September 14, 2011
– Comments (14)
When you're in a hole, in order to get out... you should not dig... the hole deeper...
We need savings, but how can we save when they print money and have the saving rates negative...
if not for gov regulations imagine how many more workers...
Doom and gloom...
good video so far... lets watch more..
OMG... wish I could rec this 100 times...
peter schiff is DA MAN!
thanks for posting, kdakota630
Schiff is one of the few that "get it".
Schiff's closing statement ...
Henry Ford was famous for paying his workers $5 a day. That was an ounce and a quarter at the time. Which, in today's exchange rate is $2,500 a week. So Ford's workers were making the equivalent of $2,500 a week, the equivalent. They were paying no federal income taxes and no payroll taxes. There was no minimum wage and there were no unions. We paid the highest wages in the world, yet we produced the best quality and least expensive products. How was that possible? Because we had the smallest government. We had minimum regulations and low taxes. If we want to recreate American industry, we have to recreate that environment. We have to allow businesses to grow and prosper, and we have to remove all of the road blocks and impediments that Congress has placed in their path over the years.
Perhaps we should fire all the gov and replace them with people who understand...
SAdly those few who attended on the congressional side probably still don't get what Peter is saying said...
Doom and gloom...
Amazing how he needs to pay more than one million just to ensure he is in compliance... with what the gov wants...
they want to control not help create jobs
sadly these same fools just cost us half a billion on that solar company we back stopped with guaranteed loans ~~ you know the one that just went bankrupt..
I guess we should have loaned them a billion dollars... to keep them afloat longer...
Mr. Cummings on why public school is worth any price: "If we have to spend now so we can educate our children so that they can take over this world.... fine."
kdakota, I look forward to your Peter Schiff blogs more than any other on TMF. Thanks
Jack, you've made so many great points. The federal government is way too big and powerful. So many bullsh... regulations and silly bills being passed all the time. It has to stop but I doubt that it will.
Glad you liked it. I thought it was one of his best.
Agreed. At least it seemed to me that he wasn't just speaking to deaf ears. Seems like a step in the right direction, even if it probably ends up being a very, very small step.
I'm sure he feels the same way about a ton of other gov't spending projects, and I thought Peter's reply to him was fantastic.
Thanks. I'm glad you're enjoying them. I know there are a few people here who don't care for him (JakilaTheHun comes to mind), but I'm pretty sure there are enough people who appreciate them which is the main reason why I do them. Plus it gives me my own personal archive as well to look back on if I need to.
Schiff is over stating the tax issue. While I believe and recently stated that the personal income tax code ought to be made permanent, the loopholes in the tax code need to be closed, i.e. corporate special interests and people claiming cap gains rates on what is really income from work.
I do agree we need higher interest rates. That would finally bring the bottom to the housing market, encourage the ultimate reset to happen and lead to renewed growth. It would also lower the cost of food, gasoline and various imported goods via a stronger currency. The only "loser" is short term government spending. In the long run, the government has more tax revenue as the economy grows again after a few years.
He's also right about regulations and liability that come with hiring. I run my firm on myself and one good assistant. Everything else is commissioned contractors and interns. The cost of hiring is a big hurdle to small business. There needs to be less onerous regs on small business- especially since that is where new hiring really does occur.
Finally, there is no currency crisis coming in the short run, and probably not long run if the super committee cuts $4T minimum in spending and raises a $2-4T in revenue over the next decade.
Reasonable point until your last one Kirk. Cuts 4 trillion (ehee)
I'm not sure that this matters, but since the original has been removed, I'm putting this up again from another source: