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right, what do they have to do with what we were just discussing, which was Gary Shilling, Peter Schiff, and their discussion about private debt?
That is a total change of subject. You might as well have started talking about baseball.
Peter Schiff's message to the OWS 99% is that they should be down in Washington instead of Wall St. Isn't that Peter Schiff's message?.. I am backing up that Peter Schiff is right.
Peter Schiff's message to the OWS 99% is that they should be down in Washington instead of Wall St. Isn't that Peter Schiff's message?.. I am backing up that Peter Schiff is right.
I agree, protesting bankers and financial analysts in their buildings is not going to do anything...
The only way to get change is to demand it from your government. This is exactly what the OWS crowd is NOT doing by NOT being in Washington. This shows me that they are either confused, or don't want change, or think it is a big party... This is what is giving people the impression that they hate capitalism. It really is hurting their cause.
Peter Schiff's message to the OWS 99% is that they should be down in Washington instead of Wall St. Isn't that Peter Schiff's message?
Peter Schiff's message is that the volume of money in circulation is skyrocketing, and hyperinflation is inevitable and we're all doomed. Peter Schiff thinks that banks just lend out their deposits, and that there's nothing wrong with the banking system.
Peter Schiff is wrong.
The video I posted goes into more detail than Peter Schiff's "message to the OWS." In his "message to OWS" he is talking to a bunch of protesters who are not economists, and berating them, and in the process saying a lot of things that are not accurate.
What I posted shows him arguing with someone who can hold their own, someone who can bust Schiff whenever he says something factually inaccurate. In these videos, you can see Schiff is a one-trick-pony who cannot address the criticisms brought against him; he simply repeats himself when confronted with his inaccuracies. That's what we started talking about, until you decided that Maxine Waters was somehow a proxy for Gary Shilling and Ellen Brown.
Last edited by Cletus Awreetus-Awrightus; 10-28-2011 at 07:53 AM..
Peter Schiff's argument on tuition subsidies being the cause of tuition hikes is flawed. The reason why tuition has risen over the years is because of more demand and increased faculties. In fact, grants have not kept up with the cost of tuition.
Peter Schiff's message is that the volume of money in circulation is skyrocketing, and hyperinflation is inevitable and we're all doomed.
Peter Schiff is wrong.
The video I posted goes into more detail than Peter Schiff's "message to the OWS." In his "message to OWS" he is talking to a bunch of protesters who are not economists, and berating them, and in the process saying a lot of things that are not accurate.
What I posted shows him arguing with someone who can hold their own, and that's what we started talking about, until you decided that Maxine Waters was somehow a proxy for Gary Shilling and Ellen Brown.
Ellen Brown was talking that the Fed will print more money to fund the big government of the United States... we are broke Ellen Brown!
and
And Peter Schiff is right on..and the fight should be in Washington who let this crisis happen.. the housing crisis started it and it will continue to run the entire crisis around the world.
Everyone is going to be affected. Everyone! Democrats and Republicans. We are all going to face a financial loss because our government let this happen.
The deregulation has put the banks in bankruptcy . The money that savers have put in the banks were used to buy toxic mortgages.. pension monies were put into toxic mortgages. Insurance monies were put into toxic mortgages and we the people are bailing them out with many trillions of dollars lost around the world in over leveraging of these toxic assets.
The housing market has put millions of people out of work. The drywallers, the manufacturing of items that goes into homes , a slow down of many areas that fed the housing industry. From heavy equipment operators to trucking materials to build a house.. many are out of work.
It will be years till we see any light. The financial crisis is very real. It is much worse than they report. Homes on the books of the banks selling for 30 % of what they are worth.
Take a look on you tube and see homes in Nevada at give away prices. Florida hard hit as well. Miami, Fort Myers, Orlando to name a few.. plus there is a hold up of the second wave of mortgages coming in 2012 and 13.. it will be many years of financial crisis because of bad legislation and no over site.
Ellen Brown was talking that the Fed will print more money to fund the big government of the United States... we are broke Ellen Brown!
A sovereign government with a monopoly currency cannot go broke. It can lose the monopoly currency, and it can devalue that currency, but it cannot run out of money.
The rest of the world still has a tremendous demand for US Dollars, and if we can get the private banks and their endogenously created money under control, then things might actually stay this way.
Quote:
and
And Peter Schiff is right on..and the fight should be in Washington who let this crisis happen.. the housing crisis started it and it will continue to run the entire crisis around the world.
And Wall Street should be held unaccountable? No I don't agree with that.
Today's government is at fault only to the extent that it listened to Wall Street's suggestions on how to run fiscal and banking policy.
Quote:
The deregulation has put the banks in bankruptcy . The money that savers have put in the banks were used to buy toxic mortgages
. pension monies were put into toxic mortgages. Insurance monies were put into toxic mortgages and we the people are bailing them out with many trillions of dollars lost around the world in over leveraging of these toxic assets.
Are you talking about bailouts? The money used to buy toxic mortgage securities in the bailouts was fiat money from the Fed, not bank deposits.
Quote:
The housing market has put millions of people out of work. The drywallers, the manufacturing of items that goes into homes , a slow down of many areas that fed the housing industry. From heavy equipment operators to trucking materials to build a house.. many are out of work.
It will be years till we see any light. The financial crisis is very real. It is much worse than they report. Homes on the books of the banks selling for 30 % of what they are worth.
Take a look on you tube and see homes in Nevada at give away prices. Florida hard hit as well. Miami, Fort Myers, Orlando to name a few.. plus there is a hold up of the second wave of mortgages coming in 2012 and 13.. it will be many years of financial crisis because of bad legislation and no over site.
That's all well and good, but you're obviously not interested in rebutting any of the criticisms about Peter Schiff.
A sovereign government with a monopoly currency cannot go broke. It can lose the monopoly currency, and it can devalue that currency, but it cannot run out of money.
The rest of the world still has a tremendous demand for US Dollars, and if we can get the private banks and their endogenously created money under control, then things might actually stay this way.
And Wall Street should be held unaccountable? No I don't agree with that.
Today's government is at fault only to the extent that it listened to Wall Street's suggestions on how to run fiscal and banking policy.
Are you talking about bailouts? The money used to buy toxic mortgage securities in the bailouts was fiat money from the Fed, not bank deposits.
That's all well and good, but you're obviously not interested in rebutting any of the criticisms about Peter Schiff.
The reason the bail outs happened is because the monies of savers were lost to bad assets and that is the reason to prop up the banks because those monies were lost in actuality. Think deeper.
The reason the bail outs happened is because the monies of savers were lost to bad assets
and that is the reason to prop up the banks because those monies were lost in actuality. Think deeper.
Well, this simply isn't true, and it is exactly what Peter Schiff doesn't understand.
Banks don't lend out deposits anymore. Banks simply borrow wholesale funding from the Fed, and lend it out to borrowers at higher interest. Banks extend credit, creating deposits in the process, and look for reserves later.
Under Schiff's model of how he thinks banking works, the bubble could not have occured in the first place.
Last edited by Cletus Awreetus-Awrightus; 10-28-2011 at 08:51 AM..
Many second mortgages or home equity loans taken out at many banks also went belly up and were not paid. Saving accounts , the purpose is the banks take in money and give interest to loan it out to others..The banks will not give us interest on money and let it sit in their institution and do nothing it is loaned out.
The FDIC covered many banks that recently went under and their assets were sold to other banks or taken over . The FDIC is us... the government guarantee that our deposits are safe up to $250,000 for every persons deposit.. the money of savers is loaned out.
Saving accounts , the purpose is the banks take in money and give interest to loan it out to others.
Like I said, that's not how it works anymore. You and Schiff and many others are working with an outdated model.
Banks no longer have any effective reserve constraints. They lend, and then the Fed prints reserves and lends it to them at a discounted interest rate.
Therefore, the Fed has effectively delegated the responsibility of creating "new money" directly to private lenders, and private lenders are constrained only by the demand for new loans, not by the supply of deposits they have to lend.
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