Posted on 01/23/2009 9:22:03 PM PST by sickoflibs
ON BAILOUT HEALING THE FINANCIALS: “Most of the financials are already worthless, there is no value whatsoever in the common stock of City, or even Bank of America. All the value rests in the preferred share that the government is accumulating. And every time they announce more and more losses and they get a bailout and the bailout isn’t free. The government gets more preferred stock so at the end of the day there is no value in the common. Anyone buying stock in any of these financials might as well flush their money down the toilet.”
ON RESTORING CONFIDENCE TO THE BANKING SYSTEM Let them (the financials) go broke. Let’s have confidence by letting the incompetent companies fail. We can have confidence in the new companies that emerge to take their place. Entrenching these incompetent managers does nothing to restore confidence.
ON OBAMA SPEECH ABOUT SHARED SACRIFICE AND ROLLING UP OUR SLEEVES You know he talks about shared sacrifice, rolling up our sleeves and getting back to work, but the meat of his economic program is to give more credit to consumers so they can borrow and spend more money. How is that sacrifice? How is going to the mall and buying more stuff you can’t afford asking for sacrifice ? (Sickoflibs quiz : Have we seen this before? More of the same but worse? )
WILL THE STIMULUS PLAN WORK? The economy is not going to improve because of this plan. We might dig ourselves into a deeper hole but that’s it. It might look like things are getting better as we spend ourselves into a bigger bankruptcy. This is all an illusion and you don’t solve economic problems by printing money. You solve those problems by working hard, saving, producing, and the exact opposite of what we are trying to do.
ON WHERE AMERICA AND ENGLAND ARE HEADED (Conventional wisdom now says:) The free market is the problem, greed and capitalism is the problem, government oversight, government control of the economy, bureaucrats are the answers to our problems. It’s the exact opposite (of reality.)
ENTIRE SEGMENT AT :
Peter Schiff 1/20/09 - CNBC Kudlow & Company [Part 1] and
Peter Schiff 1/20/09 - CNBC Kudlow & Company [Part 2]
Can we add incompetent (and corrupt) lawmakers to the list?
Put Frank, Dodd, Paulson, Bernanke, Geitner, and Rangel in jail. Throw key away. Restore confidence.
I recall when Bush urged people to go out and spend how the libs said that wasn't going to solve anything, and aren't we consumerist enough?
I recall "Deficits!!!!" screamed by the libs when they weren't screaming 'Overspending!!!!" Now, we aren't just destroying the budget, we're making a joke of the concept of a budget, and deficits? We don need no stinkin' deficit reductions!
If we had an objective media we would be throwing this in the dems' faces. (Bush is of course responsible for starting this, but he's gone, plus the dems were completely behind him. And the Republicans offered token resistence, then caved.)
Everything the libs have been telling us about spending and deficits is now "non-operational" and no one cares. The average American, I believe, has this euphoric feeling about the election, but once they start taking in what Obama's "change" means, something is going to happen--the American public will realize this guy hasn't got a clue.
The Republicans are probably too stupid to take the lesson from this that they should. The lesson they need to learn isn't from Reagan or the founders, but from the Democrats. They lost the popular vote in 2000 with a liberal candidate; in 2004, they ran a slightly less liberal candidate, and lost again; in 2008, did they go more "centrist"? No, they put up one of the most liberal candidates ever, and he won comfortably.
I don't believe that's because the country has gone liberal. I think it's because Obama came across as someone who had the courage of his convictions and didn't flinch under fire. (I don't think any of that is true--I think he's vacant and clueless--but that's how he came across with the help of the media, which gushed over him and THEN found out reasons to gush...or made them up.)
Starting in the midterms, we need conservatives who are actual conservatives with the belief in their convictions. They need to connect to what should be OUR base position, which is that people are fulfilled by connecting with something larger than themselves--but not government, as the libs believe, but our own families and communities, growing OUT from us, not IN from the "community". They need to show how conservative economics will save us from this mess, and how it would have prevented it (by not lending to those who couldn't afford to pay back, no matter how good it makes one feel to "open opportunity" or whatever). They need to show how conservative respect for life and the sanctity--sanctity--of our borders is crucial in creating a secure place where liberty (the word people seem to forget in their love for Obama's government financial crutches) and freedom can thrive.
I have no faith the Republicans will do any of this. But they should. Instead I think they will bide their time, wait for Obama to fail, and regain power by default, and then they will do just what they've been doing for years--be democrats without the good press.
"The economy is not going to improve because of this plan. You don’t solve economic problems by printing money. You solve those problems by working hard, saving, producing, and the exact opposite of what we are trying to do.."
"One way the government could create affordable housing is to stop propping them up with very low interest rates."
"The government can't fix the economy, it can only move our property from person to person, by taxing, borrowing, or printing more currency."
"The total cost to society is what the government spends, not just what we see it tax us"
"If devaluing currency made countries richer, the third world nations could just print themselves to a world power"
"We don't want work for the sake of work. We want work for what it produces"
"The (US Treasury)bond market is the next to collapse. The current buyers are like condo flippers looking to sell to someone else". "It's just another ponzi scheme as each buyer buys to sell until there are no buyers and it collapses""(because the government can never pay it back)
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From your comment. I happened upon Reagan’s 1981 inauguration speech on YouTube, and it was remarkable to hear his philosophy stated with confidence. This was before it was put in place, and he was exactly right. We need some leadership stating these same goals...and with great confidence. Obama won sounding confident but spewed BS. He has no clue, and it is obvious to anyone with basic economic understanding.
The only way out of the mess now is massive worldwide monetary inflation. It's starting to show up a bit, gold is making new all-time highs practically every day now (just not in dollars yet). Even with the inflation guns going, the deleveraging may still win out for a while (a year? who knows).
Thanks sickoflibs.
I don’t remember joining this list, but I don’t mind being on it!
Schiff is one of the only people with his head still attached. Rush is another. I hope he can get Schiff on for an interview sometime.
You have very similar thoughts as I do. Back 16 years ago when we were in a similar situation, Rs in the minority things turned out to be pretty fun, Some differences:
1) Republicans were outsiders and many new fresh ordinary people took over R party for a while. Now we still have left forever establishment republicans as useless as democrats they replaced in 1995.
2) The economy while demonized in 1992 was in much better condition than now. GWB was a huge government activist leader who believed his fathers biggest mistakes were : 1)raising taxes, 2) not invading Iraq and 3) Not taking control of economy. GWB had his own congress so had less restraints than many presidents.
I’ve been wondering how the average Joe who is in debt with Credit Cards is taking all this. What are their attitudes?
RE :”I’ve been wondering how the average Joe who is in debt with Credit Cards is taking all this. What are their attitudes?”
I pay mine off ever month and get bonus points 1-2%
I am in the same house 10 years, drive a 2004 Corrola, live on a small % of my income because I NEVER let my consumer desires follow my salary, beyong gov inflation.
Back to your question. I typically go out and talk to all types of people and get their views, even liberals. Please talk to your neighbors and co-workers and share their opinions with us. There is a natural reaction for them to complain about CC companies, And maybe CC companies should never have given them credit! Like before
They are going to spend 20 million re-soding the mall at the US Capital. { for real! }
Remember Hillary won Kentucky. The Kentucky blue grass is history…such is victor’s justice. Rumor has it a short blade hybrid hemp from Oregon is being considered.
Nice! I hope they wait until the 50 tons of trash is hauled away.
http://www.bizjournals.com/southflorida/stories/2009/01/19/daily59.html
Schiff is dead on.
The effect of the stimulus will be to slow recovery, because it has to be paid for through either more borrowing (which will eventually raise interest rates and slow recovery), or through monetization (which will slow the drop in prices necessary for the capital necessary for recovery to be saved), or through higher taxes (which will stifle recovery at the source.)
In the end all we get from the stimulus is more pain and more debt.
My question is, why are there no GOPers, other than libertarian Ron Paul, who can articulate this?
Thanks for the ping. Great post.
I have money in short term treasuries - that's not what he's talking about - is it?
We're the world's reserve currency - we can inflate our way out of a lot of this - the problem - no one will trust us "after"...
http://www.freerepublic.com/focus/f-news/2161374/posts
I believe it’s long term traded treasuries, and he is predicting long term drop in dollar. Your investment is more like a savings account, safe.
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