Happy Days Aren’t Here Again! (more doom & gloom - & a reality check)

Krustee · Aug 2, 2009

I just read this article from Peter Schiff this week & thought I would share his undeniable wisdom with all of you!

For those who do not know who Peter Schiff is:

In May of 2002 Peter was able to predict with amazing accuracy what would happen in 2007 & 2008.

<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/B0XJu9l3Mfk&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/B0XJu9l3Mfk&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>

Here he debates Art Laffer in 2006 & makes Art look like a complete fool:

<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/LfascZSTU4o&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/LfascZSTU4o&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>

Here, the government cut him off the air while in the middle of an interview with CNN International: (the London arm of CNN)

<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/nbvL4u-MrVM&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/nbvL4u-MrVM&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>

Peter on how to become a Real Estate Millionaire in 2008:

<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/rzw2Xhz4MKk&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/rzw2Xhz4MKk&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>

By Peter Schiff

Have you heard the great news? The recession is over! It’s true; I saw it on TV. Why fret about growing unemployment lines when banks are paying big-time bonuses again?

Proof of the turn was apparently revealed by the 2nd quarter GDP figures that showed that the economy declined by only 1%. After four consecutive quarters of negative GDP, the green shoots now assume that growth will resume over the summer. But before we pop the corks, it may be worthwhile to ask, “what really has changed, and what is responsible for our new lease on life?”

In truth, because of the continued profligacy of the government and Federal Reserve, the imbalances that caused the current recession have actually worsened. We are now in an even deeper hole than when the crisis began. Rather than wrapping up a recession, we are actually sinking into a depression. If things look better now, it’s just because we are in the eye of the storm.

We must remember that recessions inevitably follow periods of artificial growth. During these booms, malinvestments are made which ultimately must be liquidated during the ensuing busts. In short, mistakes made during booms are corrected during busts – and in the recent boom we made some real whoppers. We borrowed and spent too much money, bought goods we couldn’t afford, built houses we couldn’t carry, and developed a service sector economy completely dependent on consumer credit and rising asset prices. All the while, we allowed our industrial base to crumble and our infrastructure to decay.

In order to lay the foundation for real and lasting recovery, market forces must be allowed to repair the damage. However, current policy is counterproductive to this end. Trillions in stimulus dollars have kept the party going, but now what? How does deficit spending by the government address the problems that brought about the crash? It doesn’t; it just delays and worsens the hangover – and we have to hope we don’t die of alcohol poisoning.

By interfering with the unpleasant forces of the recession, we simply trade short-term gain for long-term pain.
By propping up inefficient companies that should fail, we deprive more effective companies of the capital they need to grow.
By holding up over-valued asset prices, we prevent the prudent or less well-off from snatching them up and, in doing so, creating a new price equilibrium based upon reality.
By maintaining artificially low interest rates, we discourage the very savings that are so critical to capital formation and future economic growth.
In addition, the false economic signals the Fed sends the market prevent a more efficient re-allocation of resources from taking place and leads to even more bad economic decision being made.
By running such huge deficits, we further crowd-out private enterprise by making it harder for businesses to invest or hire.

The recently passed “cash for clunkers” program (currently on-hold, as it ran out of funding in one week) is a perfect example of how government policy can make the economy worse.
By incentivizing Americans to destroy fully paid-for cars so they can go deeper into debt buying brand new ones, the government weakens an already crippled economy.
The last thing we want to do is subsidize Americans to go deeper into debt by buying more stuff. Don’t they realize that is precisely the behavior that got us into this mess?

Think about it this way...
If your friend were in trouble because he had too much debt, would you encourage him to take on even more?
Wouldn’t a real sign of progress be a reduction of debt, even if he had to cut back on his everyday expenses?
What is true for an individual is also true for a collection of individuals, even if they call themselves a ‘government.’
If, as a country, we are even deeper into debt now than we were before, we are worse off. Period.
The fact that the additional debt enabled better short-term GDP numbers is a long-term negative.

Since we have learned nothing from past mistakes, we are condemned to repeat them.
As if we have not already suffered enough as a consequence of the Bush/Greenspan stimulus, Obama/Bernanke are giving ever larger doses, which will prove lethal to any recovery.

The recession is over; long live the depression!

Comments anyone?

.

Krustee · Aug 3, 2009

Bare_Facts · Aug 3, 2009

Krustee;929903Comments?[/QUOTE said:
Yeah, Where the F*** were you with these quotes in the last 2 years? I f you aren't posting these things before they occur we are not going to hail you as a stock market guru.

So, next time PM when this, or the next bubble, is going to to happen.

Krustee · Aug 3, 2009

Bare_Facts said:
Yeah, Where the F*** were you with these quotes in the last 2 years? I f you aren't posting these things before they occur we are not going to hail you as a stock market guru.

So, next time PM when this, or the next bubble, is going to to happen.

you should have been reading & watching Peter Schiff back then!

I just found out about him 8 months ago.

The dude may be servin some nasty tastin medicine but I think he is giving the right prescription for our ills.

Funny how this guy that everybody said was off his rocker is now the only one who has been proven time & again to be right?

What does that say for all the other so called "professionals"?

Krustee · Sep 28, 2009

luv 2 lick pussy said:
The price of gold has been manipulated as well. Dont fool yourself.

I agree with ya there L2LP.

It`s not following traditional trending for sure & I have heard all sorts of reasons for this but cannot really claim one as being the accurate theory but I think what you can assure yourself of is that there in fact manipulation going on with the price of gold for the last 10 - 15 years.

Topper said:
Absolutely!!! However, its been manipulated in the downward sense. With the amount of monetary inflation and economic uncertainty, there`s no reason why gold shouldn`t be in the $1500 - $2000 range at the bare minimum.

Having said that, the silver manipulation has been far more extreme. It was exposed after JP Morgan`s take over of Bear Stearns. JP Morgan held a massive short position in COMEX silver futures of 34 000 contracts. This is equal to 25% of annual world mine production. After this position was established, silver prices fell more than 50%, in spite of a widespread shortage in retail forms of investment silver. Never before had there been a such a large concentrated position in any market, including every manipulation case in the CFTC’s history. Concentration and manipulation go hand in hand. You can’t have one without the other.

Good points there Topper.

I agree that gold should be at or near the $1500 mark at the moment but there is some strong manipulation going on.

sperminator said:
Happy days truly are here to stay because The Klown is in Perbatory.

https://perb.cc/vbulletin/showthread.php?p=930180#post930180

That`s right there spermy -
But ....

I`m BAAAACK!!!!!

Oh uh - one other thing -

Gold is up!

All you folks who were dissin me on my buy gold position -
well poo poo on you hoo!

Those of you who listened to me last November & December are up by 10%

Not great return I know but it is not a loss like your other investments.

I predict a strong buy on gold for the next year.

There is simply too much instability in the market especially with the US dollar slumping & the US debt continuing it`s ascent.

Expect that to get worse if Obama gets the US to buy into social health care.

blazejowski · Sep 30, 2009

alinburnaby said:
There were also a few threads on the topic.

Yet the were all made by the same person. Go figure....

uncleg · Oct 9, 2009

sperminator said:
Happy days truly are here once again because The Klown is in Perbatory. Again.

No fair kicking him when he's down.

Search

Happy Days Aren’t Here Again! (more doom & gloom - & a reality check)

Krustee

Banned

Krustee

Banned

Bare_Facts

New member

Krustee

Banned

Krustee

Banned

blazejowski

Panty Connoisseur

uncleg

Well-known member