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He has been more right than plastic government and wall street appointed economists.
About what?
I don't expect every economist to be able to accurately analyze every commodity. What the oil supplies are and what the suppliers do cannot be predicted.
The problem is I don't care for his financial model which really isn't about know any particular commodity. He is more or less just a perma-bear...So what? It predicts nothing
On September 30, 2008, the SEC and the FASB issued a joint clarification regarding the implementation of fair value accounting in cases where a market is disorderly or inactive. Section 132 of the Emergency Economic Stabilization Act of 2008, which passed on October 3, 2008, restated the SEC's authority to suspend the application of FAS 157.
On October 10, 2008, the FASB issued further guidance to provide an example of how to estimate fair value in cases where the market for that asset is not active at a reporting date.
On December 30, 2008, the SEC issued its report under Sec. 133 and decided not to suspend mark-to-market accounting. [Mish Comment: Markets that rallied into the end of the year, collapsed again in January and February]
On March 16, 2009, FASB proposed allowing companies to use more leeway in valuing their assets under "mark-to-market" accounting. On April 2, 2009, after a 15-day public comment period and a contentious testimony before the U.S. House Financial Services subcommittee, FASB eased the mark-to-market rules through the release of three FASB Staff Positions (FSPs). Financial institutions are still required by the rules to mark transactions to market prices but more so in a steady market and less so when the market is inactive. To proponents of the rules, this eliminates the unnecessary "positive feedback loop" that can result in a weakened economy. [Mish Comment: Markets took off just ahead of the change and never looked back]
On April 9, 2009, FASB issued an official update to FAS 157 that eases the mark-to-market rules when the market is unsteady or inactive. Early adopters were allowed to apply the ruling as of March 15, 2009, and the rest as of June 15, 2009. It was anticipated that these changes could significantly increase banks' statements of earnings and allow them to defer reporting losses.
The imposition of fair-value accounting is discussed in the section on FAS 157. They became applicatble to companies where the fiscal years started on or after November 1, 2007. Both its proposal and the suspension of the uptick rule for short sales came almost to the day of the market top.
On the other side, near the major market low in March 2009, FASB proposed the suspension on fair-value accounting and ratified it two weeks later.
I don't expect every economist to be able to accurately analyze every commodity. What the oil supplies are and what the suppliers do cannot be predicted.
The problem is I don't care for his financial model which really isn't about know any particular commodity. He is more or less just a perma-bear...So what? It predicts nothing
What would have happened if the Banks were not bailed out and QE was not implemented and interest rates were not rigged by the FED?
No more bailouts, no more QE and allow the interests rates to be controlled by the open markets and lets see what happens then?
What we have now is collusion and collaboration to prop up the wealthy.
Schiff would be right if Wall Street and their puppet politicians did not interfere.
It's not just the Fed. It is also the politicians. The tax codes must be changed to encourage businesses to develop in the USA not around the world...
Doing anything with the tax codes will change nothing.
The trade policies need to be changed as well.
The Apple Iphone costs 200 dollars to make including labor in China.
They sell it back to Americans for 600+ dollars.
That money goes to the execs and investors on Wall Street
A simple look at their stock prices with the advent of the iphone is enough to see this.
With huge a profit like that, it tells me they could have them made here and still make a profit.
If we change the tax codes and they can still make more money having Commies put it together, they will have Commies put it together. There is no limit they set on profits, more is always better.
What would have happened if the Banks were not bailed out and QE was not implemented and interest rates were not rigged by the FED?
No more bailouts, no more QE and allow the interests rates to be controlled by the open markets and lets see what happens then?
What we have now is collusion and collaboration to prop up the wealthy.
Schiff would be right if Wall Street and their puppet politicians did not interfere.
This is the point. No one could have predicted this wealth transfer theft. But in retrospect it's easy to understand. Just buy off the public with some small but of stock market gains and they'll gladly look away as the Fed steals trillions. Human psychology.
The issue here is the hundreds of billions of junk bonds that were sold to the public to finance these doomed corporations. These weren't Ma and Pa startups. What's more the lion's share of the better jobs that have been created by the Fed Ponzi scheme where created by the shale industry. It's all an illusion. At the end, the money was just another transfer of wealth from those desperately seeking higher yields to the Billionaires via financial engineering. The "industry" will vanish just like the secondary mortgage industry capitulated during the last bust.
I do wish people in general doesn't a little researching before posting. I have no idea how someone can draw an analogy between the effects of an shale industry bust to a normal retail clothing store closing down on 1st and Main?
Umm well ... I guess you are so much smarter than I, I will let you go about your way....
Schiff would be right if Wall Street and their puppet politicians did not interfere.
Do you realize how ridiculous this is?
Your guy was wrong about oil/dollar/inflation/gold/stocks, but he would have been right if different events had transpired that ended up making him right instead. Therefore he is to be admired.
Your guy was wrong about oil/dollar/inflation/gold/stocks, but he would have been right if different events had transpired that ended up making him right instead. Therefore he is to be admired.
just fence sitting here but.
With QE the FED actively manipulated the markets. So he may very well have been correct about what should've happened in the absence of QE.
The more doomers there are the better stocks perform.
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