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With all due respect to the man, Peter Schiff is a useless troll. No one can see beyond a few months into the economic future, and he is not an exception to that rule.
Ah, I see you're taking the Art Laffer approach to dismiss Schiff's correct predictions?
Either your made up rule is bs, or Schiff is clairvoyant. Let me clue you in: long term trends are absolutely predictable. Microtrends aren't as predictable, and perhaps this is where your obviously biased "feel good" theories on the economy fail to understand. Since the economy is essentially one huge "prisoner's dilemma", market psychology won't have any impact over any reasonable stretch of time. Economies will recover despite government intervention, not because of it. More regulation promotes corporatism, since it stifles small businesses from entering a marketplace due to the high cost of compliance. But, since the terms "regulation" and "stimulus" brings about so many rainbows and unicorns in some peoples' heads, politicians LOVE to use the term and the Keynesian retards are happy to shovel more down their throats.
The generation that lived through the great depression didn't, but the generation after is pretty much responsible for the consumer culture. There wasn't a need to own property, have a white picket fence, etc. before the Great Depression. As a matter of fact the marketing machine started up shortly after WW2 by one of Freud's relatives here in the states.
Believe me, a lot of the current generation is painfully aware. I have a lot of friends that are as or more educated than a lot of people from the prior generation but haven't been able to find work. It's been like this for several years despite the "boom" over the past decade. There are obvious outliers, but the middle class overall understands what's going on and has for a while. This is why the middle class complains about college affordability, etc.
Secondly the only real positive I can gain from this is that the economic model formed by Reagan will hopefully burn and never rise from the ashes again. I'm also somewhat optimistic (as you are) that the consumer culture and debt culture will disappear over the next few decades. Maybe for once (at least since I've been alive) people will stop being "rich-poor".
True that the consumer culture came with the boomers, but the credit culture came after it was well ingrained. Just the consumer culture paid for by real money (that you don't have to pay back) and the manufacturing of the goods in this own economy is not necessarily a bad thing. Its when the manufacturing is "our sourced" to China and most of it is paid for with debt that it becomes a house of cards. Now those cards are falling faster all the time. And there is no manufacturing left to provide the jobs that could stop the fall.
I have a couple of neices and nephews who understand, hanging on to houses and trying to figure out how to feed and clothes kids and pay bills. Its been interesting seeing the change as they had to grow up and I bet some of the decisions they made have turned into regrets. Its sad to say but our whole culture of excess and debut is in need of a reset and we are in the process of getting one.
In a sense the generation that survived the great depression set up the consumer culture. They wanted their kids to have all the security and innocence and stuff they never had. So their kids did as they knew and had this magic plastic card to do it to excess. Now we go full cycle to having reality smack us in the face and remind us that there really is no free lunch.
With all due respect to the man, Peter Schiff is a useless troll. No one can see beyond a few months into the economic future, and he is not an exception to that rule. If you are seeking actual insight and reasoned analysis, do not look for it on TV. The game is not played by those who tell us how things will be five years down the road. It is played by those who tell us how things came to be the way they are right now, and what the potential effects are for a range of possible actions that we might take right now. The rest is made-for-TV showboating piffle.
Schiff has been dead on since 2002! To his credit, he'll admit to not knowing the exact timing and magnitude of his predictions b/s that's virtually impossible. His basic premise is that Government intervention caused this crisis and the actions the Government is taking now are making them worse. Besides that, he says that Obama will be able to go to rallies 3-4 years from now and say that, had it not been for his policies and actions, the economy would be worse. People will be dumb enough to believe him when reality is that his policies and actions will have MADE THINGS WORSE!
Schiff has been dead on since 2002! To his credit, he'll admit to not knowing the exact timing and magnitude of his predictions b/s that's virtually impossible. His basic premise is that Government intervention caused this crisis and the actions the Government is taking now are making them worse. Besides that, he says that Obama will be able to go to rallies 3-4 years from now and say that, had it not been for his policies and actions, the economy would be worse. People will be dumb enough to believe him when reality is that his policies and actions will have MADE THINGS WORSE!
To saganista's credit, he used to refer to Schiff as a lunatic internet financial guru, or something of the sort. Good to know that plugs on the Bill Maher show promotes you to a quasi-respectable status with lead-ins like "with all due respect to the man".
You are right about Keynesian retards though, they will always have an alibi since causal theory is not provable. "see, this is what unbridled capitalism does", or "the stimulus just wasn't BIG enough" will be fantastic catch-alls for upcoming failures with gubmint intervention.
That's the thing. Obama can go up there in a few years and, if things are good (or at least much better), demand the credit. If things are just as bad or worse, he can say his actions prevented them from being worse than they are. He can also same Bush and Cheney were so bad that there was no way for him and Congressional Dems to make things better so fast. In so doing, he will convince people they need to give him another 4 y. Most people are dumb enough to believe him and, in their defense, there is no way to prove that what he is saying is False or that things would have been better had McCain been President.
The Mainstream Obamedia is controlled by Lefties. They will never have Schiff on and, if he is brought up, he will be ridiculed. The reason is that he promotes, SMALLER Government, SLASHING entitlements and LESS spending. That is exactly what they do NOT want to hear, so they'll bring on someone like Krugman (smart as he is) who wants MASSIVE Government control of everything.
That's the thing. Obama can go up there in a few years and, if things are good (or at least much better), demand the credit. If things are just as bad or worse, he can say his actions prevented them from being worse than they are. He can also same Bush and Cheney were so bad that there was no way for him and Congressional Dems to make things better so fast. In so doing, he will convince people they need to give him another 4 y. Most people are dumb enough to believe him and, in their defense, there is no way to prove that what he is saying is False or that things would have been better had McCain been President.
The Mainstream Obamedia is controlled by Lefties. They will never have Schiff on and, if he is brought up, he will be ridiculed. The reason is that he promotes, SMALLER Government, SLASHING entitlements and LESS spending. That is exactly what they do NOT want to hear, so they'll bring on someone like Krugman (smart as he is) who wants MASSIVE Government control of everything.
Hey, the technique you described worked well for FDR. Why not for master orator Obama? Biggest revisionist nonsense is claiming that Hoover was Laissez-Faire, when he was the most interventionist president to that point.
I'm quite sure that if things got bad enough, there would be censorship on "speaking badly" on the economy, as fools would have you believe that psychology has any real long term impact on the economy. There would certainly be enough public support for such draconian measures, especially if they're convinced it would turn things around in a dire situation. People like Schiff could be fined into oblivion for his on-air comments. No jail time required, silence him through his wallet. When I speak about censorship, I am referring to the media, not in everyday life privately. Not that paranoid yet
I like it when people throw out economists as though they're Pokemon. Have any of Schiff's policies ever actually been implemented (although I think his policies are generally "don't do anything we're screwed, people will just have to ride it out!!!")
I like it when people throw out economists as though they're Pokemon. Have any of Schiff's policies ever actually been implemented (although I think his policies are generally "don't do anything we're screwed, people will just have to ride it out!!!")
No, none of them have been implemented. The reason is that they are politically UNPOPULAR and would result in the politicians implementing his policies losing elections.
His general principle is that Government needs to cut spending, borrow and spend less and hand out less in entitlements. He recommends that Government shrink so that it's less of a burden to growth from the Private sector.
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