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Jun112009
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Peter Schiff says we need an economy based on savings and not consumer credit.
Fund manager and hilarious anti-Keynesian, Peter Schiff, made an appearance last night on The Daily Show with Jon Stewart. Schiff made some excellent, and very non-partisan points about the failures in Washington. Schiff blames both political parties for the credit-driven, bubblicious and unsustainable economic reality of the last decade, though he doesn't take any shots at 'free-money' Greenspan. A shame considering it was national TV and all. Greenie is responsible for much of this mess and his rep is still way too clean.
Highly recommended:
Lookout Krugman: Belief In Keynes Is Belief In Self-Delusion (Peter Schiff Video)
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bailout comedy, financial comedy
Thursday, June 11, 2009 at 4:34AM
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Reader Comments (16)
America's debt is Barack Obama's biggest weakness
http://www.nytimes.com/2009/06/10/business/economy/10leonhardt.html?_r=2&hpw
Banks Trade TARP for Bonuses, Debauchery, Jets: Jonathan Weil
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=anERpNRXfnss
ECB fears bank crisis in 2010 as recession drags on
http://www.telegraph.co.uk/finance/economics/5498989/ECB-fears-bank-crisis-in-2010-as-recession-drags-on.html
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5KHjl2dySoA
Shirley Breitmaier’s mortgage payment started out at $98 when she refinanced her three-bedroom home in Galt, California, in 2007. The 73-year-old widow may see it jump to $3,500 a month in two years.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aQ_ZgC75Zfyw
For five months now in the Umbrian hill town of Perugia, an American exchange student called “Angel Face” by the tabloid press has been on trial for the murder of her roommate. On Friday, for the first time, that student, Amanda Knox will testify on her own behalf.
The case against Knox has so many holes in it, and is so tied to the career of a powerful Italian prosecutor who is under indictment for professional misconduct, that any fair-minded jury would have thrown it out months ago.
http://egan.blogs.nytimes.com/2009/06/10/an-innocent-abroad/
The clips the Daily Show ran of Schiff getting shit right were good, but they omitted the responses from the chuckleheads calling Schiff a loony Chicken Little and what have you. Why are the rest of those jackasses still on the air (a la "Dow 36,000" meatheads).
"Schiff made some excellent, and very non-partisan points about the failures in Washington. Schiff blames both political parties for the credit-driven, bubblicious and unsustainable economic reality of the last decade,"
Which is a good and important point in this case, but bipartisanship for bipartisanship's sake morphs into High Broderism and false equivalence ("but the other side does it too....") in short order.
"though he doesn't take any shots at 'free-money' Greenspan. A shame considering it was national TV and all. Greenie is responsible for much of this mess and his rep is still way too clean."
Indeed. Although he did bring up interest rats. Maestro my ass. I'd like to see someone say on TV that the Obama Administration (and the previous Cheney Administration) are fully owned by Wall Street (and show why if need be). The bastards.
@Something Polish
This is such an important point. You should type this up into a nice little memo and send it to every MSM reporter on the planet. Tatoo it to their foreheads. Whatever it takes, because they just don't get it. Is "High Broderism" your phrase? That's great stuff.
If only. Atrios prob'ly coined that. Or possibly The Editors at thepoorman.net.
Hey, look what I found:
http://www.urbandictionary.com/define.php?term=high+broderism
Why the Meltdown Should Have Surprised No One
http://mises.org/story/3493
I feel what you're saying. I made special mention of it being bi-partisan but this was a mis-statement. Was attempting to convey that he attacked both Bush-Paulson and Obama-Geithner. Shoudl have said he was non-partisan. Glad to have you back.
While you were gone, our unique readers jumped from 3,000 per day to 35,000 per day for the past 5 days. I'll show the numbers tomorrow.
Just to be clear, I don't think anyone would accuse your site of "Broderism" -- high or otherwise.
That should be clear to anyone who actually reads this site.