Friday, June 12, 2009

Few people have impressed me THIS MUCH....you won't believe this


It stuns me to watch PETER SCHIFF...how did he KNOW? And why isn't Obama using him NOW?

z

34 comments:

FJ said...

He's SUCH a gloomy Gus... ;-)

Tennyson, "Tiresias"

No power so chain'd and coupled with the curse
Of blindness and their unbelief who heard
And heard not, when I spake of famine, plague
Shrine-shattering earthquake, fire, flood, thunderbolt,
And angers of the Gods for evil done
And expiation lack'd no power on Fate
Theirs, or mine own! for when the crowd would roar
For blood, for war, whose issue was their doom,
To cast wise words among the multitude
Was flinging fruit to lions; nor, in hours
Of civil outbreak, when I knew the twain
Would each waste each, and bring on both the yoke
Of stronger states, was mine the voice to curb
The madness of our cities and their kings.
Who ever turn'd upon his heel to hear
My warning that the tyranny of one
Was prelude to the tyranny of all?
My counsel that the tyranny of all
Led backward to the tyranny of one?
This power hath work'd no good to aught that lives
And these blind hands were useless in their wars.
O. therefore, that the unfulfill'd desire,
The grief for ever born from griefs to be
The boundless yearning of the prophet's heart
Could that stand forth, and like a statue, rear'd
To some great citizen, win all praise from all
Who past it, saying, "That was he!"
In vain!

Z said...

"IN VAIN", indeed, FJ.
Too bad nobody listened. :-(

Anonymous said...

Wow Z. A man ahead of his time. Where is Peter Schiff now, and what's his opinion of the bailouts and takeovers?

This guy was a voice in the wilderness. No one listened. If they had, would it have changed anything, or were the wheels in motion and going too fast like a runaway train?

Pris

christian soldier said...

WHERE did you find this?!--I must admit = I must expedite my learning curve on financial knowledge---It looks like Peter Schiff is my chosen 'teacher'---let us know if he has written a book-and when he is commentating...I lost over 1/2 of my stock $$$ and et.al. by listening to the other types...Schiff stood alone-admirable...
C-CS

Z said...

http://en.wikipedia.org/wiki/Peter_Schiff

This guy is FASCINATING..check him out!

FrogBurger said...

In 2005-2006 I was telling my dad the US economy was working virtually. It doesn't take a rocket scientist to see that people making 100k a year buying 800k house was not a good thing. Especially when I would see those people produce not very much in terms of economic value at work

FrogBurger said...

Also check this out: the corrupted Fed and our corrupted gov working for the banks, and not the peeps

http://www.youtube.com/watch?v=cJqM2tFOxLQ

Anonymous said...

Yes, well, senators with stock in bailed out banks makes a lot of sense, now doesn't it?

Talk about the weasels guarding the hen houses.

WVDOTTR

FrogBurger said...

Maybe I'm old school but I think the US economy has got to start producing real value. IT and software was one and it's going to India, which is fine if we produce another economic value at home. I'm not sure this has been replaced.

So we've lowered production costs but the margins created for this haven't been replaced with any new industry. In the meantime management in IT industries is in meeting or is spending time creating marketing presentation and sales pitches. This is not the value you want to see out of an economy.

Obviously I may be generalizing my own experience so this has to be taken with a grain of salt.

Z said...

WV, good point!

Frogburger, you know, I remember when Pittsburgh steel was closing down; factory after factory...
continuing until only recently when Hershey's Chocolate closed.....the whole town of Hershey depended on that.

When we're buying everything much cheaper from China, etc., where do we go from here? Some think we can have an economy of IT and other high-tech stuff; we CAN'T.
NOT EVERYONE is college material, not everyone is desk job material....some people don't have the brains, pure and simple, through no fault of their own, ...

But some in this country have been peddling a lie that's EVERYBODY'S THE SAME AND EVERYBODY DESERVES TO BE PRESIDENT OF THE NEIGHBORHOOD BANK OR PRINCIPAL AT THE LOCAL SCHOOL. That is utterly ridiculous!

We're closing coal mines where whole families worked and brought up good children, etc....done.

So, since the high cost of living and the unions have pushed us into unrealistic salaries and incredible benefits, etc....how do we get costs down where OUR PEOPLE can be doing their jobs again and Americans will buy them OVER Chinese product?

I'm obviously no economic expert, but I do think about these things and perhaps someone can fill in my blanks and help me to know if I'm totally off or have a point? And help me figure out how we can get back to, as you said, Frogburger, AMERICAN PRODUCTS being BOUGHT IN AMERICA and abroad?

We used to be so proud to BUY AMERICAN..MADE IN AMERICA. Now you rarely SEE MADE IN AMERICA!!

beamish said...

Obviously we need to destroy our villages in order to save them.

(Do I need to tell that I'm being sarcastic?)

Z said...

beamish, THAT is a 'different' solution........??

Anonymous said...

Interesting how Schiff was arguing with logic while his opponents were suggesting that he's mean and no fun at parties.

tio bowser

FrogBurger said...

As I learned during my economics clas in highschool, we need to look at cycles. we are in the bottom of a Kondratiev cycles. Which means there's no disruptive innovation. So we have to enter a new era with brand new technologies or industries to have another round of growth. This is maybe green technologies or something else.

Look at this
http://en.wikipedia.org/wiki/Kondratiev_wave

It says the saturation point of the wave is 2010.

Usually the bottom of the cycle also triggers social changes. Sometimes world conflicts.

FrogBurger said...

Z you're right. At least countries like Germany still have strong industries and great exports.

But maybe government-sponsored healthcare will trigger a new growth. I'm being sarcastic as I heard Obama saying the country's economy was bad because of the healthcare debt in one his speeches.

Ducky's here said...

Hmmm, the fanboys for the Austrian school are out in force as if this guy were the only one who predicted the mess.

Pris, why are you even asking what a disciple of the Austrian school thinks about the bailouts?

What's interesting is that his comrades, like Alan "Mr. Bubble" Greenspan are closely aligned with the Austrians and were instrumental in bringing us this mess.

I know, it's really all because Barney Frank FORCED private unregulated entities like Countrywide to write junk to minorities in Las Vegas, Phoenix and all the other spots that went teats up, but realize that as long as you fail to get the gestalt of this mess ... nobody listens to you.

Why isn't anybody listening to the folks representing the school of economics that dug the hole ... you folks are a stitch.

Ducky's here said...

When we're buying everything much cheaper from China, etc., where do we go from here? Some think we can have an economy of IT and other high-tech stuff; we CAN'T.

------------------------

Well, we aren't going to be able to continue leveraging all this debt and consuming natural resources as if they're infinite.

That's been clear to everyone but the Calvinists who think it's our birthright (well maybe not the debt so much).

So get ready for a lowered standard of living, z. It is inevitable and the marines can't stop it although they might provide cheap oil for a while longer.

Now, what you are going to have here as we are going is a two class nation, working class and very wealthy. And something is going to give but you have been told it's coming and ignored the signs.

FJ said...

Why isn't anybody listening to the folks representing the school of economics that dug the hole ... you folks are a stitch.

Why? Because Marx was soooooo much better an 'economist.' Just ask Vlad Putin-ortakitout.

BWAH-HA-HA-HA-HA!

Gayle said...

I read all the comments, hon, and although they're good, no one has answered your question "...why isn't Obama using him NOW?"

I honestly believe the answer is because Obama is working at ruining our economy, not fixing it. If he really wanted it fixed he wouldn't be doing what he's doing. It doesn't take a genius to understand that the programs he's putting in place will hurt most hard working Americans, and his plan to raise taxes won't do them any good either.

Off topic, but did you hear about Obama's White House garden? He's not growing tomatoes, corn, etc..

"Obamas Grow Arugula While Rome Burns"
http://www.conservatives4palin.com/2009/03/obamas-grow-arugula-while-rome-burns.html

Read the post. It's a hoot!

FrogBurger said...

Ducky again you're a pathetic idiot. If you knew your economics you'd accept the cycles.

Also you'll also understand that any cycle triggered by disruptive innovation has its bottom as well and needs to be replaced by something else. Steel -> Automobile Industry -> IT

So yes it is a cycle of capitalism that was accelerated by government intervention by forcing equality on society and helping people who couldn't afford to have houses to have one (Freddy/Fanny).

At least capitalism produces those cycles because it provides valuable goods and services. Socialism and communism don't have cycles because they're producing no value.

So deal with the reality of life and look at past experiments in Russia and even Europe. Why do you think my very own country saw its best scientists or doctors leave to the US?

beamish said...

I'm opposed to Obama's plan to tear down Flint, Michigan.

Its abandoned buildings and rotting crack houses should be preserved on the Federal Register as historic monuments to 50+ years of local and state Democrat economic management.

JINGOIST said...

WOW! Z, how in the hell did you locate that? Peter Schiff saw the seams on the coming fast ball and hit it out of the park.

It shocked me how WRONG Art Laffer was! This is a guy who I respect tremendously for his work as a brilliant economist, and was he ever wrong. And Stuart Varney too...Geez.

These people aren't usually THAT wrong, heck they might as well work for CNN. (chuckle)

To address your question, "why isn't he working for Obama"?

President Obama is an incredibly ambitious FASCIST. The people he wants to hire would also fall under that heading. Guys like the tax cheat, Timmy Geithner.

Peter Schiff speaks his mind despite ridicule. He has the courage of his convictions. He's a freedom-loving patriot. No Obamabot there!

Anonymous said...

"Pris, why are you even asking what a disciple of the Austrian school thinks about the bailouts?"

Usually Ducky, when someone has shown he has credibility, he's worth listening to. I'm asking because I'm interested.

What's been instrumental in bringing this mess is, spending money we don't have, borrowing from the future, and piling up debt that couldn't be paid for, all in the name of feel good, entitlement nanny state policies.

This policy of entitlements which can't be paid for, is now on steroids, and will rob from my children and grandchild.

Yes, and it's clear all of this, including the bogus "green" policies are to be used to lower our standard of living. Purposefully I might add.


"Now, what you are going to have here as we are going is a two class nation, working class and very wealthy. And something is going to give but you have been told it's coming and ignored the signs."

All brought to us thanks to liberal policies.

Everything this administration is doing is to ensure your above statement. What this will achieve is wiping out the middle class, because the far-left believes equality is equal poverty, dependence on the state, and to hell with freedom. That's too high a price to pay.

Why don't you just admit it Ducky, you hate America and everything she has always stood for.

You have your thugocracy in power, and I'm sure you see what you want to see and dismiss the oppressive tactics as a temporary necessity.

They are not temporary as long as leftists are in power. So, ignore history, reality, and bask in your victory while you can.

Concerning energy and natural resources; If we had built nuclear power plants we would have an infinite supply of energy. Who opposed that? Not conservatives.

You are pathetic, and I'd like to tell you to be careful what you wish for, but, a caution like that is wasted on fools.

Pris

JINGOIST said...

Pris, From now on I'll just wait for you to post, then I'll copy and paste it under my name, okay? :-)

Law and Order Teacher said...

Z,
This confirms my suspicions from college economics classes. These guys don't know their butts from page ten. I listened in class as econ professors tried to turn it into a science. It really was about as accurate as predicting the weather.

My best example is Paul Krugman. He hasn't been right since...forever. His comments about politics are even more ridiculous. Economics, holy smokes.

JINGOIST said...

Krugman is an abject IDIOT when it comes to economics. I've read him and wonedred why he didn't just throw burnt chicken bones on the floor to make his calls.

I learned FAR more from reading Sowell's "Basic Economics" and Henry Hazlitt's "Economics In One Lesson." These men are NOT trying to reinvent the wheel, they help you to understand how and why the wheel works!

Z said...

Tio, all they care about is being fun at parties.

Ducky...you blame this on Me and Calvinists? Thanks, shows some real in depth thinking. :-)
By the way, most of us saw this coming ...we just didn't think the Left could so easily and happily fan the flames of disaster.
It's not OUR people following the japanese recipe for future disaster.

Beamish, I'm not sure HOW I feel about knocking down a town like Flint (unless Michael MOore was still in his boyhood home...ouch, sorry . (OKAY, I AM KIDDING>..JUST KIDDING, Eric HOlder, if you see this..I PROMISE I AM KIDDING) (just wanted to cover my bases; I figure if MOore can screw a whole country with his lies and nobody cared, I can make a little levity, huh?)

Jingo and CS? WHERE DID I FIND THIS? I haff mah vays.

Pris...BRAVO. And Jingo, your remark to Pris is perfect!!
Chuck Thinks Right always posts EXACTLY what I'm thinking, it's scary! But, of course, I agree with most of all that you guys, all my commenters (but Ducky, of course) say!

L&0 and Jingo...I heard Krugman let Glenn Beck have it....
I swear, for a party that's IN CHARGE now......there SURE is a LOT of hate going, a LOT of calling US names, actually more than usual...they're MORE scared now that they realize "Some people don't love THE ONE!" No matter how they skewered Bush. This is DIFFERENT, this is THE ONE!

It's like living in Zimbabwe with this new bunch of Chicago Thug Democrats. unimaginable.

Anonymous said...

As this video shows, it would be good if, sometimes, people listen. This current situation was foreseeable. The writing was on the wall. It was not rocket science to see e.g. the bubble in the housing market fostered by the sub-prime loans - even I saw that.

As to the middle class: As has been mentioned by several - and again, no mystery here - the union contracts have made America non competitive - best example the current GM and Chrysler transactions. If companies cannot hire people at reasonable cost, they either give up or go elsewhere. And then there is a compounding factor: quality. That is a question of design, but also of training. Trying to cut cost, companies downgraded the design. And in addition, the vocational training is lousy in this country. Result: Middle class manufacturing all but disappeared. And the situation is: If people want to buy cheap products, they buy stuff made in China or Korea, if they want to buy good, solid products they buy German. Just look at the ovens and the faucets in houses.... And what is true for these goods, is also applicable for cars. The American car companies have slept, and were destroyed by the unions. This may be simplified, but it is true.

But the true exodus is still to come. Just let these wise guys increase the burdens on companies and "rich" people and you'll have nobody left in this country to grow the economy.

Back to economic strategies: If you want to know exactly where this country under these geniuses of the Obama administration is going, google "Marc Faber" or "Dr. Doom", and you'll find out. This guy is an investment guru of a different type. And he is absolutely right.

Mr.Z

Z said...

Super, Mr. Z..thanks!

How do we address my question in an early comment about COST OF LIVING? I mean, how did it get so over the top!?

There's something I've been thinking a lot about and that is mothers who work; two expensive car families, bigger house families, house with the pool families...all these things ONE DAD WORKING couldn't accomplish, at least not most Dads. Somehow, I think the greed thing, "keeping up with the Joneses" and sacrificing our kids for a pool or a Mercedez instead of a grassy backyard and a Plymouth has brought far more chickens home to roost than we counted on.

I can't really explain well what I'm getting at; anybody want to chime in?

Was there a defining MOMENT or defining THING which caused all the problems in America? Our kids are suffering greatly (i generalize, yes I KNOW some kids do FINE with full time working mothers, please don't get upset!) and I wonder if moms staying home would have helped them AND helped the working market. I don't know...I have to think more of it. Thanks for listening to a bit of what it's like to live in my head while I think on paper! (yikes)

Anonymous said...

Pris,
The Austrians would have little if anything positive to say about the bailout. The fact that people can't afford expensive houses is a sign that producers should stop producing expensive houses.

If an Austrian wanted to head north on the interstate but saw a sign saying he was heading south, he would pull over and turn around. If a statist were in the same situation, he would have the signs removed.

It's funny how capitalism gets portrayed as chaotic, but it is government tinkering that went from trying to keep housing affordable to trying to keep housing expensive. I believe Ludwig von Mises would call this "Planned Chaos".

Ducky,
Your suggestion that Greenspan's policies were Austrian is (whether or not intentionally) deceptive. Though he may have considered himself a disciple of Rand (and perhaps an Austrian; I don't know) his advocacy of money expansion via zero percent interest rate is anathema Austrian thought. Austrians such as Rothbard find the idea of a federal reserve completely revolting.

Claiming that Greenspan speaks for the Austrians is like saying Zell Miller is the voice of the Democrats.

Tio Bowser

Z said...

Tio, if the Austrians THEN or NOW are anything like Germans NOW, they have something to say about the bail outs......NEIN...DUMM...NEIN NEIN NEIN!

Anonymous said...

Z
Das stimmt.

What is the Austrian word for "bad idea"?

tio b

Z said...

Tio: Schlechte Idee...

in German, anyway...they have some wierd word differences but not many!

Anonymous said...

Thanks Tio, a little common sense goes a long way doesn't it?

I love your road sign analogy, btw.

Pris