Conspiracy theorist Peter Schiff

[thx1138]

points out an ominous trend for Americans: http://www.youtube.com:80/watch?v=OobiphbLyeA

[techi]

Yeah, things are heading in a bad enough direction that a government clamp down on capital flight seems very possible to me.

But I think it's a pretty small set of people that Peter Schiff is talking to here. I think most people just want the damn economy fixed and have no plans/interest in moving to another country.

Geithner and Summers are steering Obama's economic policy off of a cliff. And to make matters worse, the Republican's economic policies are even worse than Obama's... we have the choice between dumb and dumber.

Obama needs to bail out the states(California etc.), increase infrastructure spending far beyond what the stimulous package provides, reform our financial&trade systems and fix healthcare. So far all I see possibly getting fixed is healthcare and that isn't going to be enough to turn things around.

Expect growth in unemployment for the forseeable future. Anyone predicting a recovery date simply isn't serious because there isn't anything to base a recovery on.

[thx1138]

@ techi: someone I can agree with.

[hippifried]

Schiff is just another egoist doom & gloomer. Always predicting that the sky is falling. Then when the market takes a downturn, he's all over the idiot box saying "See, I told you so! Buy my book!!".

If you always bet against the Lakers, you're going to win some because there's never been a perfect season. You do better if you play the spread. Bulls & bears all make money. It's all in how you lay the bets.

[thx1138]

He was right in 2006 while everyone else including Bernanke was WRONG about the economy. That gets a prize in my book. Hey Hippie, ru going to accept Arnies' IOU"s?

[thx1138]

was because he UNDERSTANDS economics and the capitalist system. The rest are merely cheerleaders bent on trying to prevent panic. Sometimes panic is a good thing. Especially if a market/RE crash will reduce you to pauperism.

[hippifried]

A lot of people understand economics & the various systems. Economists don't agree with each other, ever, because there's nothing exact about it. Everybody claims to be an expert. So what?

Bernanke isn't a broker. The Fed has a limited scope.

The California debt problem is about all the initiatives through the years that demand more services & limit revenue sources. That's why the US was set up as a republic.

[techi]

A lot of people understand economics & the various systems. Economists don't agree with each other, ever, because there's nothing exact about it. Everybody claims to be an expert. So what?

Bernanke isn't a broker. The Fed has a limited scope.

The California debt problem is about all the initiatives through the years that demand more services & limit revenue sources. That's why the US was set up as a republic.

Most of the major differences between economists are because some of them are bought off and/or dumb as a post. Typical CNBC business panel is made up of Peter Schiff, a crook, an idiot and a mental patient. Out of the 4 of them, Peter Schiff's comments are the only ones worthy of even considering.

As for predicting the crash, many people on the right and left saw it coming. Two visible examples are Peter Schiff on the right, Dean Baker on the left. Baker had been screeming housing bubble since 2001 when the US housing market started to greatly deviate from 100 year norms.

The FED is limited???? If by that you mean that Bernanke isn't the baby jesus then I'll agree. But in the last 12 months the FED has issued over 12 Trillion in loans, giveaways and/or guarantees. And neither the President nor the Congress has any power to find out where the money went.

California isn't the only state falling off a cliff, 5 states are in budget crisis atm. Also, states have had to cut back thier infrastucture budgets so much that even with the 800 Billion federal stimulous plan we have less infrastructure work getting done now than we did even 6 months ago.

Our economic problems do not guarantee the end of the world. The sky isn't falling, the Mayan's aren't rising from their graves to kill us all in 2012 etc... But, if we consistently underestimate our current problems like we have been so far, the results will be tragic for a lot of people.