Peter Schiff was on The Daily Show last night — and they ran a hilarious compilation of his various appearances, with hosts essentially laughing at him.
Does anyone remember what show/host called him a communist/socialist ? Anyone have a link to the video ?
In any great organization it is far, far safer to be wrong with the majority than to be right alone. —John Kenneth Galbraith
Asian currencies continue to sell off vs the $ on the heels of the news yesterday that South Korea said they will look into hot money inflows stemming from the $ carry trade and the Bank of Indonesia said they are looking into the foreign buying of bills. This follows the news a few weeks ago that Taiwan was limiting foreign deposit holdings and Brazil was taxing foreign inflow transactions. As I mentioned yesterday, we may have reached a short term pain threshold in terms of $ weakness and foreign countries are fighting back as they certainly won't wait for...
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June 10th, 2009 at 11:23 am
Can’t quite see Peter the Red manning the barricades in Darien. I think someone has the wrong end of the stick.
June 10th, 2009 at 11:47 am
Take a look in is facebook the video must be there
June 10th, 2009 at 11:48 am
He’s thinking of giving Dodd a run for his money in the Senate. That would be interesting.
He was on with Cavuto’s FOX business quite often with Mike Norman and that other long haired dude that also knew nothing about much except for hair conditioner.
June 10th, 2009 at 11:50 am
I would vote for Schiff.
He and Ron Paul make more sense then they are given credit for.
June 10th, 2009 at 11:55 am
Peter Schiff is a modern-day Andrew Mellon:
“Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate . . . purge the rottenness out of the system.”
God help us.
June 10th, 2009 at 12:02 pm
I agree that Schiff was right. But, lets not forget that he was only half right. His position was sell USA equity and buy China equity. The problem is that if you followed his advice, China was down more than USA. In time he may be right, but in time everyone is eventually right. Was it Schilling that got it right, i.e., sell equity and buy bonds? Now that was money.
June 10th, 2009 at 12:07 pm
You are probably thinking of Fox News Cavuto on Business on 8/18/07. Charles Payne makes the comment at 3:08.
http://www.europac.net/Schiff-FOX-8-18-07_lg.asp
June 10th, 2009 at 12:31 pm
Overleverage Consumer, Fed, and TBTF Banks: 46:1 leverage… f’n great! “With $45 billion in capital and $2.1 trillion in assets, the central bank would not withstand the scrutiny normally afforded other institutions, Grant said in a live interview.”
June 10th, 2009 at 12:36 pm
CTB, comrade, apparently you have nothing to worry about from the Ghost of Andrew Mellon — then as now, the path implemented by the regime in power is to keep all the rottenness in the system (which, based on your comments, must be the way you would have it?)
June 10th, 2009 at 12:55 pm
@CTB
Completely agree with you. I do hope Schiff runs for the Republican nomination for Senate. Dodd will be reelected in a landslide. Let’s not forget that Papa Schiff is currently a “guest” of the Terre Haute Federal Correctional Prison until 2016!
June 10th, 2009 at 1:02 pm
WTF does that have to do with Peter?? Just because your Daddy raped little boys, doesn’t mean you’re a dick.
June 10th, 2009 at 1:04 pm
This is about the only guy from a common sense perspective who has gotten it right, if anyone has read his book they would have clearly read that this is just the beginning of our collapse he basically described this in the first few chapters it seems that people are having are having trouble seeing the “big picture” maybe all the people who continue to criticize him should re-read or read the entire book to get a bettor understanding of the direction we are headed in. I would like to know how many financial wall street wizards have a web site that has every thing they have ever said or written in plain view for there investors to see. I am sure not to many cause if they did they would not have any clients today. I believe his common sense will turn out to be the financial sense that most will have a bettor understanding of but unfortunitly it will be to late.
June 10th, 2009 at 1:22 pm
WordPress had me on red alert for an entire week because I typed the word ‘communist’…
Now it’s the title to a thread
June 10th, 2009 at 1:24 pm
fincaggie:
Thanks for the clip….freaking CLASSIC….Ben Stein in 2007 telling you financials were really cheap and it was a terrific buy. Classic.
June 10th, 2009 at 1:27 pm
Franklin:
You give all history majors a bad name. You misogynistic idiot.
June 10th, 2009 at 1:30 pm
@stuart
It matters because Young Schiff seems to be following in the footsteps of Papa Schiff:
“In his January 14, 2009 radio show, Schiff discussed moving out of cities in anticipation of rising crime rates, food shortages, fuel shortages, and rolling blackouts. He also mentioned the need for families to stock up on guns and ammunition as a part of what he expects.”
http://en.wikipedia.org/wiki/Peter_Schiff
June 10th, 2009 at 1:30 pm
everyone is aware that Peter Schiff’s father is a tax protester and is in jail- does not negate what Schiff is saying-
it is akin to me mentioning that Obama has an Aunt that is an illegal immigrant and living on welfare as an argument against Obama-
please quit bringing it up- it’s childish- and you are not telling us anything we don’t already know
June 10th, 2009 at 1:32 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* (but I was wrong) 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… it all sounds perfectly logical from the present, doesn’t it?
http://www.youtube.com/watch?v=IU6PamCQ6zw
It was just a couple of months after that I tried shorting my first regional banks, and got torched.
June 10th, 2009 at 1:38 pm
B in T-
Bruce- at one point you had taken Franklin under your wing- trying to teach him a thing or two-
now it appears that you have given up that useless endeavor
June 10th, 2009 at 1:53 pm
Much longer compilation:
http://www.youtube.com/watch?v=2I0QN-FYkpw
I agree with JohnnyVee above though.. Even though Schiff was right about many things, he apparently lost a lot of money for his clients last year.
June 10th, 2009 at 2:30 pm
Right on the money, abolish Federal Reserve and let the market determines interest rates.
June 10th, 2009 at 2:51 pm
Has anyone bought any guns because of the financial mess? I would suggest that it might be a good idea, even if you believe things are turning around. The financial press is a pawn of big government, and by extention big money around the world. They will play the obfuscation game as long as they can. But in the end the CDS market is taking down everyone!
June 10th, 2009 at 3:47 pm
Schiff was right in pointing out the failures of the system. He was right about some things and wrong about some things.
However, like every firebrand evangelist in a downturn, he frames the argument as a moral dilemma — we are punished for our sins. Obviously, he is a master propagandist and self-marketer.
June 10th, 2009 at 3:57 pm
manhattanguy, we should give the same markets the job that Fed does? that would be the same market that brought us CDS/CDOs? the same one that rallies on bad news and tanks on good ones? the one that was claimed to be self regulating? the one that without the help the government would probably have made it to 5000 and may still? that market??
June 10th, 2009 at 4:03 pm
willid3,
the ‘Market’ you are describing wouldn’t exist w/o TheFedRes. Much of the B******t that you are, properly, referring to needed a ‘lender of last resort’ to even get off the Ground.
June 10th, 2009 at 4:21 pm
I once called this guy “Peter Shit” and for that, I apologize. Half the spew I leave on this blog now is based on theses by the likes of Peter Schiff and Marc Faber. However, I think Schiff and Faber are wrong about the timescales of “the collapse”. Because America is still unaccountable for its profligacy, we are able to postpone bad times in the near future in exchange for a genuine recknoning with reality in a decade or so.
I will always vote for the Democrat in any general election, but being a registered Republican, I would certainly vote for Peter Schiff over Old Man Kudlow in the primaries.
June 10th, 2009 at 4:28 pm
Well, if Schiff is a blogger, then he must be a columnist….
June 10th, 2009 at 4:28 pm
OH….never mind…
June 10th, 2009 at 4:30 pm
Ahab:
There are some things that are merely difficult, and then there are things that are impossible..
June 10th, 2009 at 4:47 pm
This is scary:
Mr. von Brunn,[the gunman who killed a security guard today at the US Holocaust Museum in Washington, DC] whose latest address is believed to be in Eastern Maryland, was convicted in 1983 of trying to kidnap members of the Federal Reserve Board two years earlier. In that incident, he was captured by a guard in the board’s headquarters after running to the second floor, where the board was meeting. He was carrying a revolver, a hunting knife and a sawed-off shotgun in a shoulder bag, the police said.
Mr. von Brunn, who lived in Lebanon, N.H., at that time, told the police he wanted to take board members hostage to focus media attention on their responsibility for high interest rates and the nation’s economic difficulties. He was sentenced to four years in prison for attempted kidnapping, burglary, assault and weapons charges.
http://www.nytimes.com/2009/06/11/us/11shoot.html?ref=arts
I can’t believe he only got 4 years for that. He would have spent longer in prison had he been caught with a rock of cocaine in his pocket!
June 10th, 2009 at 4:58 pm
Ritholtz, I finally realized today that if given enough time and comments, some of your threads go completely off the rail into Off-Topic Land. In fact, commenters invariably go back to their old soapboxes such that different threads begin to converge into the same arguments, thereby becoming almost indistinguishable from each other. Since I am the commenter most likely to be repetitive from thread to thread, I would like to know: What are the ground rules for regarding your posts as having “lapsed into open thread”, in the way that intellectual property sometimes “lapse into the public domain”?
June 10th, 2009 at 8:06 pm
Let them poke all the fun about Schiff that they would like. Because in the end, he who laughs last, laughs best….
June 10th, 2009 at 8:11 pm
Here is the link to the Daily Show episode with Peter Schiff
http://www.ritholtz.com/blog/2009/06/peter-schiff-on-tds/
June 10th, 2009 at 8:31 pm
OK, so Peter Schiff wins the 2009 Stopped-Clock award.
All his ranting about the Fed, gold, government… he’s simple a lite-supremacist.
June 10th, 2009 at 8:32 pm
franklin411 and Stuart beginning at 12:55pm for 7 minutes
I did not know the facts that:
call me ahab FACTED at 1:30 pm “everyone is aware that Peter Schiff’s father is a tax protester and is in jail”
Stuart your lines did not come out clear to the unknowing .. that “your” was directed at F411s father as a slam in jest (I imagine)