Obama Needs This Guy On His Economic Team

[lame54]

Run time: 09:59 https://www.youtube.com/watch?v=2I0QN-FYkpw   Posted on YouTube: November 03, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: November 25, 2008 By DU Member: lame54 Views on DU: 937

 

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1. I don't like his positions on regulation. But that video shows show absolutely idiotic our media is

they were literally laughing at him. Everyone of those idiots should never be seen as a financial annalyst on any network.

[Robb]

2. Geez

"All that's increased is the paper value of stocks and real estate...all that phoney wealth is going to evaporate."

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3. did you notice the fox "news" idiots laughing their ass off when he said that?

[Jack Rabbit]

4. Summary

Schiff stuck to the fundamentals and was right. All the optimists on those various and sundry panels were stuck on the idea that "earnings were up" and therefore things could only get better. One may ask, why were they wrong?

Schiff kept repeating a meme right out of Adam Smith 101: paper is not wealth; money is not wealth, even when real wealth is measured in currency. Goods and services are wealth, and the US wasn't producing any goods. That, he knew, was unsustainable.

Thanks for posting. A stress on basic fundamentals is important and it is good to be reminded of them every once in a while.

[GarbagemanLB]

5. I believe he advised Ron Paul. His economic philosophy isn't exactly in line with Democrats.

I believe I saw him on CNN a few nights ago saying the government shouldn't spend anything on bailing out the big three.

[dixiegrrrrl]

6. Arthur Laffer....was he the "Laffer Curve" guy?

[Orrin_73]

7. He was the one who influenced the guys that gave us

the supply side economics (reaganomics a.k.a. voodoo economics).

[dixiegrrrrl]

8. Peter Schiff columns -link:

http://www.financialsense.com/fsu/editorials/schiff/archive.html

[MedioGringo]

9. Yeah I don't know about that

He was right on the market crash but he is also a free market purist, doesn't believe in government intervention in the markets at all, and claimed Roosevelt CAUSED the great depression. Not sure he'd be a good pick for a government office.

Remember, there were a lot of people predicting the crash, just not that many who got on TV.

Also, this video shows how cable news helped push idiot day traders to over leverage in the stock market based on what they heard on TV.

[Truth2Tell]

10. Kick

Peter Schiff is a messed-up Paultard when it comes to issues of social justice, however he was right about the collapse. But so were many others.

The important part of this video isn't how right Schiff was, but how arrogantly wrong the rest of the guests and the hosts were. Have any of these people acknowleged how wrong they were? No. Are they still puditizing on FOX and CNN and elsewhere? Yes.