it was too much regulation that caused the current crisis. Fair and balanced
June 13th, 2009 at 4:22 pm
Jon Stewart says that without living on credit, episodes of the cribs would suck:
http://www.funnyordie.com/videos/0b8581d2e3/un-broke-the-seth-green-cribs-edition
It doesn’t look all that bad, really.