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Peter Schiff - In Defense of the 1%



October 28, 2011 – Comments (6)

Last week, I spent the afternoon visiting the Occupy Wall Street demonstrations in lower Manhattan. I brought a film crew and a sign that said "I Am The 1%, Let's Talk." The purpose was to understand what was motivating these protesters and try to educate them about what caused the financial crisis. I went down there with the feeling that much of their anger was justified, but broadly misdirected.

Indeed, there were plenty of heated discussions. I did little more than ask how much of my earnings I should be allowed to keep. In return, I was called an idiot, a fool, heartless, and selfish. But when we started talking about the issues, it seemed like the protesters fell into two categories: those who generally understood and agreed that Washington caused this mess, and those who could only recite Marxist talking points. It was the latter who usually resorted to calling names once I pointed out the hypocrisy of their positions. They might shout, "the banks have taken over the regulatory agencies, so we need more regulations!" Obviously, this is paradoxical. If they're blaming government for causing this problem, why would they suggest more government as the solution?

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6 Comments – Post Your Own

#1) On October 28, 2011 at 11:12 PM, kdakota630 (29.05) wrote:

Peter Schiff vs. Cornell West on CNN's Anderson Cooper 360

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#2) On October 29, 2011 at 12:36 AM, XXX222 (< 20) wrote:

Schiff trounced him, the second guy had nothing.

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#3) On October 29, 2011 at 2:26 AM, FleaBagger (27.35) wrote:

Michael - I saw this same video on a "liberal" website, and the conclusion was the exact opposite. But they were working from a dogmatic view that of course unions and government regulations were absolutely necessary to prevent evil capitalists from enslaving us and making life miserable.

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#4) On October 29, 2011 at 3:19 AM, traderbach (< 20) wrote:

Reality check.  If anyone thinks for a moment that without the regulations that preserve the peace in a civilized society that we would not be returned to feudalism in a heartbeat then you really are dreaming.  Simple. The man with a sword is able to take that which the man without a sword owns.  Absolute power corrupts absolutely. Capitalism is not evil, it is a natural part of human life to trade, & profit from that trade, but of course there are evil capitalists just as there are evil types in every sub-set of society.  It just so happens that the more power an evil person, or group of evil persons, wields the more the harm dealt becomes exponential.  I personally have no desire to let myself & my family be turned into serfs.

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#5) On October 29, 2011 at 9:46 AM, Frankydontfailme (29.40) wrote:

Avoid serfdom traderbach?

-embrace freedom 

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#6) On November 01, 2011 at 1:47 AM, ajm101 (< 20) wrote:

Good to see Peter Schiff is still a big fat moron.

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