Peter Schiff, Economic Soothsayer
By Justin Gardner | Related entries in Economy, History, Ron Paul, VideoLooks like the Fox News contributor has had the last laugh…not that he’s relishing it given how bad things have gotten.
Is it any surprise that he was an economic advisor for Ron Paul during his 2008 presidential bid?
November 14th, 2008 at 9:09 am
Listen how those hyenas laugh.
November 14th, 2008 at 10:56 am
The saddest part is how eager everyone is to buy into blithe optimism, and how eager the salesmen types are to dismiss the wet blanket guy I have seen this dynamic many, many times. Hyenas is about right.
I wonder what this guy’s opinion is on whether the government ought to rush in and throw money at the current problems, Justin. Maybe you’ll grant him more credibility than you’ll grant to wet blankets like me and Alan.
I suspect he’ll say something to the effect that yes, the government will need in some cases to step in because someone with power and capital needs to make the market. But that it’s also very important not to do stupid things which delay reckonings that must occur for financial health to return.
You heard the part where he said we must embrace the recession, right? Did you just dismiss that part? Time to start listening.
November 14th, 2008 at 12:00 pm
Wow. This is a real eye-opener. I have seen Schiff before, but I have not followed him because I don’t watch Fox business (I didn’t think anyone did). I recognize him because has been on CNBC also, saying the same stuff, but generally without the cheerleaders (except Kudlow, of course) .
So lets summarize - We have a problem because of artificially cheap money from the Fed combined with massive debt fueled by out of control spending and lax lending practices to unqualified home buyers.
And what are solutions we are hearing today?
Turn on the money spigot from the Fed, borrow more money from foreign lenders in order to fund massive new spending stimulus packages and bailout packages for failed industries and -oh yeah - subsidize home buyers who cannot afford their mortgages to keep them in their homes.
Un-freakin-believable.
It only gets more and more expensive to keep kicking these problems over the horizon so we can pretend they are not there. But eventually the piper will be paid. This is getting scary.
November 14th, 2008 at 12:30 pm
Sounds like typical right-wing “economists” pushing their own profiteering agendas.
November 14th, 2008 at 1:11 pm
Schiff believes that poor monetary policy by our Federal government and lax lending requirements pushed by our congress have led to this mess, not problems inherent to free market capitalism. If there is one pro-free market, anti-Keynesian economist, its this guy.
So Justin, you want to give him credibility because he predicted this outcome, but not for the reasons why he came to that conclusion?
November 14th, 2008 at 1:37 pm
Exactly Jimmy. As I recalled, paraphrasing, “It is time for some Keynesian economic policy…”
No, that is EXACTLY what got us into this F-ing problem. I have also heard a very correct statement come from Mr. Gardner numerous occassions, that the US has NOT been a free-market economy since the 1930’s or there abouts. True, we have been saddled by government intervention and the nanny-state for decades, but lo’ hold on — this catastraphe is the result of TOO much freedom?? And not enough government intervention??
November 16th, 2008 at 6:56 am
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