OFFICIAL Peter Schiff appreciation

DrLingIsKing · Nov 9, 2012

Couldn't find anything similar so here it is post any economic ideas theories anything to do with this man, tell me why you hate him, tell me why you love him

[ame=http://www.youtube.com/watch?v=2I0QN-FYkpw]Peter Schiff Was Right 2006 - 2007 (2nd Edition) - YouTube[/ame]

[ame=http://www.youtube.com/watch?v=ytMwSuAP3XM]Peter Schiff On QE3: "The Whole US Economy Is Going To Implode!" - YouTube[/ame]

[ame=http://www.youtube.com/watch?v=FHnN2lLvaoc]Peter Schiff: US dollar has lost its strength - YouTube[/ame]

and of course a longen for you diehards

[ame=http://www.youtube.com/watch?v=ptMrAgWqRfg]The Real Fiscal Cliff: How to Spot the Ledge | Peter Schiff - YouTube[/ame]

DR K · Nov 9, 2012

been listening to his show quite a lot. no bullshit common sense dude. much respect to this man

trixman22 · Nov 9, 2012

I love Schiff. I love the video where he destroys Ben Stine(?) on investing in stocks in early 2008 or late 2007 not sure.

Only thing I always thought a little strange is that Schiff promote buying gold and silver but he sells gold. Wouldn't he want to acquire as much as possible instead of selling it?
Of course a sells man is going to say what ever they are selling is a good buy. Other then that I think he is a very smart well grounded man.

Lay Low · Nov 9, 2012

trixman22 said:

I love Schiff. I love the video where he destroys Ben Stine(?) on investing in stocks in early 2008 or late 2007 not sure.

Only thing I always thought a little strange is that Schiff promote buying gold and silver but he sells gold. Wouldn't he want to acquire as much as possible instead of selling it?
Of course a sells man is going to say what ever they are selling is a good buy. Other then that I think he is a very smart well grounded man.
Click to expand...

He doesn't sell his own gold and silver, lol. He just acts as a middle man so that his customers have a reliable supplier that doesn't scam them like some companies do.

Mairuzu · Nov 9, 2012

Gold went below 1700. On the rise now a bit. Silver was at 30. Should buy asap.

BongRips4Life · Nov 9, 2012

silver hit 31 not 30

xmaspoo · Nov 10, 2012

Great breakdown in just 5 minutes.

[ame=http://www.youtube.com/watch?v=1radHg0dGjg]Peter Schiff 2012 - Buy Gold! Buy Silver! Own real things!!! - YouTube[/ame]

fight4love · Nov 10, 2012

I love Peter Schiff. An honest man who speaks his mind, who also happens to be quite smart.

DrLingIsKing · Nov 10, 2012

This one?
[ame=http://www.youtube.com/watch?v=CZyvnWFbR84]8/18/2007-One Of Peters' Favorites: Flashback Of Peter Schiff Vs. Ben Stein & Friends - YouTube[/ame]

DrLingIsKing · Nov 10, 2012

^^^^ whats goin on with schiffs eyes in this video?

IPTAY · Nov 10, 2012

I love Schiff. He makes complicated things simple and easy to understand. The one problem with him is he can come off as a dick, which is probably why he lost when he ran for Senate in 2010.

Limecat · Nov 10, 2012

Basically over an hour of Peter breaking it down for you...well worth the watch:

[ame=http://www.youtube.com/watch?v=EgMclXX5msc]Why the Meltdown Should Have Surprised No One | Peter Schiff - YouTube[/ame]

Lay Low · Nov 10, 2012

IPTAY said:

I love Schiff. He makes complicated things simple and easy to understand. The one problem with him is he can come off as a dick, which is probably why he lost when he ran for Senate in 2010.
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That's not why he lost. It's not easy to win telling the truth and not promising to handout free stuff. He lost for the same reason Ron Paul lost, people don't understand liberty.

Limecat · Nov 10, 2012

Lay Low said:

That's not why he lost. It's not easy to win telling the truth and not promising to handout free stuff. He lost for the same reason Ron Paul lost, people don't understand liberty.
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Totally...Connecticut. This years race was basically who can promise to dole out the most stolen property.

xmaspoo · Nov 11, 2012

[ame=http://www.youtube.com/watch?v=fQ9FAWrBCeQ]Peter Schiff 2012 - We need to get the government out and the Free Market in!!! - YouTube[/ame]

xmaspoo · Nov 14, 2012

[ame=http://www.youtube.com/watch?v=kXpwAOHJsxg]Is a college degree worth the cost? You decide. - YouTube[/ame]

xmaspoo · Nov 20, 2012

[ame=http://www.youtube.com/watch?v=tU8jCa_dKTM]Authors@Google: Peter Schiff - YouTube[/ame]

xmaspoo · Dec 5, 2012

Schiff in 2002, the oldest interview I've found thus far.

[ame=http://www.youtube.com/watch?v=B0XJu9l3Mfk]PETER SCHIFF - 6 YEARS AGO -- "...and they will panic" - PT1 - YouTube[/ame]
[ame=http://www.youtube.com/watch?v=hv1rI41W838]PETER SCHIFF - 6 YEARS AGO -- "...and they will panic" - PT2 - YouTube[/ame]

ProvidencePlant · Dec 7, 2012

Peter Schiff: The Fantasy of a 91% Top Income Tax Rate - WSJ.com

Democratic Party leaders, President Obama in particular, are forever telling the country that wealthy Americans are taxed at too low a rate and pay too little in taxes. The need to correct this seeming injustice is framed not simply in terms of fairness. Higher tax rates on the wealthy, we're told, would help balance the budget, allow for more "investment" in America's future and foster better economic growth for all. In support of this claim, like-minded liberal pundits point out that in the 1950s, when America's economic might was at its zenith, the rich faced tax rates as high as 91%.

True enough, the top marginal income-tax rate in the 1950s was much higher than today's top rate of 35%—but the share of income paid by the wealthiest Americans has essentially remained flat since then.

In 1958, the top 3% of taxpayers earned 14.7% of all adjusted gross income and paid 29.2% of all federal income taxes. In 2010, the top 3% earned 27.2% of adjusted gross income and their share of all federal taxes rose proportionally, to 51%.

So if the top marginal tax rate has fallen to 35% from 91%, how in the world has the tax burden on the wealthy remained roughly the same? Two factors are responsible. Lower- and middle-income workers now bear a significantly lighter burden than in the past. And the confiscatory top marginal rates of the 1950s were essentially symbolic—very few actually paid them. In reality the vast majority of top earners faced lower effective rates than they do today.

In 1958, an 81% marginal tax rate applied to incomes above $1.08 million, and the 91% rate kicked in at $3.08 million. These figures are in unadjusted 1958 dollars and correspond today to nominal income levels that are at least 10 times higher. That year, according to Internal Revenue Service records, just 236 of the nation's 45.6 million tax filers had any income that was taxed at 81% or higher. (The published IRS data do not reveal how many of these were subject to the 91% rate.)

In 1958, approximately 28,600 filers (0.06% of all taxpayers) earned the $93,168 or more needed to face marginal rates as high as 30%. These Americans—genuinely wealthy by the standards of the day—paid 5.9% of all income taxes. And now? In 2010, 3.9 million taxpayers (2.75% of all taxpayers) were subjected to rates that were 33% or higher. These Americans—many of whom would hardly call themselves wealthy—reported an adjusted gross income of $209,000 or higher, and they paid 49.7% of all income taxes.

In contrast, the share of taxes paid by the bottom two-thirds of taxpayers has fallen dramatically over the same period. In 1958, these Americans accounted for 41.3% of adjusted gross income and paid 29% of all federal taxes. By 2010, their share of adjusted gross income had fallen to 22.5%. But their share of taxes paid fell far more dramatically—to 6.7%. The 77% decline represents the single biggest difference in the way the tax burden is shared in this country since the late 1950s.

The changes came about not so much by movements in rates but by the addition of tax credits for the poor and the elimination of exemptions for the wealthy. In 1958, even the lowest-tier filers, which included everyone making up to $5,000 annually, were subjected to an effective 20% rate. Today, almost half of all tax filers have no income-tax liability whatsoever, and many "taxpayers" actually get a net refund from the government. Those nostalgic for 1950s-era "tax fairness" should bear this in mind.

The tax code of the 1950s allowed upper-income Americans to take exemptions and deductions that are unheard of today. Tax shelters were widespread, and not just for the superrich. The working wealthy—including doctors, lawyers, business owners and executives—were versed in the art of creating losses to lower their tax exposure.

For instance, a doctor who earned $50,000 through his medical practice could reduce his taxable income to zero with $50,000 in paper losses or depreciation from property he owned through a real-estate investment partnership. Huge numbers of professionals signed up for all kinds of money-losing schemes. Today, a corresponding doctor earning $500,000 can deduct a maximum of $3,000 from his taxable income, no matter how large the loss.

Those 1950s gambits lowered tax liabilities but dissuaded individuals from engaging in the more beneficial activities of increasing their incomes and expanding their businesses. As a result, they were a net drag on the economy. When Ronald Reagan finally lowered rates in the 1980s, he did so in exchange for scrapping uneconomical deductions. When business owners stopped trying to figure out how to lose money, the economy boomed.

It's hard to determine how much otherwise taxable income disappeared through tax shelters in the 1950s. As a result, direct comparisons between the 1950s and now are difficult. However, it is worth noting that from 1958 to 2010, the taxes paid by the top 3% of earners, as a percentage of total personal income (which can't be reduced by shelters), increased to 3.96% from 2.72%, while the percentage paid by the bottom two-thirds of filers fell to 0.51% in 2010 from 2.7%. This starker division of relative tax burdens can be explained by the inability of upper-income groups to shelter income.

It is a testament to the shallow nature of the national economic conversation that higher tax rates can be justified by reference to a fantasy—a 91% marginal rate that hardly any top earners paid.

In reality, tax policies that diminish the incentives and capacities of innovators, business owners and investors will not spur economic improvement. Such policies will, however, satisfy the instincts of those who want to "stick it to the rich." Never mind that the rich have already been stuck fairly well.

Mr. Schiff is the author of "The Real Crash: America's Coming Bankruptcy" (St. Martin's Press, 2012) and host of the daily radio program "The Peter Schiff Show."
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ProvidencePlant · Jan 5, 2013

[ame=http://www.youtube.com/watch?v=jL15Qywx17g]"The dollar is not the king of anything, except maybe depreciation." - YouTube[/ame]

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