wonderpup Posted December 17, 2012 Share Posted December 17, 2012 Schiff wasn't bailed out and if he was offered a bailout he'd say No.He's a broker who mostly advises his clients to invest out of the US because of what he sees as bad policy destroying the currency. To answer your question Schiff doesn't believe banks should have been bailed out, he believes that capitalism means freedom to lose money as well as make money and they should have gone bankrupt whatever the consequences because bailing them out just prolongs the agony and sets up a bigger crises in the future. And yes, there's a moral argument about taxpayers money being used to bailout what are wealthy bankers. Schiff pays a lot of tax and is not happy about it one bit. Let's face it- Schiff is a parasite along with all the other parasites in the financial sector- and like them his business was saved by the injection of vast amounts of money that was stolen from the people who actually work for a living. Where was all this concern over government spending when they were pouring billions into the banks? Did Schiff at least come out in public against the bailouts at the time?- at least that would give him some credibility. Sure now he's got religion- but when it really mattered was he walking the walk and condemning the bailouts in real time? If not then what he says now is just self serving bullshite. Quote Link to comment Share on other sites More sharing options...
punter Posted December 17, 2012 Author Share Posted December 17, 2012 Let's face it- Schiff is a parasite along with all the other parasites in the financial sector- and like them his business was saved by the injection of vast amounts of money that was stolen from the people who actually work for a living. Where was all this concern over government spending when they were pouring billions into the banks? Did Schiff at least come out in public against the bailouts at the time?- at least that would give him some credibility. Sure now he's got religion- but when it really mattered was he walking the walk and condemning the bailouts in real time? If not then what he says now is just self serving bullshite. No he isn't a parasite so I won't 'face it'. The real parasites are the ones taking taxpayer cash. Billions of it. i.e those banks that took on bad loans and collapsed. Not a stockbroker like Schiff who has been sounding the alarm and trying to help people out of the dollar and into other assets. And yes, he's come out against the bailouts and every policy by the Federal Reserve to print more money and continues to do so. Have a search on youtube if you want to spend some time looking into that. Quote Link to comment Share on other sites More sharing options...
punter Posted December 17, 2012 Author Share Posted December 17, 2012 Here's Schiff on bailouts in 2008: Quote Link to comment Share on other sites More sharing options...
aa3 Posted December 17, 2012 Share Posted December 17, 2012 Democracy does legitimize theft. That is how half of successful people's incomes are taken away from them in Britain.. and Britain is viewed as a right wing leaning democracy. Quote Link to comment Share on other sites More sharing options...
Traktion Posted December 17, 2012 Share Posted December 17, 2012 Democracy does legitimize theft. That is how half of successful people's incomes are taken away from them in Britain.. and Britain is viewed as a right wing leaning democracy. I call it 'institutional theft'. While ever the 'social contract' is non-voluntary, you have mob rule and institutional theft. Running people out of town isn't 'voluntary' either, before the "if you don't like it (theft), you can leave!" crowd spout up. Schiff is dead right to make his assertion. The problem is, he then goes on to justify theft for some stuff. Theft is wrong, no matter what you do with the loot. He needs to take the next step into anarchism, tbh. As Stefan Molyneux has hosted Schiff's show a few times, I think Schiff may see the light in the long run. He certainly sees the problem, but seems unable to take the mental leap over to the voluntarist camp. Quote Link to comment Share on other sites More sharing options...
R K Posted December 17, 2012 Share Posted December 17, 2012 (edited) He was basically saying buy Gold, mining stocks and anything inflation proof because he anticipated that the government response would be to print money. Which was a pretty accurate prediction Take a look back to '08 and what happened to gold and mining stocks before Schiff and his buddies were bailed out. Bloodbath. Edited December 17, 2012 by R K Quote Link to comment Share on other sites More sharing options...
libspero Posted December 17, 2012 Share Posted December 17, 2012 Take a look back to '08 and what happened to gold and mining stocks before Schiff and his buddies were bailed out. Bloodbath. To be fair, the price of gold barely flinched through the selling frenzy. If gold had kept it's value you could argue the gold mining shares may have recovered their value after the panic selling. OFC, If they had listened to him before the crisis when he was calling the bubble in 2004/2005 they could have raised interest rates and avoided some of the pain. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted December 17, 2012 Share Posted December 17, 2012 Take a look back to '08 and what happened to gold and mining stocks before Schiff and his buddies were bailed out. Bloodbath. So...you blame schiff for having a position that, in order to work, requires govt intervention? I highly doubt schiff would be invested in gold in the first place if he didnt fear debasement. Its hardly the most productive use of wealth afterall, no yield, no flexibility. Schiff is only a goldbug because he knows appreciation is merely an unintended consequence of govt misadventure, I highly doubt he invests in it for any other reason. Schiff buys gold to combat state theft, he doesnt buy gold to participate in state theft, as a 'bail out' would suggest. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted December 17, 2012 Share Posted December 17, 2012 Schiff also sells Perth Mint certificates. He's preparing for the collapse of the dollar and has put his money where his mouth is. He looks forward to the crash and helping people prepare for it. That's what he does Crash and collapse will help him. Government's delaying the inevitable also help him. I know this is too much for you to comprehend alex, but it's the truth. Yes. I think he scaremongers a bit with the hyperinflation thing...more likely purchasing power in fiat will be lost at 5-10% a year over 20 years, rather than any 'event', but he'll still be living like an american in 20 years time, when most americans will have chinese living standards, if theyre lucky. Quote Link to comment Share on other sites More sharing options...
punter Posted December 17, 2012 Author Share Posted December 17, 2012 Take a look back to '08 and what happened to gold and mining stocks before Schiff and his buddies were bailed out. Bloodbath. They have recovered and done fine and would have done fine without any bailout. Lehman's going bust has no effect on an Aussie mining company. And Schiff's "buddies" don't reside on Wall street since he's always arguing with them and saying on television that they're greedy fatcats who have badly managed their companies (and still continue to do) and deserve to go bankrupt. Quote Link to comment Share on other sites More sharing options...
wonderpup Posted December 17, 2012 Share Posted December 17, 2012 Here's Schiff on bailouts in 2008: I must admit I'm impressed by that performance. His only blind spot is his unwillingness to accept that the private banks share a large amount of the blame for the meltdown, as well as Greenspan. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.