Peter Schiff is spot on,Prof Cornel is full of it! (Video)

[Cletus Awreetus-Awrightus]

Originally Posted by Loveshiscountry

This is a first though. I haven't heard someone say Schiff and West both being wrong even though they have different arguments.

west is keynesian (liberal)

schiff is austrian (conservative)

both of them are wrong. i don't stick close to any certain ideology, but what i am closest to is postkeynesian. Postkeynesians basically say that our monetary system changed in 1971 when we left the gold standard, all the rules changed, but politicians and economists have not been able to adjust to new realities.


The long-and-short of the new reality is that finance isn't quite as genius as we all thought, and that we've essentially given ownership of the printing presses to private banks. This deprives the household sector "ownership" of it, since households borrow, on crappy terms, in the form of mortgages and credit cards.

When you look at the size of the private debt load we have, the $14 trillion public budget deficit seems much smaller. I haven't made my mind up whether it is too big or OK in size -- my point is simply that you're looking at the wrong problem. Fixing the budget deficit doesn't fix anything, shrinking government won't do anything.

[LexusNexus]

Originally Posted by Ghostrider275452

Peter Schiff blew this progressive socialist away in a short debate, be sure to watch the video. Prof Cornel doesn't know the first thing about economics and it shows, he believes the gov'nt can solve all of our problems. We don't need anymore government intervention, haven't they screwed things up enough.


The Daily Bell - Peter Schiff 'Schools' Princeton University Professor Cornel West

I think your argument is pretty weak in using these two inconsequential people to make the same, tired case that a big government is bad.

Without government intervention, oversight, and regulation, bigoted Republicans would continue to perpetuate good ol boy networks, hiring, promoting, supporting only their own while everyone else goes to hell. Corners would be cut in every industry across the board because there is no regulation (largest oil spill in history happened because of this). Education would be reserved for only those most privileged and those who are descendants of people who benefited from slavery. Blacks, asians, indians, latinos, and so forth would be routinely discriminated against. Every domestic category would fall into crisis mode, while warmongering Republicans scan the globe, looking to "spread Democracy" with "shock and awe" military displays, intruding on foreign lands and acting like swaggering pirates. There is so much wrong about Republicans continuing to be a major political party in this country. In fact, no government (even a small one) can run well as long as Republicans are sitting at the table.

Neither of these clowns is worth being taken seriously, and your argument for small government is as useless as two paper front teeth.

[emilybh]

Exactly and whose idea was all of that? THE GOVERNMENT. We can thank Clinton and Barney Frank for the intervention by the government in the banking and mortgage industry and Alan Greenspan for keeping the interest rates artifically low. The end result was the real estate bubble and resulting crash.

Peter Schiff is right as per usual. I will say that the professor was partly right about Glass-Steagal. I bet Peter could bring this professor around to admitting the truth. All Peter would need to do is remind the professor about the Forgotten Depression of 1921; point out that things started out worse than they were in 1929 but Pres. Harding shrunk the government, lowered taxes and let the Free Market fix itself and it took a year to return to a bustling economy. THAT IS WHAT OBAMA SHOULD BE DOING NOW AND IT IS WHAT RON PAUL WOULD DO.

Originally Posted by Taratova

The perfect storm the fed created.. the housing bubble was created by the interest rates falling. Every time the interest rates came down a percent, the builders raised the price of the same house. Also the hype to buy because of the lower interest rates offered to buyers.

The sub prime mortgage made it possible to get families in a home for a small mortgage because they payed no interest and the interest was tacked on the original mortgage making the mortgage even larger than the original cost of the home. When the mortgage adjusted the payments grew much larger on the mortgage and many could not afford that home.

The government deregulation allowed many to buy who would not have been able to because of strict regulation . Regulation changed and if you were breathing you could buy a house.