Peter Schiff explains Federal Government bailout takeover of Freddie Mac and Fannie Mae. Americans are now cosigning every mortgage in a so called Capitalist country. Capitalism for the middle class and poor Americans. Socialism for the super rich. George Orwell 1984. US authorities engineered an $85 billion rescue of insurance giant American International Group Inc (AIG.N), staving off bankruptcy and bringing a measure of calm to shell-shocked global markets. The bailout, made amid a cataclysmic week for the financial sector, marks a reversal of Washington’s vow not to step in and calls for the US Federal Reserve to lend up to $85 billion to AIG for two years in exchange for a 79.9 percent equity stake. It came just two days after US authorities refused to rescue investment bank Lehman Brothers Holdings Inc (LEH.N) (LEH.P), forcing it into bankruptcy court despite pleas from Wall Street’s chiefs. AIG’s lifeline bought time for investors to digest an unprecedented run of events that has altered the shape of Wall Street, but did little ease a funding squeeze caused by the turmoil.
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{ 25 comments… read them below or add one }
“America is a system wherein the profits are privatized and the losses are socialized. America is now a Socialist country….”
This is wrong.
In a socialist system the losses *and* the profits are socialized.
What you have described is Fascism!
then go off yourself then if you hate the world so much, stop spouting your rhetoric, leave us the rest of us who want freedom alone. You live in the world that exists, not the one you think exists. Get real for gods sake.
It’s due to our greed, self intrests that the human race has problems, we care only about our selfs and not others, it seems. Well that seems to bring problems and if we choose to keep going down that road, then stop complaining, enjoy the crap that follows and get on with it. If the human race wishes to not have these problems, then stop doing shit that causes them.
Hopefull they can work out how to make mass amounts of gold out of changing atoms. I personenly don’t cate any more. The human race is shit, take all the gold and final systems and shove them. I’m just totally fedup, we stick two fingers up at nature, we are greedy as a race and I’m have to go with it, as I’m forced to do so. Personaly, I don’t care any more.
I’m putting my trust into untraceable gold
Maybe the most simple solution to the Bilderberger NWO, is to send some bunker busters to the building where and when they will have their meeting in 2010, I would say done deal. If this NWO really becomes a problem than that’s the way to do it.
I see the USA reverting to strawmen soon.
For Hitler it was the Jews… who will it be for the USA?
Methinks that China is too integrated to get away with it, with the G20 conference comming up will it be the ebil European Imperium (EU) with its “we aren’t taking your bull***t anymore” position?
hello, we have our first anti semitic!
I love how the other guy just goes on about how big they are, and peter schiff just adds in 5 trillion, he knows more about the other guy’s argument than he does!
I love how all the news reports are ignorant simpletons, always calling for gov’t agencies to step in. Even though they completely failed in the Madoff case, botched the late 2008 bailout, and let Lehman fail while bailing everyone else out.
Peter Schiff is a BEAST yall don’t hate he knows more than ALL of Obama’s economic advisers COMBINED. Obama = death to freedom and death to an economically sound America.
ANYONE UP? I NEED SOMEONE TO TALK TO
im bored on cam UG
if the government wouldnt have stepped in all this would be true-all will be true after this bailout needs to be paided back
that’s why all the sheep should have wrote in Ron Paul and not ‘voted’ for obama
That could be looked at in two ways;
he’s been wrong about a little; this may true
but if you look at it another way; he’s been right about a lot.
– IF hyperinflation destroys the DOLLAR , if it comes true , I can tell you this ,,, Main reason for Yugoslavian war was Hyperinflation , that how serious this is , imagine english speakers going after accent english speakers , than you will have latin’s forming their group , IT will be hell on earth ./ blacks having their own army , goverment protecting millionaires , it is going to be bad.
I listened to an Interview with Mr. Schiff back in June and he said the following:
1. The dollar will collapse by this Fall……WRONG
2. Gold…then trading at $950 will rise to a much higher lever very soon…..WRONG
3. We will experience hyperinflation…..We have not…it has been more deflationary…atleast at this point…so he is WRONG as of now
They are saying if the government prints money in order to pay off the bailouts, then the Dollar will be destroyed. This will lead to a massive economic downturn/collapse/etc.
I’m curious to know which points schiff has been wrong on.
What exactly is the Austrian School of economics saying now?
Put it out there so we can see if they truly understand money.
Does Peter Schiff apply the teachings of this Austrian School?
Is so, he has been wrong on some points.
The fact that the only economists that accuretly predicted the crash, its origions, its effects, etc are ones that subscribe to the Austiran School of economics. They’re the only ones who understand money and thats how they are able to have predictive validity. Predictive validtiy leads me to say that they are right and everyone else is wrong.
And your credentials are?
Most economists that you read are wrong then. They cant see two feet infront of their face. The deflation we are seeing now is due to everyone selling. All this extra money being made will, down the road, cause inflation. Thats in addition to the inflation incurred by the future printing of money.
Most economic analysts I read, say that we are headed for deflation, not hyperinflation.
Lots of people think Schiff is an idiot. The only problem with that is that hes been right every fucking time. This guy should be in charge of fed and should therefore shut it the fuck down. Privatize the profits and socialize the losses……we the slaves….er i mean people
“We’ve effectively been telling people, these bonds are, pretty much, as good as government bonds.”
*barf*
That’s why Mr. Jim Rogers is shorting US Treasuries. But hey, I guess they’re not lying. Gov Bonds are junk, and Fannie bonds are junk. Okee-dokee.