Peter Schiff on Daily Show

saw this today and i watched it again just now.
He is a smart man. as an economist myself, i agree with most of what he says. I want to read this book.
But, he said that credit is the "cancer" of the economy. This in response to Obama's "life-blood" of the economy. Of course irresponsible spending by most consumers hurt pretty bad but without allowing for credit to be issued to businesses we will spiral deeper and deeper into depression. Business needs to be built on a stead source of funds and that's where credit comes into play. if we are going to rebuild, someone needs to loosen their grip on the credit in this country and pass on that credit that the govt got from other countries.

 

Schiff for senate 2010

 

First of all Franklin is awesome. You clearly know that and as a result you rule too.

Credit has the potential to be the 'life-blood' of an economy or its 'cancer'. It just depends on how it's used... But how can we get people to spend within their means? Wouldn't it be great if we had some sort of social revolution that put things in perspective for people? Get them to realize that having a BMW or a plasma screen doesn't make you a big man... Ah to dream

 

Schiff would be a great addition to the Senate and Dodd seems to be so hated that Schiff might actually have a chance.


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

 

I love when Schiff goes on mainstream media and exposes our frauduelent economy for what it really is, he paints a true picture of the economy, not this viiew that everything is ok, the dollar is dropping 5% weekly.

 

That was an informative interview, but I can't believe they allowed genuine criticism of Obama on The Daily Show.

 

I've been a long time follower of the Austrian school of Economics, which to a large exctent back what you say.

With regards to the interview and Schiffs statement that credit is the cancer of the economy, one need to remember he had very little time on the interview, and as such need to keep his statements succinct and not nuanced. I am sure he could give a two-hour lecture on the role of credit in an economy.

By the cancer statement, as I gather from other lenghtier interviews I've seen with him, he means the highly opaque financial instruments used in order to camouflage high-risk credit as triple-A credit. In short obfuscating the fact, that the entire credit-structure of much of the world economy was built as a house of cards, where no real assets were/are behind the majority of the credit given.

Used correcly, by sound conservative estimates of risk-benefit, credit really is the life-blood of any vibrant economy. Used incorrectly, where short-term profit is king and thus high-risk credit is given, we get what we see today. Encouraging the furtherance of such short-sighted credit-policy, not to mention bailing out the criminals that enabled it, is a cancer to any economy. And who is stuck with the bill? Not the top-dogs and shareholders of the credit institutions that got us into this mess, but you and me. The taxpayers, workers, pension savers and small time investors.

Such nuances are not that easy to convey in a short 7 minute interview, on a comedy program designed for americans with the attention-span of a goldfish

 

If he runs, the rEVOLution will support him and he will get a seat.

 

Schiff did a great job. It's always nice to see other believers in the gold standard and Austrian School economics. It's amazing to see how everyone can continue to laugh at a guy who is consistently making them look stupid.

 

TheHill.com - Schiff polling shows him competitive with Dodd

Wahoo

 

So i think schiff has a major chance but it helps that Dodd is a fucktard.

After a lengthy discussion with my father about this topic i've come to a different conclusion. although schiff was "right" economists are always making predictions and it was just left to chance that someone would get it right. not saying he's not smart, but luck had a role.