Sean Paul Kelly of The Agonist found this video clip from August 2006. As Sean Paul says, I don’t know anything about Peter Schiff, but he was right, and econoclown Arthur Laffer is, um, not. The word “fool” doesn’t even come close.
BTW, I understand Laffer has come out against any sort of stimulus package, but I can’t find a direct link to anything he’s written since last fall. Maybe he’s not well; he’s too big a fool to actually shut up.
Dennis Waldman, aka Kagro X, at Congress Matters has a look back at what Republicans said about Bill Clinton’s economic policies in 1993. Give it a look; it’s a hoot.
Republicans: Let’s make sense!
Peter Schiff is an Austrian School economist. That page has him offering survivalist advice (buy guns, move out of the cities) recently, take that as you will.
The sad thing is most of these assholes are still on the tube yapping about how the democrats caused the recession, when they didn’t even know we were already in one back then. That’s the problem with cable news, way too much time to kill, nothing but bullshit, and then no accountability for the mountain of lies.
Laffer is a Repuke propaganda hack from way back, a fabricator of creative lies to justify policies putting more money in his patrons’ pockets.
He was forced to resign from the Nixon Administration for shoddy, mendacious economic forecasting, which is like being expelled from the Bush Administration for being too stupid — you’d scarcely belive it was possible.
We can criticize the Austrian economic school all we want, but the followers of the theory got it right this time.Ron Paul in particular kept saying we were headed for disaster if we stayed on the Bush path of cutting taxes while promoting military adventures.I remember he was laughed at during the primaries in much the same way Peter Schiff was rediculed on FOX.
I don’t know what will cure this mess we are in, but I know military Keynesianism won’t fix it, and throwing trillions into infrastructure projects like roads and dams may help in the short term, but will only stem the blood loss for a while. INMO, we need to retool both the defense/aerospace industry and the auto industry and get a fast track on major energy projects like wind, solar, tidal, gulf stream; get rid of that damned stupid idea of every person owning a car, cut waste in our lives, and start being smarter about food production, health, conservation,quit getting people hooked on legal drugs,legalize Marajuana and industrial hemp, and end these crazy military adventures. Put people and the planet above profit. We have been lead and run by a bunch of control freak jackasses for way too long.
I Hope Ben Stein took his own advice, he’s such an insufferable ass.
As far as what WMD said about Peter Shiff’s advice, it sounds more compelling every day.I live in Osceola county fl, the forclosure rate is one of the highest in the state, unemployment is very high, and the local governments are going broke.
Things may turn VERY ugly.
Ben Stein should stick to game shows and Ferris Bueller movies.
I guess these idiots used a tall pitcher of their own tears to wash down the taste of that bitter crow. Mmmm…crowlicious.
Schiff can pick stocks but I think macroeconomics is a totally different skill from stock-picking. Here’s one of Schiff’s more recent appearances
http://www.businessinsider.com/2009/2/peter-schiff-stimulus-bill-will-lead-to-unmitigated-disaster
IMO both Paul Krugman and Nouriel Roubini are providing the best commentary on the economy. They both foretold these events many years in advance and they both believe that the largest banks in the USA are now insolvent, it is too late to save them and that they must be nationalized… the sooner the better. Also both state that unless the Obama adminstration gets the bank and finance system fixed and fast the econmic stimulus will not have the desired effect. Roubini is on record as stating that there is a 30 % and increasing chance the USA is heading to a “near-depression L shaped recession” that could last for years if Obama gets it wrong.
Peter Schiff predicted this debacle well in advance but he loses points on objectivity and credibility when talking about the current economy…. because he’s a gold bug. That is why IMO Krugman and Roubini have a better handle on things because they have no skin in the game and are not trying to talk up gold. There is a U-Tube video of Schiff going around the Internet that was taken recently in Saudi Arabia at a large meeting of Saudi investors. At that meeting Schiff provided a “how to” lecture on how to CRASH the US economy (and get rich in the process). His advise to the Saudis is invest and buy up the world’s largest Gold mining companies. Similar to what the Hunt brothers did for silver back in the 80’s. The problem is that Schiff stands to make billions while what is left of the smoldering US economy crashes and burns. I can’t image the Obama Administration views this as helpful in their efforts to get the economy back on track. See: Peter Schiff Tells the Saudis How to Crash the US Dollar to LOUD APPLAUSE! http://www.youtube.com/watch?v=aTF-oPvhHVs