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 Post subject: Peter Schiff For President
PostPosted: 26 Nov 2008, 10:41 
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Peter Schiff, being dead on in his economic predictions and advice over and over and over again, and even more interesting to watch the the boobleheads laugh at him and wisely wag their fingers.

It's pretty amazing HOW right he was.

Some of his points:

-2007 or 2008, recession won't be for quarters, but years.
-all that's risen was the paper value of stocks and real estate. real estate prices artificially risen due to unsubstantiated lending practices.
-stay away from financials, fundamentals are not sound, they're not cheap, they're expensive
-in fact, stay away from the stock market in general
-sub-prime crisis/enormous credit crunch
-not limited to people with bad credit
-it's the entire mortgage market
-financials are toxic, no earnings, financials are gonna get hit and hit hard
-by november 2008, it'll be obvious how deep a recession they'll be in.

how wrong the others were:

-"the worst is over" - 2007
-buy merryl lynch at $76 (now $11.36)
-buy goldman sachs at $176 (now $71.78)
-buy washington mutual $13 (now < $1)
-by the second half of 2008, the housing market will be better,
-Dow will be at 16,000, big winner will be NASDAQ


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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 10:44 
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Quote:
Peter D. Schiff (born 1964)[1] is the president of Euro Pacific Capital Inc., a brokerage firm based in Darien, Connecticut. Schiff adheres to the principles of the Austrian School of Economics and the Ludwig von Mises Institute[2]. Schiff frequently appears as a guest on CNBC, Fox News, and Bloomberg Television and is quoted in major financial publications.

Schiff points to the low savings rates of the United States as its worst malady, citing the transformation from being the world's largest creditor nation in the '70s to the largest debtor nation at the turn of 2000. His extremely bearish views on the U.S. Dollar, the United States stock market, bond market, and the United States economy have earned him the nickname "Dr. Doom." [3]

He was an economic adviser for the Ron Paul campaign in the 2008 Republican Party primaries. Schiff also hosts a live Internet/shortwave radio show called "Wall Street Unspun."[4]

His father is tax protester Irwin Schiff.

Image

Peter Schiff was born in New Haven, Connecticut and was raised in Manhattan and Miami. He graduated from the University of California, Berkeley in 1987 with a degree in finance and accounting.

Schiff began his career in financial consulting with Shearson Lehman Brothers.[5] He launched Euro Pacific Capital in 1996 when he bought a broker-dealer in Florida without clients or revenues and then reincorporated the business in California. In 2005 Schiff relocated to Darien, Connecticut in order to find brokers "who think like him," according to an article in The Advocate of Stamford, Connecticut. The New York Metropolitan Area, he said, has the biggest concentration of brokers in the country, making it easier to recruit them.[4]

The company retains an office in Newport Beach, California as well as in Phoenix and Medford, Oregon. Schiff said in August 2006 that he planned to open offices eventually in Manhattan and somewhere in the Midwest

In an August 2006 interview Schiff generated much controversy when he repeated his long-held investment thesis: "The United States economy is like the Titanic and I am here with the lifeboat trying to get people to leave the ship ...I see a real financial crisis coming for the United States." On May 16, 2006 in debate on Fox News, Schiff accurately had forecast that the U.S. housing market was a bubble that would soon come to bust.[6] On December 13, 2007 in a Bloomberg interview on the show Open Exchange, Schiff further added that he felt that the crisis would extend to the credit card lending industry.[7] Following this observation, it was soon reported on December 23, 2007 by the Associated Press that "The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP... At the same time, defaults -- when lenders essentially give up hope of ever being repaid and write off the debt -- rose 18 percent to almost $961 million in October, according to filings made by the trusts with the Securities and Exchange Commission."[8]

Schiff also references the role of the US consumer in the world, saying that the US consumer thinks he's doing the world a favor by consuming what the rest of the world produces. He is quick to point-out that this relationship will come to an end, in his view, much sooner than people imagine, and with negative consequences for the US. Schiff has been quoted as saying: "Consumption is its own reward for Production" -- meaning that without production, the US cannot indefinitely sustain its ongoing consumption. Schiff, and other adherents of Austrian economics, promote savings and production as "the engine of economic growth -- not consumption."[citation needed]

Schiff has said on numerous occasions that the current economic crisis is not the problem; it is the solution. According to him the transition from borrowing and spending to saving and producing cannot be accomplished without a severe recession, given the current imbalances of the US economy. But according to him that transition needs to happen. He also thinks the government is doing no one a favor by trying to "ease the pain" with stimulus packages, bailouts and such. Schiff believes these actions will only make the situation worse and possibly result in hyperinflation if the government continues to "replace legitimate savings with a printing press."[citation needed]

Schiff is a firm believer in reducing government regulation of the economy. Schiff worries that Barack Obama will increase such regulation.

Schiff is the author of two books Crash Proof and The Little Book of Bull Moves in Bear Markets.

On October 28 2008, Schiff stated in an interview on Bloomberg TV[citation needed] that the investment strategies outlined in both books currently "are not working" due to the collapse of foreign currencies, foreign stocks and the failure of gold prices to go up significantly as most of the world entered an economic recession and foreign investors flee to cash. Schiff remained optimistic on his theories and stated this was a good opportunity to buy foreign stocks trading at yearly lows.

Schiff was an economic adviser to Ron Paul's 2008 presidential campaign. Schiff made the following statement concerning Paul's economic revitalization plan.
"We need a plan that stimulates savings and production not more of the reckless borrowing and consumption that got us into this mess in the first place. Ron Paul's plan is the only one that amounts to a step in the right direction. If you want meaningful change - for the better that is - Ron Paul is the only candidate capable of delivering it."[10]

Schiff also endorsed Murray Sabrin for the US Senate seat in New Jersey.



I really hope he runs


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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 15:02 
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i was at dinner the other night with some folks, among them an economics grad student. mind he should know better than me mostly because I went to school for IR and PS, anyway. I asked him how we felt about the savings situation in America and this stupid motherfucker tried to tell me that we just need to keep spending.

I ignored him for the rest of the night, but how the fuck can someone who is going to get a job in some financial market believe that out 1% savings rate or whatever it is will carry us. Ignorance is America is profound.

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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 15:14 
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Care to elaborate on why saving is so important and keeping on spending is stupid? Doesn't seem that obvious to me. (disclaimer: this is a genuine question)


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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 15:20 
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Basically the logic behind the spending more is as follows:

when money changes hands its good for everyone. it pays salaries, those salarys pay bills, those bills pay for more products, those products pay for more salaries, so on and so forth

however saving requires for people to live within their means and that money does not change hands so essentially the cycle stops, slowing the economy.

I however believe that people ought to be KEEPING within thier means, but by all means they should not completely stop spending. they just need to keep it scaled to match their income. i agree the 1% savings rate is extremely low.


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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 15:28 
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Yeah, I know the logic behind spending, which is why I have trouble understanding the logic behing not spending. As far as I can tell, Americans are fond of spending like 120 dollars for every 100 dollars they earn, which has pretty obvious disastrous consequences. But if that economy student meant "keep on spending" as in "spend (nearly) 100 dollars for every 100 dollars we earn" it doesn't sound that retarded. Might be overlooking something, though.


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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 15:31 
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savings leads to the building of actual wealth.

laymans terms: spending all your income = nigger rich
living and saving your income = actually building wealth

you of course don't want to stop spending, but saving only 1% of your income is absurd. on average. part of the inflationary problem is that wealth is constantly spent as fast as it is gained so currency is constantly devaluing itself. which is made worse my printing more money. which creates more debt thru the sale of bonds. which can be further undervalued by a private bond agency. and so on and so. economics gets really convoluted the farther down the rabbit hole you go.

bottom line is: savings removes the drain on the economy when you go to retire which is constantly being transferred to the public ie thru tax increases to keep the program in place funded.

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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 15:35 
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okay boom. let's liken then to a home. if you rent your whole life, you are paying somebody else to get richer. if you buy, you are investing in yourself. same thing with spending / saving. constantly spending, in addition to making your money worth less, creates a constant consumerist need which can't be sustained. whereas a savings grows upon itself and reduces the strain on financial markets because everything is growing at the same rate.

locusts = consumers voraciously eating up everything
native americans = savers who are stewards of their land in addition to the land sustaining them.

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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 15:39 
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Meh. Saving money in 2008 prevents money from being drained in 2038 when you retire, that's true... but it puts an immediate drain on the economy in 2008: all that money you're saving is just sitting there doing nothing, instead of being spent on helping businesses. As far as I can tell, it amounts to the same.


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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 16:12 
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you have the wrong impression i think. it is not "doing nothing." It is growing, you can invest it in bonds, stocks, or even a standard savings account all of which causes it to grow and gives the bank more money to loan out. No, you are incorrect. It is not a drain at all. It is a boost. If you want to learn more, peruse some economic theory and/or history.

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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 16:36 
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Ah, so investing qualifies as "saving". Okay, this was just a disagreement on terminology. Invested money does get spent, just not by you. You basically entrust your money to a third party, and they promise to give it back with a little extra. So yeah, from your personal point of view, you've put the money in "savings", and this entertains the myth that money works by itself. In fact, the third party doesn't just keep your money, it uses it to do other stuff, effectively spending it. They spend it smartly, of course, with high expectations of eventually reaping the rewards. And you get a small cut of these rewards, which leads you to believe your "saved" money has somehow multiplied through magic or something.

Long story short, yeah, investing makes sense. I was thinking of old-fashioned saving, as in keeping it under the mattress.


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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 20:39 
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although anon got kinda lucky with the mattress approach so....then again....

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 Post subject: Re: Peter Schiff For President
PostPosted: 26 Nov 2008, 20:41 
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yea i actually got lucky on accident. I truly more often than not like to think of myself as an investor, always in individual securities. I am sOOOOOOO lucky I didnt wrap all my cash up in some stocks because I kept thinking my house purchase was one month out..... for about 12 months... god i saved so much money


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 Post subject: Re: Peter Schiff For President
PostPosted: 13 Dec 2008, 14:21 
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My Campaign for Peter Schiff Continues...... Hes right again. I love how the people who are right are always told that they are not living in the real world.

Saddest part is that the Senator tells him "What did AIG do with the money." AIG was a company that is AWFUL and just got bailed out.



This man will be who I vote for in 2012.


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 Post subject: Re: Peter Schiff For President
PostPosted: 13 Dec 2008, 15:26 
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when all republicans get back to what they were founded on I too might be convinced to vote for him.

but not unless we lose the christian conservative vote and the ignorant rednecks who don't support abortion and gay rights.

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 Post subject: Re: Peter Schiff For President
PostPosted: 13 Dec 2008, 16:41 
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hey I'll take a vote wherever I can get it. I hate racist rednecks and prolife zealots myself as well, but I'll vote with them if it means we get a fiscally conservative President.


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 Post subject: Re: Peter Schiff For President
PostPosted: 13 Dec 2008, 18:07 
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but right now we need a massive public works project....like desperately. maybe a fiscal conservative in 4 years, 8 if Obama runs the table right.

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 Post subject: Re: Peter Schiff For President
PostPosted: 13 Dec 2008, 19:02 
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Im dead serious about everyone watching chrismartenson.com

also more stuff.




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 Post subject: Re: Peter Schiff For President
PostPosted: 13 Dec 2008, 20:22 
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that 4 way was some DAMN fine television. we need more debate with people who actually all have legitimate arguments. i didn't get the reference to schiff's brother though.

the 5 asians and american is a really genius analogy.

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 Post subject: Re: Peter Schiff For President
PostPosted: 23 Dec 2008, 09:31 
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Peter Schiff on Infowars.... Fuck this man would make the greatest President ever. The fact that his dad is in prison could make him 'not politically viable.'




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 Post subject: Re: Peter Schiff For President
PostPosted: 13 Jan 2009, 10:24 
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It may not be the presidency, but its very close. God, if he knocked Dodd out of the Senate, that would be a major major major victory for all America. Dodd was the one who led the finance committee into the current crisis, not Bush.

Now how can I help him win is the more important question......

Quote:
http://www.lewrockwell.com/blog/lewrw/a ... 24812.html
Chris Dodd, the corrupt Democratic senator from Connecticut, has long been a shill for the Fannie-Freddie-Fed complex. BTW, his senator-father was a corrupt statist too, also a crazed warmonger whom Bill buckley endorsed (QED). Now comes the rumor that Dodd junior may become a dodo thanks to a Republican challenge from Peter Schiff, the champion of sound money and Austrian economics who is the opposite of Dodd in every sense. Even Peter's father, Irwin, is a libertarian hero and political prisoner, and the opposite of Dodd senior.

Peter, an economic advisor to the Ron Paul campaign, has long warned about this coming Fed depression, and, like Ron, he knows the way out. Schiff-Dodd would be the most interesting race of 2010 for Paulians and all Americans who realize just what a monster the Fed is.


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 Post subject: Re: Peter Schiff For President
PostPosted: 13 Jan 2009, 21:01 
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mzziqztixl wrote:
i was at dinner the other night with some folks, among them an economics grad student. mind he should know better than me mostly because I went to school for IR and PS, anyway. I asked him how we felt about the savings situation in America and this stupid motherfucker tried to tell me that we just need to keep spending.

I ignored him for the rest of the night, but how the fuck can someone who is going to get a job in some financial market believe that out 1% savings rate or whatever it is will carry us. Ignorance is America is profound.


Ignorance in America is truly profound, which is perfectly shown by your post. You admit he knows a million times more than you about economics, yet at the same time you're insisting that he doesn't know what hes talking about because you know better. How people can hold two completely contradicting beliefs is just insane.

Anon is completely right, the economy is nearly entirely run by money changing hands. That means people spending more = better economy (which extremely simplified). It's one of the very basic fundamentals of economics. I think your confusion lies with the incorrect idea that since savings is good for the individual, it must therefore be good for society/the economy.

Next time you sit down at a table with someone, try listening a little more, and being ignorant a little less.

Quote:
I however believe that people ought to be KEEPING within thier means, but by all means they should not completely stop spending. they just need to keep it scaled to match their income. i agree the 1% savings rate is extremely low.

I agree 100%

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 Post subject: Re: Peter Schiff For President
PostPosted: 15 Jan 2009, 11:41 
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8/28/2006-Peter Schiff Predicts The US Economic Collapse With Unbelievable Accuracy

He owes him a penny.


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 Post subject: Re: Peter Schiff For President
PostPosted: 18 Jan 2009, 12:31 
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TwoZeroOZ wrote:
You admit he knows a million times more than you about economics, yet at the same time you're insisting that he doesn't know what hes talking about because you know better. How people can hold two completely contradicting beliefs is just insane.

mzziqztixl wrote:
mind he should know better than me mostly because I went to school for IR and PS, anyway.


he should know better. maybe if you read you would sound less ignorant. the basic rules of rich societies and the main law of economics is that savings builds wealth. spending builds debt. learn what you are talking about before you open your yapper and pull something up from 2 months ago.

clearly, you are an idiot if you think spending creates a "good" economy. spending and speculation actually create inflation, debt, and credit bubbles. go back to school before you try to sound intelligent.

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 Post subject: Re: Peter Schiff For President
PostPosted: 22 Jan 2009, 14:31 
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I think you're confusing Savings with Investment, and incorrectly using Spending as a synonym for Consumption.

If you ever took any economics classes, it clearly went way over your head.
Next time you decide to stick up for your flawed beliefs, do a little research so you don't make yourself seem like an idiot to anyone who knows what they're talking about (although, I think most people can see that "spending builds debt" is a retarded assumption).

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