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post #1 of 13 (permalink) Old 11-12-2008, 08:06 PM Thread Starter
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Anyone read this guys book?

Has anyone read any of Peter Schiff's books? (Crash Proof and The Little Book of Bull Moves in Bear Markets). Seems he has been spot on in all of his predictions. Most of the "experts" in this video must feel really foolish now. People really dislike a realist.

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post #2 of 13 (permalink) Old 11-12-2008, 08:18 PM
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Wow, Ben Stein looks like an idiot now...

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post #3 of 13 (permalink) Old 11-12-2008, 08:26 PM Thread Starter
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Originally Posted by Sgt Beavis
Wow, Ben Stein looks like an idiot now...

You aint kinding. I have seen a couple of clips of him giving bad info. He needs to stick to clear eyes commercials.

Last edited by 93coupelx; 11-12-2008 at 08:49 PM.
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post #4 of 13 (permalink) Old 11-12-2008, 08:29 PM
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ive followed peter schiff for a while. hes a realist and i bet he feels like a rockstar right now.

this is another good reason to do research in the market rather than listen to talking heads on the tv. most of em are full of shit.
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post #5 of 13 (permalink) Old 11-12-2008, 08:31 PM
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post #6 of 13 (permalink) Old 11-12-2008, 08:33 PM
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Originally Posted by slow99

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post #7 of 13 (permalink) Old 11-12-2008, 08:57 PM
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well gee, you mean to tell me that when as a country you dont produce anything and only consume it doesnt work.....Durrrr!! Been saying that for years! Get the fucking jobs back and restore america back to being the industrial capital of the world! America having to borrow money from the chinese just to run this country makes me fucking sick.

Heres something i saved awhile back that applies here i think

The Soviet Union, Marxist Leninism, the Evil Empire and their ugly metaphor, the Berlin Wall, crumbled and collapsed almost 17 years ago.

At the time, I thought it was strange that the United States didn't have the inclination to celebrate. There were no victory parades and no fireworks; nor did Congress declare a V-CW Day, as in Victory in the Cold War. There weren't even any grand speeches about America's emergence as the World's Only Superpower.

But a grand smugness did grip most of Washington. And hubris became the foundation of almost every national policy, foreign and domestic. And why not? We were entitled as the World's Only Superpower.

What a blessing, all these superpower advantages. What other people besides Americans can afford not to make their own clothes? The world has other people for such menial tasks, and they sell us all but a few of our shoes, shirts, slacks, suits, dresses and coats (and, of course, accessories). We now import around 96 percent of our clothing.

What other nation can afford to dismantle its manufacturing base and export high-paying middle-class jobs overseas to lesser, cheaper foreign labor markets and then buy back the goods those poorer people provide us?

And energy? Why, we Americans have money to burn. We spend $15-20 billion each and every month to import fuel for our cars, trucks, office buildings and few remaining factories and plants. We can be heedless to the consequences, because as Vice President Dick Cheney suggests, conservation doesn't work well anyway. So why be bothered with such irritating constraints?

Because we're a superpower, we needn't concern ourselves with silly little annoyances like trade and budget deficits. Who cares? What greater proof of our superpower status can there be than 30 consecutive years of trade deficits, evaporating surpluses in services and agricultural goods and even technology.

Our trade deficit in manufacturing soared nearly 300 percent from 1997 to 2005, surging to $662.5 billion. Our business and government leaders soothingly remind us that we are a technology economy and needn't be distracted by developments like the reversal of what was a $35-billion surplus in high-tech goods to what is now a $44-billion deficit. It's great to be The Superpower.

What about all that money we're burning? Not to worry. Spend it if you got it. Well, we really don't have it, actually. We're borrowing more than $2 billion a day to send to those lesser souls who are uncomfortably situated in poorer nations that can only aspire to our superpower status.

As to our government's budget deficit, again, that's not a problem. Our federal government keeps two sets of books: one that shows our budget deficit shrank to $319 billion last year and the Treasury Department set that shows $760 billion. Now, we don't want anyone to get needlessly anxious here. It turns out that our national debts and commitments actually stand at an incredible $49 trillion. But let's just keep that little number amongst ourselves.

The federal government uses a quaint accounting system that would be illegal for any large enterprise in America, and there are those who believe our government should be more transparent, or perhaps honest, if you will. One of those with a very unpopular wet-blanket attitude is David Williams of the Citizens Against Government Waste. "If this happened in the private sector, we would call the government 'Enron,' " Williams says.

David, David, David...A little less negativity, please. David Williams is among that small, insignificant and clearly irrelevant group of eccentric rationalists who care about cause and effect, truth and consequence.

Rep. Jim Cooper, a Tennessee Democrat, is among them as well. In his new book, Cooper writes about things like the fact that our federal government last year paid out $38 billion to the wrong people and that $20 billion of taxpayer money simply disappeared from the government's treasury.

Negativists like Williams and Cooper get all a-gaggle over the fact that the GAO can't certify the books of the Pentagon, the Department of Homeland Security, the Energy Department and NASA. They're even upset that the federal government has failed its annual audit for nine years in a row. Talk about Nervous Nellies.

So what if the U.S. debt rating is heading for junk status by 2025, according to Standard & Poor's. That's a problem for nations that aren't superpowers, don't you think?

When it comes to international relations, our superpower status is even clearer. Though admittedly, it is a little embarrassing to watch how easily the United States imposes its will on the Middle East and brings aspiring superpowers like China to heel on issues like human rights and democracy.

Looking back, I'm grateful that we didn't celebrate our emergence as the World's Only Superpower those many years ago. In our current exalted state, it's clear we were wise not to do so.
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post #8 of 13 (permalink) Old 11-12-2008, 09:54 PM
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This recent column will no doubt add to his air of clairvoyance.


Amid the chaos of recent days, as the federal government has taken gargantuan steps to stabilize the financial markets, realigning the U.S. economic system in the process, comes a nearly universal consensus: This crisis resulted from government reluctance to regulate the unbridled greed of Wall Street. Many economists and market participants who were formerly averse to government interference agree that a more robust regulatory framework must be constructed to cage the destructive forces of capitalism.

For the political left, which has long championed the need for such limits, this crisis is the opportunity of a lifetime.

Absent from such conclusions is the central role the government played in creating the crisis. Yes, many Wall Street leaders were irresponsible, and they should pay. But they were playing the distorted hand dealt them by government policies. Our leaders irrationally promoted home-buying, discouraged savings, and recklessly encouraged borrowing and lending, which together undermined our markets.

Just as prices in a free market are set by supply and demand, financial and real estate markets are governed by the opposing tension between greed and fear. Everyone wants to make money, but everyone is also afraid of losing what he has. Although few would ascribe their desire for prosperity to greed, it is simply a rose by another name. Greed is the elemental motivation for the economic risk-taking and hard work that are essential to a vibrant economy.

But over the past generation, government has removed the necessary counterbalance of fear from the equation. Policies enacted by the Federal Reserve, the Federal Housing Administration, Fannie Mae and Freddie Mac (which were always government entities in disguise), and others created advantages for home-buying and selling and removed disincentives for lending and borrowing. The result was a credit and real estate bubble that could only grow -- until it could grow no more.

Prominent among these wrongheaded advantages are the mortgage interest tax deduction and the exemption of real estate capital gains from taxable income. These policies create unnatural demand for home purchases and a (tax-free) incentive to speculate in real estate.

Similarly, the FHA, Fannie and Freddie were created to encourage lending by allowing primary lenders to turn their long-term risk over to the government. Absent this implicit guarantee, lenders would probably have been much more conservative in approving borrowers and setting interest terms, and in requiring documentation of incomes and higher down payments. Market forces would have kept out unqualified buyers and prevented home-price appreciation from exceeding the growth in household income.

Interest rates contributed the most to creating the housing boom. After the dot-com crash and the slowdown following the attacks of Sept. 11, 2001, the Federal Reserve took extraordinary steps to prevent a shallow recession from deepening. By slashing interest rates to 1 percent and holding them below the rate of inflation for years, the government discouraged savings and practically distributed free money.

Artificially low interest rates invigorated the market for adjustable-rate mortgages and gave birth to the teaser rate, which made overpriced homes appear affordable. Alan Greenspan himself actively encouraged home buyers to avail themselves of these seeming benefits. As monetary policy caused houses to become more expensive, it also temporarily provided buyers with the means to overpay. Cheap money gave rise to subprime mortgages and the resulting securitization wave that made these loans appear safe for investors.

And even today, as market forces deflate the credit bubble, the government is stepping in to re-inflate it. First came the Treasury's $700 billion plan to purchase mortgage assets that no one in the private sector would buy. Now it has recapitalized banks to the tune of $250 billion, guaranteeing loans between banks and fully insuring non-interest-bearing accounts. Policymakers say that absent these steps, banks would not be able to extend loans. But given our already staggering debt burden, perhaps more loans are not the answer. That's what the free market is telling us. But the government cannot abide solutions that ask for consumer sacrifice.

Real credit can be supplied only by savings, so artificial steps to stimulate lending will only produce inflation. By refusing to allow market forces to rein in excess spending, liquidate bad investments, replenish depleted savings, fund capital investment and help workers transition from the service sector to the manufacturing sector, government is resisting the cure while exacerbating the disease.

The United States reached its economic preeminence on the strength of its free markets. So far, the economic disaster exacerbated by government policies is creating opportunities for further government interference, which will lead to bigger catastrophes. Binding the country to a tangle of socialist ideals will seal our fate as a second-rate economic power.
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post #9 of 13 (permalink) Old 11-12-2008, 11:30 PM
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"employees were told that "to keep the Vise-Grip name competitive, they had to move to China."

and thats exactly how the chinese want it, there is no way an american manufacturing company can survive!

This proves another point of mine. American capitalism cannot compete with cheap ass labor rates from other countries!!! It simple doesnt work, there is no competition which is what our economy is based on. An american worked earns about twice in a week what a chinese worker earns in a month, any wonder why companies are dying to get into china? Its not the damn tax rate, it is to get access to people who basically working for nothing!

Chinese shit is made from weak ass steel that is dangerous and produces tools that fly apart in your face. If american companies tried that they would be SUED!!

Its time to get the manufacturing jobs back here. Then laws will need to be passed with strict rules on quality and regulations againts imported products. Basically make it not worth it to import and to protect american companies from corner cutting cheap ass foreigners who dont care or respect americans. This shit pisses me off so bad and im baffled why people wonder why this country is in trouble.
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post #10 of 13 (permalink) Old 11-13-2008, 07:03 AM
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Wow.... spot on. Made those other people look like idiots.
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post #11 of 13 (permalink) Old 11-13-2008, 07:10 AM
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The curse of Cassandra. What's really shocking is all the haughty douchebags ridiculing him.

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post #12 of 13 (permalink) Old 11-13-2008, 07:17 AM
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That guy is brilliant! I'll be ordering his book.

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post #13 of 13 (permalink) Old 11-13-2008, 10:43 AM
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All those talking heads should be banned from TV.

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