Peter Schiff talks about the effects of Obama on economy

[jonquest]

Number 1: Low interest is good for the economy. This guy doesn't know what the fuck he's talking about on interest.

Low interest rates on mortgages set by the Federal Reserve were one of the main causes of the current financial crisis. What Mr. Schiff is saying is that the problem that we should be looking at right now is the upcoming inflation. Cheap credit is only going to make this problem much worse because more people will be taking out loans, causing more money to be created, and thus, inflation.

Number 2: Trickle-down economics (I like Bush Sr.'s term...'Voodoo Economics') don't work. The rest of the world accepts this now that the shit hit the fan.

Trickle-down economics is not a free market with sound money, which is what Peter Schiff advocates.

Number 3: Government programs, what he called "entitlement spending" may or may not be bad for the economy, but they are good for the people. The people come first.

We need to decrease the welfare state. Taking from the rich and giving to the poor is wrong morally and economically.

Number 4: His way of thinking won't scale back government. It will abolish government. Have fun with that.

I don't think Schiff is advocating anarchy.

Number 5: He bitches and bitches and bitches, but do I hear any better ideas than at least trying Democrats instead of Republicans? No. All he did was say that it's a problem that's been building for years.

What the government needs to do is nothing. Let the free market do its job and set prices. Also, greatly reduce taxation. He's been tracing this problem for years and everyone laughed at him when he said the financial crisis was coming. He was one of the only ones to diagnose the problem early on, but now we are listening to those who caused the problem for the solution.

Number 6: Whether or not we're still paying off the New Deal, that's fucking worthless compared to the money we're hemorrhaging right now.

I agree. Government spending needs to be greatly reduced in many areas.

Number 7: Ron Paul wasn't chosen by the bankers to be in the running for president. And, even if he had won, he would have been powerless after those big banking types have a chat with him about the economy.

I don't understand what you are saying here.

Number 8: We should start paying off our debts? No. That's not how this system operates. Money is created out of debt in a fractional reserve system (that's the system we live under, if you didn't know). Also, the amount we owe on our money to the world and to the Fed is GREATER than the money supply. What does that mean, then? Paying off debts leads to contraction, and that leads to chaos in our society.

Would it not make more sense to have a sound money system where money doesn't equal debt? Perhaps a system where savings are promoted more than spending beyond your means?

My point being that this guy said Obama will usher in the Great Depression without giving any reasons that could have easily been applied to McCain as well. There was some sort of bias there, even if he wouldn't admit it.

I'd like to give that guy a call and ask him if he has the balls to say that we're going to hit a depression because, GUESS WHAT? Obama got elected. I'll bet you one of my famous pan-fried steaks that he'll downplay what he said on this program.

He was talking about Obama because it was obvious Obama was going to win. He's gone on record saying a Depression is still coming after Obama got elected, so I'll take one of those steaks. But seriously, once Obama makes the problem worse please remember this man and Ron Paul so you know where to turn when you want to get out of the Depression.