Posted on 02/28/2009 9:26:19 PM PST by sickoflibs
HIGHLIGHTS:
Part 1:
“Obama came into office and has an 80% approval rating now and he’s letting us know that things are bad and he will turn them around. He inherited a bad situation and reason things are bad that Bush cut taxes and put too much faith in free market capitalism. That there wasn’t enough regulation because of eight years of tax cuts and letting Wall Street run amuck that the country’s a mess and he’s going to fix it with New Deal Style Roosevelt programs and he’s saying things will get worse for a while, a big understatement. But if we just bear with him eventually his plan is going to work. Raising taxes on the rich, regulating Wall Street more ,but working in cooperation with Wall Street, and spending and printing a lot of money is somehow going to restore our country to economic vitality. This is all a bunch of nonsense. There is no prayer that what he is going to do is going to help the economy”
“There is no chance it will work, the odds are zero. It can’t work. It’s flawed from the very design. It’s impossible for it to work. Can it result in a little more consumer spending and us going deeper into debt? Yes, but none of that is going to help. Obama thinks the way to solve the crisis is to find ways to get credit flowing to consumers so consumers can buy stuff. The way we want consumers to buy stuff is to make stuff. We don’t want people buying on credit. We want them buying out of savings and income. We don’t want to recreate the economy where people go out and borrow money and spend it. We got in this situation because people borrowed money and can’t pay it back. The solution isn’t to find ways to borrow more. The solution is to deal with the money we already borrowed. To pay back our debts or default on them and the creditors will have to take their losses and learn from their mistakes not lend as much money in the future and contract credit and force Americans to live within their means. This would be beneficial to our economy by rebuilding our savings base and financing a new industrial revolution in the US. It wouldn’t be painless but it would be better than the alternative which the government is going to give us, which is a lot of pain. “
Part 2 :
“Are we going to say ‘We were wrong all these years to let the market set prices and allocate resources’, ‘that we are much better off letting the government performing these functions’? If so we are repudiating what he founding fathers and Adam Smith wrote about and we had it wrong all these years. And then I guess the Soviets, the Communist Chinese and Castro had it right. The only problem was they didn’t implement it correctly. They had the right idea to have the government do all this stuff, they just had the wrong people. This time Obama thinks he can do it right. We can succeed where everyone else failed because we care more and we’re smarter. This is all nonsense. This is the arrogance of the elitists running the country. Unfortunately the previous administration (GWBush) set this up. Republicans have nothing to stand on now. “
“The problem was that Bush supporters like Art Laffer were not criticizing the economy during the Bush years so no one can believe them now. If they were saying how great things were in 2004-2007 then where is their credibility now? They were not harshly critical of the Bush bailouts and stimulus’s in the Bush administration. So what’s the difference when the Obama administration does the same thing? Yes, the degree is bigger. They can say ‘Obama is doing it even worse. His stimulus is even bigger’. But once you signed on to the concept then you really don’t have a leg to stand on for doing what you supported in the prior administration. It’s too bad guys like Art Laffer who knows better weren’t saying they were opposed to government stimulus when it could have made a difference. Then they would have more credibility than they have now. Republicans handed this issue to the democrats and they own it now”
“What is Obama pinpointing as the thing Bush did wrong on the economy? Cut Taxes on the rich. As if taxes are why we are in so much trouble, that cutting taxes on the rich is the reason for the mess we have. This is a bunch of nonsense. I agree we should not have cut taxes and increased spending instead of cutting it. When the Bush program went into effect it was a stimulus. They intentionally ramped up the deficit to stimulate the economy in the recession that began in Bush’s first term. That was the shallow recession that should have been a lot worse. Because of that stimulus and the monetary stimulus which was Alan Greenspan cutting interest rates to 1 % and leaving them there and raising them by ¼ point for a couple of years is why we had the housing bubble and why we are suffering right now because of all that stimulus. The tax cuts are NOT why we are in trouble. If the government had not cut taxes and increased spending more we would still be in this trouble. Reducing the dividend taxes to 15% was a very good thing. They should have set the dividend tax and the capital gains tax to zero. But they should have cut government spending, not increased it. They should have cut the deficit. If they had cut taxes, cut spending and not slashed interest rates we would be in fantastic shape.”
Entire video at :
Peter Schiff Wall Street Unspun February 25, 2009 part 1 of 6 and Peter Schiff Wall Street Unspun February 25, 2009 Part 2 of 6
If you realize both parties in Washington think our money is theirs and you trust them to do the wrong thing, this list is for you.
If you think there is a Santa Claus who is going to get elected in Washington and cut a few taxes and spend a few trillion and jump start the economy, and get our lost money back, this list is not for you.
You can read past posts by clicking on : schifflist , I try to tag all relevant threads with the keyword : schifflist.
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WHY PETER? Peter Schiff is what we need now as the articulate and witty ‘ Prophet of Free Markets’ and the ‘nay-sayer of government intervention/socialism’ that warns us there is no Santa Claus or magical way to reverse past mistakes. He spares neither party for their mistakes.; We don’t need more drivel about how we need endless bailouts and endless stimulus packages and endless debt because the alternative is too terrible to speak of. We have the media and the party in power inciting public panic to gain support of their massive takeover of our property and our freedom.
>WHY PETER?<
Exactly right sickoflibs.
This is why I am addicted to Peter:
"“The problem was that Bush supporters were not criticizing the economy during the Bush years so no one can believe them now. If they were saying how great things were in 2004-2007 then where is their credibility now? They were not harshly critical of the Bush bailouts and stimulus’s in the Bush administration. So what’s the difference when the Obama administration does the same thing? Yes, the degree is bigger. They can say ‘Obama is doing it even worse. His stimulus is even bigger’. But once you signed on to the concept then you really don’t have a leg to stand on for Obama doing what you supported in the prior administration.. "
Schiff is basically saying that he doesn’t want this entire country to become nothing more with than sharecroppers.
(for those who may not have studied it, sharecropping was often used a means to keep blacks in perpetual debt while they worked the land; it was used after slavery was abolished)
“Interesting analogy. In a way property taxes are paying the government rent for your the land you house is on.”
Yes and no, in my opinion. We do (generally) get services in return...but people who do have a nicer house don’t typically cost the government more money than a slum...but still have to spend a ton of money in property taxes.
I can see both sides, but having lived in California, I REALLY like not having an income tax here in Texas, and instead paying a fairly high property tax.
Meanwhile... the CPAC straw poll picks... ROMNEY! Give me a @$#%@ break. There are NO conservatives left in the USA.
Correction: The recession began in Clinton's second term.
Not a small point, and it highlights the author's bias.
No. We were wrong all these years to let the Democrats in Congress game the system, instead of letting the market set prices and allocate resources.
bookmark
RE:”I can see both sides”
I was just saying we dont really own our property (land) the government does, but they let us think we do to make us take care of it. I wouldnt start an argunent about taxes now , its too late here on the East Coast .
There were many criticisms, including Bush going to Congress in 2006 and stating that Fannie Mae and Freddie Mac were insolvent, and challenging Congress to fix the problem.
Congress stonewalled him. Frank, Dodd and Obama claimed that Fannie and Freddie were in fine shape. And the media never reported the complaints, anyway.
Watch this video on Peter Schiff
Let's think about an intellectual wing of the GOP. We tried neo-cons (they were closet liberals), we tried the Big Tent, Reaching Across the Isle, and other sell-out theories. Let's get back to real conservatism as a philosophy.
There were more white sharecroppers/tenant farmers than black, BobL. You speak as if it were specifically designed to keep blacks down. The south was still an agricultural society, after the demise of the institution of slavery. Something had to arise, to take it’s place. Did tenant farmers become wealthy? No, they were essentially renters. But, it provided a basic, subsistence level of food and shelter, to a population that sorely needed it.
Reconstruction was a miserable time, bust after recession after depression. There were worse places to be, than scratching a meager living off of a farm, though. This system persisted well into the twentieth century. I have two aunts by marriage, who were the children of sharecroppers. My paternal grandparents had tenant farmers, after they were too old to farm themselves, and none of the children wanted to continue. This was in the sixties through the early eighties.
Was it a great thing, to be lauded? No, but, it was necessary.
Romney writes a check, he has to buy it...straw polls are all about spreading the wealth around....
I think he price will be the betrayal of Taiwan.
Obama bought his too. We need to rid ourselves of these parasites and elect true conservatives who will return us to freedom. Its getting late, folks. If we don;t win next time it will be a long time before we taste freedom again. It took WW II to set us straight last time!
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