You all have got to watch this video!!!!

Discussion in 'Politics' started by B_24065, Dec 16, 2008.

  1. B_24065

    B_24065 New Member

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    I came across this video the other day and i think many of you will find this fascinating. Some of you may have already seen the video or heard this, but for those of you who havent, it will blow you away. I for one cannot believe that this guy is not being talked about in the major media everyday because he predicted EVERYTHING that has happened financially in the last 18 months 2 years ago when others were calling him a lunatic. And more than that, his predictions for the next 2-3 years will scare you shitless.

    YouTube - Peter Schiff Was Right 2006 - 2007 (2nd Edition)
     
  2. Honey123

    Verified Gold Member

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    Oh my, he was right. wow. Not sure I'm ready to hear what he has to say about the future.
     
  3. bobabooey69

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    Ha! I bet that "Laffer" guy feels pretty dumb now.
     
  4. B_starinvestor

    B_starinvestor New Member

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    Haha. Ben Stein pushing Merrill Lynch at $73, calling it an 'amazingly well run company.'

    Schiff definitely nailed it. He has the last laugh...
     
  5. B_24065

    B_24065 New Member

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  6. faceking

    faceking Well-Known Member

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    Eh... it's the needle in the haystack ... you had a bunch of analysts calling for the dot.boom to bust in 98, 99 and early 2000. and another round in 2001 who got lucky, then patted themselves on the back.

    I remember 3 years ago, rhetoric from 'scientists' that SF Bay Area was going to have another 7.0 by 2008. with 2 weeks left... noone is calling these guys out.
     
  7. Smaccoms

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    I don't know shit about politics OR economics, but thats so RUDE, and OBVIOUS that they're just bein a bunch of bitches (CNN I mean). I can't believe this country...
     
  8. transformer_99

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    FWIW, I predicted in 2000 that America couldn't afford another President Bush in the White House. Within a year we had 9/11/2001 and the first 4 years were simply watching this nation come apart with war & inflation. America voted in him again in 2004. And just kept piling the inflation on. It was easy to see the first round of property flips that the mortgage industry had started selling homes beyond the "working class" means of affordability. Just a matter of time to see that the housing market would stall, that selling those homes at 3 to 4 times what they were valued would be too much of a burden for those who bought them at those prices. Housing on the wrong side of town were simply unaffordable. I can see where waterfront properties might fetch that, but the one's near the overpass/interstate highways, no way !
     
  9. B_VinylBoy

    B_VinylBoy New Member

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    Actually, it wasn't that hard to figure out.
    The stock market was climbing into the stratosphere in 2006, yet there was absolutely nothing to show for it in the lower & middle class brackets. Back then you knew something was amiss and some people called it out. This guy was more detailed about it, and for the most part called it before it happened.

    He's like the Shikamaru of Finance. Someone should make him a Jounin with the quickness! *

    * Geeky, anime reference. Sorry for the sudden burst of nerd-ism. :biggrin1:
     
  10. B_24065

    B_24065 New Member

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    Before you go blaming Bush for this, this economic collapse was put in motion way before him. Clinton compounded the situation and Bush did as well. In alot ways however, i believe a truly fiscally conservative administration would have seen this bubble growing and recognized the horrific consequences, and therefore would have taken the necessary steps the curb it.

    If you read more on Schiff, he is a staunch small govt conservative from the austian school of economics and he blames this crisis primarily on too much Govt intervention in the free market in 3 major areas; radically cutting interest rates, out-of-control spending, and govt forces subprime lending. however, these just ignited the fuse that set the bomb off. the bomb has been building over the last 30 years as we have gone from the largest lending country in the world to the largest debted country. over the last 30 years we have effectively given away our ability to make money through manufacturing, turned it into a service based economy, and have gone on a wild borrowing spree.

    Following 9/11, the feds dropped interest rates dramatically and began to print money in order to stimulate the economy. As a result they began an inflationary cancer in our whole economic system that is beginning to become realized. According to Schiff, these bailouts of the financial markets, AIG, and Detroit will do nothing more than make the situation alot worse because when unemployment reached 10-12% and the economy is in a depression, the dollar will effectively collapse and therefore, we will have no way to pull ourselves out.

    By 2011, the US dollar will be worthless, we will be in a 1929 type depression AND we will not have the manufacturing capacity to export and therefore bring fresh capitol into our country. We will effectively be FUCKED!!!!! Remember, as nation we have no assets other than weapons because we shipped our manufacturing abilities over sees. we will be bankrupt with no way to work ourselves out.

    The only way to weather this and survive this as a country is if instead of printing paper for bailouts that will lead to hyper-inflation, we have to let poor managed companies and industries fail, file chapter 11, and rebuld. We will be in a depression for the next 3-5 years but after that we will begin to rebuild .we have to get away from being a consuming/borrowing nation and once again become a manufacturing/saving nation....according to schiff

    What can you do to help yourself? take everything you have in US dollars and buy gold NOW!
     
  11. B_24065

    B_24065 New Member

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    Good point vinyl. with the dow climbing to 14K things on the ground didnt seem much different did they? However, at the time schiff was considered a lunatic so i do think it was a little harder to see than you may suggest. I know im probably one of the most inflamatory guys on here but i hope each and everyone of you prepare yourselves for what about to happen here and therefore survive. I have a bad feeling we are on the titanic and i would hate to see any of you all get hurt so please educate yourselves on this and do what you need to make sure you and your family come out the other end of this thing. 09, 10, 11 are going to be baaaad years. I hope obama, the dems and repubs put their agendas and politics aside and do whats right for this country.
     
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