Peter Schiff on Daily Show

Discussion in 'Politics' started by aaronman, Jun 11, 2009.

  1. [ame=]Peter Schiff | The Daily Show | Comedy Central[/ame]

    I hope he runs for Senator.
  2. 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.
  3. Schiff for senate 2010
  4. 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 ;)
  5. Schiff would be a great addition to the Senate and Dodd seems to be so hated that Schiff might actually have a chance.

    [ame=]YouTube - Peter Schiff Was Right 2006 - 2007 (2nd Edition)[/ame]
  6. I think that idea is what leads to a shoddy foundation. Easy credit creates this class-destroying, cyclical prosperity-to-poverty thing we got going.

    Credit is great, but do you think we should set artificial interest rates or let the market determine that? Do you really think 0% Fed funds rate represents the level of risk in the economy right now? Yea right... :rolleyes:
  7. 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.
  8. That was an informative interview, but I can't believe they allowed genuine criticism of Obama on The Daily Show.
  9. #9 Zylark, Jun 12, 2009
    Last edited by a moderator: Jun 12, 2009
    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 :p
  10. If he runs, the rEVOLution will support him and he will get a seat. :D
  11. 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.
  12. 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.

  13. Free market economists are never wrong though. They predict every boom and bust when the central planning keynesians "can't" see it. Any artificial creation of wealth will be forced to correct itself, and only Austrian economists recognize this.

    The keynesians have flies in their eyes.

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