Be careful. The name of Peter Schiff's company is "EURO"Pacific Capital and his whole strategy was to invest in Europe and China. He said in his book "Crash Proof 2.0 that the Euro would become the world's reserve currency. Look at Europe now. The Euro is going to end and Europe is in a lot of trouble. If he has you invested in European companies, he has no way to ever make your stock values in those companies go back up. And, China has so many problems that it is also a bad investment. It came out on CNBC Friday that China is going to double its minimum wage over the next three years, and Schiff is the one who wanted to end the minimum wage here. Be careful and anyone who can get their money out of his firm, out of Europe and China, do so and do so quickly. He went into a tiny hearing where he could get in and he filmed it to put it on Youtube to tell people to buy his book. He makes his money from charging fees by taking people's money and making bad investments, by selling books giving really bad advice and he got $300 million from people when he ran for the senate, and, he put his brother in charge of it. He told people he would give them their money back if he didn't raise $500 million. He raised only $300 mil. and then he refused to give people their money back.
I read two of his books thinking he really knew what he was talking about. I'm a huge fan of Ron Paul and I've read many of his books. Well, at the end of Schiff's books, he says to invest in Europe and in China. I had read enough about China to know that is very dangerous and not a good idea, so I was left wondering about all of it, so I looked more and more into this guy. I think he is a total con artist and I think his clients will end up in a class-action lawsuit similar to what happened with Bernie Madoff. If he knew about the dot.com bubble and about the real estate bust, he should easily have been able to protect his clients. He didn't. He gets this stuff from Ron Paul and others and then sells books about it but he's not very smart so he came up with this hair brain idea about investing in Europe. Look at Europe now.
"Hey hey times up, its not that I dont like what Im hearing its that its the truth and we liberals tend to not like the truth its sort of like facts and history as well as math its all a self esteem issue and if you have low self esteem its fine for 2+2 to be 5, hence the over pricing of homes and the collapse of the housing boom." Liberals will argue with a stump.
The Baddest Man on the Planet "Mike Tyson", Baddest Man in Front of a useless congress; "SCHIFF" shut your mouth, i'm talkin bout SCHIFF!
Bernays would be so proud of these Socialist bags of hot & stale air. Is it me or do they all seem to exude a certain look of evil? If we all thought how these idiots did, everything would be "cost free to the taxpayers" ... funny how our debt/deficits keep reaching new highs. Maybe one day they will stop creating "wealth" from air (new loans) and backing that with taxpayers being on the hook for infinity. Let's just give everyone a new house, bulldoze everything and voila... housing markets would boom. I mean, it's all fiat currency that can never really be repaid so why not. /s
The FHA and the democrats' housing policy that allowed still allows people who are not creditworthy to be able to own houses created the ENTIRE financial crisis.
I'm sorry, but owning a house is NOT a right. The democrats create a problem of creating MORE poverty, and then they try to solve it by throwing more of our money at it. And they create a whole industry of people banking off these shoddy loans, who lobby congress and the insanity goes on ad infinitum.
SMALLER GOVERNMENT, NOW!!!!!!!!!!
HOW DO WE DECREASE THE SIZE OF GOVERNMENT?????
Listening to Peter Schiff's testimony held up against the self-satisfied patter of the remainder of this cabal, makes me wonder if we are not, indeed, lost.
He was treated very shabbily, even by the Republicans. The fact that Rep. Judy Biggert of Illinois, a Republican who is a lawyer with an emphasis in real estate issues, is very telling about what is going on out in Washington, District of Criminals. She treated Schiff very unfairly. I think he was invited to be the whipping post, and to be mocked and put down. This video was very educational about how Congress conducts hearings, no matter who is "invited" or subpoened. Whether it's a table of lobbyist such as this hearing or a table of administrators such as the Holder hearings, there is always an agenda behind what is "happening". Notice how that one Representative showed up to speak against Schiff at the end of the hearing. A distress call must have gone out to him that Schiff was presenting too convincing a case against Federally backed multi housing mortgages. Schiff was not given enough time to present his ideas. The Chairwoman Biggert kept telling him to shut up in her Congressional jargon. Very sickening. BTW, Rep. Cleaver is an idiot.
Thanks Mr Schiff,
This was very informing, the one fact that is glaring, is that the congress needs a new clock , it seemed every time Mr Schift made practical points and gave good advice that lasted over 15 seconds, there was a problem with the clock.
Second, the room reminded me of the little mouse in the snake tank, no matter how reasonable you are with the snake about a solutuion their being trapped inside that same tank, the snake just didn't get it and was afraid the fellow snakes in the tank might see him use logic.
Using words like the private sector or free markets, was clearly very offensive to all the attendees asking questions and anwsers to any problem wasn't wanted at this horse an pony show.
The questions they wanted asked of them was, how much more, how much more, do you want from our stash?
They have no respect for the tax paying American.
Tea Party Patriot
Vote out the democrats and the RINOS.
What bothered me the most of this dog and pony show was the Democrats using the Hurricane in New Orleans as proof that we need Government intervention and it not getting slapped right back in their face with the facts. If I was under questioning at a panel and anyone was stupid enough to bring up natural disasters as proof that we need government intervention I pound them with questions and make them look silly for bringing it up in the first place. I would start as follows "Have you ever read Colonel Davy Crokett's speech to Congress in 1830?" He basically said what you should have already known "The Money is not yours to give!!!" Did you personally donate any money to the poor of New Orleans or do want to take other people's money and donate it to New Orleans? How did we come to a point where elected officials feel that it their right to take money from one individual and give it to another individual based on their own estimates of who needs it more? And dear congressman where does it end? At what point do you say we have taken enough? God Help us All!
Mr Schiff, though briefly, gave a good defense for the free market and the tax payer, even with the constant interruptions by the congressman, he laid it out very clear.
We must vote out every democrat in every office nationwide.
This economy and other issues concerning America is not just the blame of obama, but the deomcrat party as a whole. They are the anathema to God, America, life, Freedom, and Liberty.
The Tea Party Movement will not slow down or go away until we have sent this persite infested, malignant democrat party and the RINOS to the dust pile of history.
Tea Party Patriot, "The Real Tea Party"
God, the only living God, whos name is Jehovah is with us, and should his son tarry his return we will repeat the 2010 election.
The American Peope have been awakened, though many are still wiping the sleep from their eye's they are beginning to see through the haze of lies and cognitive distortions.
I just want to come on record as saying the phrase "truth to power" makes me want to vomit. I don't care who uses it.
Wow Peter! You got pitted up against a pack of wolves! They just can't see the forest for the trees! Fortunately, many of us understand exactly what you're saying. Sadly there aren't enough of people like you around who can see the forest even with the trees in the way! Then again, there are those who know you're right but blatantly refuse to admit it because they don't care that you're right. That's why the American people are angry. Thank you for representing us well and we're watching.
Supply and demand are not "philosophies" they are indisputable laws.
It's no wonder they have driven our entire economy into the ground! They don't understand the cornerstone of free markets.
Never overestimate the intelligence of your elected representatives.
I don't know if these folks never learned the law of supply and demand, or just forgot it in all their years of "service."
As a student getting my degree in Economics, this is absolutely infuriating that these people don't understand how they are manipulating the markets by creating artificial demand.
Just point out that there is no such government intervention in Canada and home ownership is higher in Canada than the US. They call it the American Dream because you have to be asleep to believe it. "I'm from the government and I'm here to help you." - the most terrifying phrase in the English language, according to Reagan.
Singapore's govt. expenditures are 'fixed' at 12.5% of GDP, unemployment is 2.2%, per capita income $50K and there is no need for government assistance of any kind. Government spending impoverishes us, hence the need to give some us assistance.
Take a hundred million dollars from taxpayers and give it to the government. The government will spend it, and in the process, sustain and create jobs. How many? Let’s say, [A].
Allow taxpayers to retain the one hundred million dollars. They will invest and spend it, and in the process, sustain and create jobs. How many? Let’s say, [B].
If [A]>[B], then we should give government virtually all of our hard earned wages. The Soviet Union was run on the basis that [A]>[B]. Case closed.
As [B]>[A], as is always the case, we must only give so much of our hard-earned wages to government as are needed to support essential services, both at Federal and State level. (Shrinking the size of government at Federal level, only to expand it at State level accomplishes nothing.)
Side note: When the government borrows money, it might create jobs, but the impact is temporary and illusionary, because future tax revenues applied to interest payments and debt redemption will hamper job growth. Deficit spending, especially on a sustained basis, is highly immoral, but by the time our children and grandchildren come to recognize the immorality of the debt burden that they have inherited, it will be too late. The culprits will be dead and buried. Their only legacy: mountains of debt.
If you're a "liberty & freedom" minded constitution loving person that wants to keep America...I encourage you to run for an elected office. Go to the courthouse and see what's available! You can see by the participation in this vid how unconcerned most politicians are. It's time to stop complaining about the establishment...
BE THE ESTABLISHMENT!
Dog catcher to President! Be a Revolution Patriot!
Obsfucating elitist. The American people (largely) will never pay attention to these matters. Unfortunately, the lowest common denominator will apply. #1 Limit my personal responsibility. #2 I demand to be taken care of by the government. #3 Whats time does American Idol start?
Unbelievable. That is a frightening level of ignorance with a frightening amount of power right there. I don't know why Peter Schiff didn't walk out.
Sherman math...the gov. will be able to reduce the size of the appropriations bill if we spend the money before hand to subsidize insurance.
Schiff math...since the gov. is subsidizing the insurance then the price of the insurance will be higher thus increasing the cost to the tax payer as well as de-incentifies good judgement on where to build thus increasing the number of houses/dwellings that need insurance thus increasing the number of subsidies needed.
Peter Schiff is awesome. Only got about half way through the video but you can tell they don't really want to hear from Peter when he tried to address the one woman saying there is no cost to the taxpayers. My question to the congressmen is who is then going to pay for this? Or to that woman....if there is no cost then who is paying for it? How does it occur?
Great point Peter made in his opening statement of that Congress doesn't really care as you can see by the number of Congressmen actually present at the hearing. Sad.
Liberals have a cycle that goes like this. They have low self esteem. Helping others and/or gaining money and power, helps them feel good about themselves. This is the wrong way to gain happiness because it is short lived and is like an addiction that must be continually fed.
I also think part of the problem is there are simply too many people with power who are simple minded. The solution Schiff offers is not rocket science-get out of the way and let the free market work. But if these people do that, they can't make money immorally and they hurt many people who they have fooled themselves into thinking they are helping. What they are doing is robbing these people of a chance to be self sufficient and independent. Typically people who get something without working for it don't appreciate it much.
The people of Connecticut who did not vote for Peter Schiff for senator, did a disservice to our country. I hope he runs for governor of Connecticut. You will see their fiscal house get in order and their budgets balance every year.
The truth is we've become a nanny state when it comes to personal responsibility and on the capitalism side, without any kind of oversight, business will get away with whatever it can get away with...if that means over charging for some type of insurance just because they can, they will. And do. Check your latest health care premiums.
Well done Peter Schiff. Unfortunately these overstuff, overblown hyped Congressman don't want to hear answers and reason they just want to hear themselves talk and then push laws just for the sake of pushing laws and thinking they are doing a good job. They take no blame for the mess they have created.
I used to think that these people were so intelligent and I could not possible run for office, now not so sure. I could a better job than them any day.
Notice how the other panelists read their introductions from sheets of paper, but Peter Schiff spoke from the heart.
These are the people in charge of our government? Why did I understand what Peter Schiff was saying but they didn't? Something tells me these are the same arguments that were made before the first mortgage mess! Oh no, "no risk", "cost nothing", "governments is necessary", it is absolutely disgusting how many people want public funds that the tax payers are responsible for. These politicians want to get into another mortgage mess before the current one is even cleaned up. And it is amazing how wholly ignorant, or negligent, they are of their own responsibility in the first mortgage meltdown. Mitt Romney for President. We need someone in Washington who understands how the economy works. With these miscreants in charge, we have no hope at all.
Peter Schiff is a truth teller. This was a set up kangaroo court style hearing. The questions and answers were largely scripted. These congress people are an embarrassment to our country, not to mention humanity.
Wow. This man is awesome. Where have you been hiding him? I love the fact that the inquiry went from the the lobbyists to the Congressional subcommittee themselves, thanks to Schiff. Even though only 4 or 5 showed up on the panel, they were outmatched by Schiff and they couldn't handle any of his points. Cleaver was a real shill.
Someone had to run out at the last minute to find Congressman Brad Sherman to counter Schiff's testimony. I found it interesting that Sherman wouldn't let Schiff get a sentence in edgewise. It's typical of this Congress and shows how totally inept they are.
Sherman's point at the end was interesting, to say the least. If we don't give them insurance (paid for by the taxpayer, of course), then the cost of any future disaster will be greater to the taxpayer (I suppose because the taxpayer would have to then foot the bill that the taxpayer would have been footing anyway). Bizarro World at its finest.
They snap and snarl because he speaks the truth and shows that government is complicit in the meltdown.
I watched this entire circus from beginning to end. Folks, we are doomed. I mean that. If this is "standard" of members, if this is intellectual capital that is being relied upon to run this great country we are in a whole world of hurt. I have to say that none of these clowns would be employed by me in any capacity. I'm serious. I run my own company. This is a bunch of completely pig-ignorant, aggressively arrogant, vacuous, brain dead no-hopers. The chairwoman of this little crap-fest was as dull in mind as she exhibited in speech and betrayed no knowledge or even a rudimentary grasp of what was being discussed.
Schiff made a ton of sense unless you were a robotic "government is the answer" freak. Which is why I say we are freaking doomed. Because none of these ass-hats will carry any responsibility for their god-awful decisions.
The Truth! This is what the National Media is hiding.....man this governemnt is corrupt and out of control in many ways other than just spending. Shocking Truth Exposed In Front of Congress But They Don't Seem To Care. I don't think we will be able to save our nation with this kind of idiocy in governemnt, but I am praying people will wake up in time.
These people are uneducable. Even though they have made this big mess, they don't want to listen to any ideas that don't involve them running everything. They blah, blah, blah about how they are helping the poor or the disadvantaged and are clueless that they are the problem that insures the poor and the disadvantaged will remain so. What an incredible mix of arrogance, greed, ignorance, incompetency and criminality. The developer wants a steady stream of bucks from taxpayers and the politicians want campaign donations. Term limits needs to happpen just to keep these seats in rotation so no person can get a permanent hold. Government sucks!
In on-budget debt and un-funded liabilities, that Congress has engineered the biggest monetary loss in the history of the world. And they showing the combination of arragance and ignorance that caused it.
Please Mr. Romney, replace Mr. Bernanke or Mr. Gietner with Mr. Schiff!
Please voters, replace these doofuses in congress with people that believe in our country, Constitution, Bill of Rights and fiscal responsibility!
How about the fact that THEY DON'T HAVE THE CONSTITUTIONAL AUTHORITY TO RENT, BUY OR SELL HOUSES?! Is that a good damned starting point?! Private sector banking denied housing loans when they were confronted with bad credit risks; the federal government stepped in and forced them to take these bad, expensive risks, and contribute to the problem with the subprime loan. When the un-Constitutionally held Fannie and Freddie are confronted with a default, their shareholders are adversely affected, but instead of being a few investors, the Fanny & Freddie investors are the AMERICAN TAXPAYER.
These politicians are idiots; every last one of them. WTF does flood insurance have to do with anything?!
These idiots (especially the dumbass that asked that question) all believe in the "American Dream" being the responsibility of the federal government to provide. If he's so desperate for people to have flood insurance, they could let the states regulate these companies, and the federal government should follow the Constitution and back out. With the reduction of regulations and taxation, with the removal of barriers, they have to compete, and have reason to lower prices, and make that insurance more affordable and available to people that need it. These idiots see the Treasury as nothing but a big moneybag to subsidize everything people with their hands out yell for. None of them have any clue as to how the Private Sector works, or what its for, nor have they read the Constitution. If they have, the last time they did, there were a few amendments that still hadn't been ratified, yet.
The FHA needs to be broken up and sold to the private sector. Home loans and leases are to be made by the Private Sector, and the Private Sector, alone, not the federal government. Each part needs to be auctioned off to banks and other financial institutions, and the FBI and SEC need to investigate everyone that applies, as well as everyone in the government that was already involved. Those found to engage in shady practices would not be allowed in the bidding process. Bureaucrats found to have engaged in shady practices would face criminal prosecution. True, some people would not get houses, but the Constitution doesn't any more guarantee you a home loan, than it does medical insurance, a job at General Dynamics, a Chevy Trailblazer, or a bag of peanuts. Any regulation of these industries should be done at a State level, which is in line with the Constitution; not at the national level. Subsidies are not legal, because they are outside the enumerated, Constitutional authority of EVERY branch of the federal government, and every time the federal government gets involved in the business of subsidies, the people that make those damned deals are the ones that suffer the least, behind their expensive desks, political titles and wildly inflated salaries. The people that suffer are the ones that have to pay, nor only for those offices, titles and salaries, but for the stupid decisions these people make in their blatant disregard for the law.
These petty bureaucrats and the smug, smirking people that sit behind them, need to be out of a job, and now. They're too stupid to realize that the Treasury is not a toy, is not a swag bag to throw bread and circuses at the rabble that voted for them. As long as we have petty bureaucrats like this in positions of political power, the country will continue headlong, at higher and higher speeds, toward the brick wall of national bankruptcy, insolvency and destruction.
"uh...uh...uh....." Every politcal commitee member. Do they take stupid drugs as soon as their sworn in?