August 18, 2010
– Comments (8) |
RELATED TICKERS: FMCC
Using Gross' own standards for loaning mortgage money to make the argument that taxpayers shouldn't have to take risks that PIMCO wouldn't was brilliant.
Peter Schiff is one of the few voices of reason left in the world.
Is the GM IPO date set yet? It will be enjoyable to watch.
It will also be interested to see who endorses a buy of GM before the IPO.
No date that I know of yet.
I think a quote from Ari Gold (Entourage) sums up the GM IPO quiet nicely:
"Pretend it's a piece of bad p****, just forget that you smelled it and move on!"
Great video! Schiff's point is exactly right, someone will have to bear this burden, either through taxation or currency depreciation. And I highly question Gross's logic that if everybody gets re-fied, that it mean an increase in spendings. Savings rates are going up because people are scared and uncertain!. And I think that is very reasonable.
So I think it is far more likely (and fitting in fact) if everybody gets re-fied and everybody saves it instead of spending. Wouldn't that just confuse all the wizards :)
I also completely agree with his point about the squandering of resources trying to build houses in the middle of a housing glut.
I agree With Peter Schiff. You can't make a silk purse out of a pigs ear. Stay away from GM IPO. It stinks. The government should have let them go bankrupt and restructure.Now the American tax payer is on the hook for billions of dollars.
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