Monday, December 29, 2008

Peter Schiff:12-29-08

Part 1

CNBC: The New Year And New Optimism




Part 2

CNBC: Run On The Dollar?

4 Comments:

At 12/30/2008 8:28 PM, Blogger Shannon said...

Randy, do you think it's wise to take my retirement $$ out from USAA (my precious employer) and buy into gold with the money left after tax repercussions? My retirments is in a 401K. My husband has a secure job/retirement being that he's active duty military. I have no plans to return to the workforce any time soon.

 
At 12/30/2008 10:17 PM, Anonymous Anonymous said...

While Schiff is a better listen than blatant propagandists like Kudlow, and he is generally right on monetary and foreign policy, he refuses to blame capitalism on any of our problems. He says we need to bring manufacturing back to the US, but still can't face up to the facts as to why it left in the first place. Wasn't it capitalists who outsourced millions of white and blue collar jobs, leaving 20th century job growth only in low-skilled domestic services? How do we bring back manufacturing, without tariffs or other gov't regulation?
He's also in denial about financial de-regulation. While the Fed's low interest rates are undoubtedly to blame, this mess cound not have happened without the repeal of the Glass-Steagall Act in '99, which prohibited commercial banks from dealing with investment banks. Overall, Schiff is still a breath of fresh air.

 
At 1/02/2009 3:18 AM, Anonymous Anonymous said...

I could just as easily say that this mess would never have happened without the CRA being morphed into a "whack-a-lender" hammer by the Clinton Justice and HUD Departments. The announcement of the multibillion dollar "affirmative action housing loans" settlement against Citi by Andrew Cuomo (after the initial redlining lawsuit back-benched by one Barack Obama representing ACORN) sent a powerful signal throughout the lending industry. Screw it, loan to everyone - it's what will keep Uncle off your doorstep and your bank out of the news... for 15 years anyway. The GSE's took over from there - hey look! It's profitable to be reckless!

 
At 1/02/2009 12:15 PM, Anonymous Anonymous said...

Anonymous,

you certainly have a point. Gov't regulations that required lending to unqualified minorities also played a role. My point is that Schiff only blames gov't regulations, without admitting that capitalism is also to blame. His drinking metaphor is rediculous. He blames the person serving the alcohol(the Fed), not the person that gets drunk(capitalists). That's like saying that I can go to a bar, get drunk and crash my car, then sue the bartender for serving me alcohol. This has no moral or legal argument. It's free market dogma like this that's the reason why I am no longer a libertarian.

 

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