AMERICAblog: There will not be a recession, flashback to 2006/2007
HereinDC
· 10 months ago
Chris, Last year around February 2008, Suzie Orman was on some show...I think Larry King or The Today Show and she said the Real Estate Market would bottom out this summer ( Summer 2008) and she was SO SURE of it. She was so sure. I specifically remember her saying that...it stuck me as odd since I was in the Mtg business and knew she was so wrong....so so wrong.
To be sure, the MSM, across the board, is pretty bad. But how ANYONE can listen to Fox News is utterly beyond me. My conservative friends don't even watch it. But then again, they tend to be "real" conservatices, i.e. small government, etc.
Mike_G
· 10 months ago
Stupid Repigs listen to Repig hack economic commentators like Kudblow and Stein because they tell them what they want to hear, that Murka is the most superior economy on earth in every way, and anyone who says things won't be rosy and wonderful forever is a commie terrist-loving traitor.
Economics not being amenable to Repig magical thinking, they then lose money hand over fist. Sometimes economic Darwinism produces a good result.
It's economic idolatry and Kudblow and Stein are the witch doctors -- the 'Murkan economy is a god (at least when a Repig is in the White House), and don't dare question its perfection, you shut up and conform and worship it, and keep shoveling your disposable income into the Repig-donor-owned volcano as a sacrifice.
It's yet another clown show to dupe the stupid Repig-voting masses while the big-money guys loot the store.
TomJoad
· 10 months ago
Exactly, it's like a dysfunctional family where dad is drunk on the couch all day, sis has had 10 abortions, bro is doing crack in the basement, but you know, Sunday dinner we all dress up and go out. Anyone mentions the possibility of a problem, they get their ass handed to them.
They did it with science, economy, war on terror, just their simple minded jinoistic attitudes will rule the day. The one guy in the Bush administration that admitted how they think "we MAKE reality...you guys in the media are always playing catchup" only goes on until the excrement hits the fan. But they have so much chutzpah that they will STILL maintain they had all under control, but the democrats ruined it by getting in their way.
ron,w
· 10 months ago
How can anyone still pay serious attention to the rantings of Larry Kudlow? His history ought to have relegated his commentaries to the dust bin long ago. It's amazing that this guy has a " show " and a posible audience of fools.
paulbot5
· 10 months ago
About time you listen to Schiff, Krugman's got nothing on him. Shoulda posted this video a month ago lol
lark83
· 10 months ago
That was a brilliant piece of video. Fox has some real nut jobs on there that no other network would give the time of day to.
Indigo
· 10 months ago
The Year of the Ox begins tomorrow. Hong Kong astrologers predict a year of little progress and a lack of fire, enterprise, commitment, innovation. This is the rotation year of the Double Earth Ox, so there are two overlapping earth elements that can prove difficult if they slide against each other the way two tectonic plates would slide to trigger an earthquake. This would happen during the second half of the year in the form of a noticeable paradigm shift. It would involve the earth element in the form of focus as well as finances. On the uptick, this year will not be as bad as the year that is ending, the Year of the Rat has been. On a further uptick, President Obama was born in a Year of the Ox and is well suited to weather the coming doldrums.
tbhull
· 10 months ago
Other than Schiff, when has anyone on CNBC or FOX ever urged anyone to sell stock? The MSM represent 24/7 informercials at all levels masquerading as news. Wait till monday when the today show pushes a new drug.
ron,w
· 10 months ago
tbhull has it exactly correct. CNBC & Fox are mere propaganda artists who push a buy, buy, buy mentality until the " buyers" become insolvent. By then, the Fed wisemen will have detroyed the dollar and our savings will be depreciated. How is it that these charlatans are the experts extolled by the financial media? This sounds like a ponzi scheme even Bernie woud be proud of.
John
· 10 months ago
It wasn't just Fox news. it was every major MSM news outlet in existence. Now ask yourself one question. How could so many people that tout themselves as economic guru's be so wrong, save a handful of people like Schiff, Jim Sinclair, Nourial Roubini and Jim Puplava? Remember those stories that floated around last summer about millions of dollars being spent by the Pentagon to spin war stories about how the Iraq war was going so well? The same is true when it comes to economics especially when so many pigs have to feed off the same trough. From the talking heads and Muppets at MSNBC, CNBC, Fox etc, as well as the advertisers that want to sell you something, all have a financial and vested interest in spinning the truth. Seems that most Americans knew a long time ago that all things financial were gong from bad to worse and yet every idiot on the boob tube including Cramer said buy, buy, buy. For over two years here I told people to buy gold and silver because it was the only real money that mankind had known for over five thousand years of recorded history. If there is one important thing to remember about economics and the law of nature, it's this. History is replete with empires that grew too big, spread their armies too far and began down the slippery slope in which they debased their currency by creating more and more of it just as we are doing today in the U.S. In order to keep the appearance that all is well, someone is putting up a lot of capital to keep the high priced talking heads pounding you every day to buy this stock or that book or to get involved with everything from E-Trade to new cars. Like carnies at a circus it's step right up folks have we got a bargain for you. We the people are already in a hole for 8.5 trillion dollars to a Federal Reserve that collects interest on that debt. After all, that's what the Federal Reserve is in business for. Lending money to the US Treasury and then charging interest because out of the goodness of their black little hearts they have all this money to give us. That is at a profit. We have let Congress steamroll us long enough. We're barraged by time slots in all media that God forbid you don't convert your televsion to digital, we won't be able to buy the next big thing or jump on the next great opportunity. Kill the Federal Reserve and 90% of our problems go away. Back the dollar again as we did prior to 1933 with gold and silver and that will take care of the other 10%. Obama will have no other choice but to cough up another trillion dollars in debt and worry about the future later. Their already talking about a second stimulus and we haven't even approved the current one their talking about. Where does it all end? National insolvency. The only way out of this is beginning the process of shuttering the Fed. The talking heads will never go away, but there isn't any good reason you have to force yourself to watch or listen to them. Next month the Federal Reserve has to adjust its birth/death model for jobs. Don't be surprised if the numbers jump close to 9% and if things don't change and fast, that number by the end of this year will be pushing 15% unemployment. The greatest tragedy is that people like Roubini and Schiff aren't given more air time. Perhaps it's human nature not to want to listen to the truth when it comes to bad news, but sticking our heads in the ground isn't going to change anything, nor is running the printing presses full blast 24/7. All we're doing is giving the addict another fix.
Portlander
· 10 months ago
Sorry, but it wasn't just the media. This country has an education system that does not teach children to become critical thinkers as an adult. As a result, most will then believe anything that is told to them in an authoritative manner as an adult.
There has always been a small percentage of people -- I'd say no more than 24% -- who have felt that for the past 8 years the economy was in real trouble. I dunno, I'm not that smart, but even an idiot surely knows that you can't afford what you can't afford regardless of whoever tells youo "You can afford that house."
Don't blame the mainstream media. This mess is largely the result of people believing FOR YEARS that they could buy a lifestyle without actually needing the money for it. We have at least 1 generation that looked at their finances based on monhtly payments as opposed to bottom-line cost.
Who's really to blame? I'm not sure, but it can definitely be spread around the Dems, Repubs, Schools, Parents, Human Greed and sheer Human Idiocy.
TomJoad
· 10 months ago
Once again, as always, the naysayers puffed up their chests and said jingoistic things like "The American economy is the BEST in the world!" and "the Dollar is the best currency", keeping to their theory, making anyone that had clear eyes to see some kind of traitor to the US, and as always with the GOP, refusing to look at the real facts.
They love pretending they are "hard nosed realists" but more and more in the last 20 years, they have become total "Ivory-tower" theorists that more and more have to block out reality to keep their blinders on to not be challenged.
It started when we thought we could just be "service oriented", you know...not really MAKING anything anymore, going deeper and deeper into debt, starting wars and NOT PUTTING THEM in the BUDGET (thanks Bush) even, pretending trillions of dollars just materialize out of pride of country somehow...
Investors treat the stock exchange as a big casino, but aren't aware enough (in numbers) to actually do the homework, read and make critical judgements about the worth of companies, so they lump their investing into funds, letting few at the top ply it, and those at the top obviously didn't do their homework either, it was only the return that counted. Any con man knows how to give a return for a while, til the stakes get high enough and then do the con, take it ALL...
We're screwed.
ThingsComeUndone
· 10 months ago
Ehaks Chris for watching Fox so I don't have too.
DCinDC
· 10 months ago
It is interesting to watch these old clips. How can so many so-called experts get it so wrong? It is super amazing when one sees in a portion of these old clips how on one show there was Peter Shiff and three or four other experts discussing the future economy, in which none of the other “experts” got it right at all. It was strange how these other “experts” would not even examine Peter Shiff’s arguments and look at Shiff’s point of view as a valid idea and explain in actual numbers or facts why Peter is wrong. They just laughed at Shiff and acted like he was the biggest fool and crack-pot, fly by the seat of your pants economist there is. Why have “experts” if they really are not “experts”?
Dave
· 10 months ago
I was at a News Years party and a guy I casually know came right up to me when I walked in and said, "Dude, you totally called this whole financial crisis a year ago!"
To which I replied, "You ain't seen nothing yet."
Thank you Peter Schiff for not backing down with these clowns and telling us the truth.
DCinDC
· 10 months ago
You have not seen nothing yet!
Obama needs to talk to this guy and at least hear him out!
I wonder how many people are investing with Laffer now! Hah, talk about shooting yourself in the foot.
fu father eisenman
· 10 months ago
He who laughs last laughs best! By the way Mr. Stein, how's that Merril Lynch stock working out for you?
Garygw
· 10 months ago
I can't say how hard I laughed at this. . .My favorite: "expose on Santa Claus" and the recomendations to buy buy buy Washington Mutual and Merril Lynch. . . .Geeeeeeez.
I hope Peter Schiff takes some time to gloat, he deserves it.
Antinous
· 10 months ago
Wow, just wow, he hit the nail on the head while the hyenas at FAUX NEWS laughed.
americanblogger
· 10 months ago
It is not about Fox News or Libral media, it is not about librals or conservatives, we are all to blame and most of our economists missed it. What worries me about the Obama Administration is that they do not know any better than Bush's Administration. I do not recall any of Obama's cabinet members warning us about the crisis until after the fact (in late 2008).
It seems to me when you want to solve such a massive and complex problem the logical thing to do is to hire Experts who saw the problem not those who missed it. I googled the topic and found 3 experts: Peter Schiff, Nouriel Roubini, and Med Yones. It seems both Schiff and Yones believe in free market economic, and disagree with Bush and Obama’s bailout plans.
What is amazing is that Yones not only warned about the economic crisis but also gave simple and logical solutions to the problem. http://www.iim-edu.org/u.s.economyrisks/ - This was written in Jan 2007 ! Guess what? All the recommendations were ignored by Bush then Obama Presidents, if this guy is right, and so far his predictions are amazingly accurate, then we are in deep trouble. Granted that some of the recommendations are a bit difficult to implement in our current political system and are not the common wisdom, but who needs the common wisdom that got us into this mess in the first place!
I saw a report on PBS Business Desk with Paul Solman asking all the mainstream economics in a national conference, why the American economists missed the crisis. One of the experts admitted because economists do not think outside the box. So isn’t it obvious that we need new perspective to solve a new problem. Why ignore outside the box thinkers when it is proven that they are right? Here are the latest predictions for 2009 http://www.iim-edu.org/news/topexpertswhopredic...
The press release expects the recovery in 2010 but conditions it to effective Obama policies, he warns in the first policy white paper, if we accumulate more debt we are only digging ourselves a deeper hole and it will only delay the recovery - That is exactly what Bush did in 2008 and what Obama team is doing now.
For the lack of a better word, it will only be stupid to ignore these Oracles, especially when the predictions are so accurate and rationally justified. It seems to me what we need in the Whitehouse are technocrats, not republicans or democrats.
Baraboo
· 10 months ago
Americanblogger, Obama has been in office for less than a week and you're already blaming him for this neo-con job. Face it, capitalism has failed , just like every other economic system that ever existed. Our avarice is always our undoing.
All Comments
Last year around February 2008, Suzie Orman was on some show...I think Larry King or The Today Show and she said the Real Estate Market would bottom out this summer ( Summer 2008) and she was SO SURE of it. She was so sure. I specifically remember her saying that...it stuck me as odd since I was in the Mtg business and knew she was so wrong....so so wrong.
we need a raze
-------------------------------------------------------------------
Economics not being amenable to Repig magical thinking, they then lose money hand over fist. Sometimes economic Darwinism produces a good result.
It's economic idolatry and Kudblow and Stein are the witch doctors -- the 'Murkan economy is a god (at least when a Repig is in the White House), and don't dare question its perfection, you shut up and conform and worship it, and keep shoveling your disposable income into the Repig-donor-owned volcano as a sacrifice.
It's yet another clown show to dupe the stupid Repig-voting masses while the big-money guys loot the store.
They did it with science, economy, war on terror, just their simple minded jinoistic attitudes will rule the day. The one guy in the Bush administration that admitted how they think "we MAKE reality...you guys in the media are always playing catchup" only goes on until the excrement hits the fan. But they have so much chutzpah that they will STILL maintain they had all under control, but the democrats ruined it by getting in their way.
Remember those stories that floated around last summer about millions of dollars being spent by the Pentagon to spin war stories about how the Iraq war was going so well? The same is true when it comes to economics especially when so many pigs have to feed off the same trough. From the talking heads and Muppets at MSNBC, CNBC, Fox etc, as well as the advertisers that want to sell you something, all have a financial and vested interest in spinning the truth.
Seems that most Americans knew a long time ago that all things financial were gong from bad to worse and yet every idiot on the boob tube including Cramer said buy, buy, buy. For over two years here I told people to buy gold and silver because it was the only real money that mankind had known for over five thousand years of recorded history.
If there is one important thing to remember about economics and the law of nature, it's this. History is replete with empires that grew too big, spread their armies too far and began down the slippery slope in which they debased their currency by creating more and more of it just as we are doing today in the U.S.
In order to keep the appearance that all is well, someone is putting up a lot of capital to keep the high priced talking heads pounding you every day to buy this stock or that book or to get involved with everything from E-Trade to new cars. Like carnies at a circus it's step right up folks have we got a bargain for you.
We the people are already in a hole for 8.5 trillion dollars to a Federal Reserve that collects interest on that debt. After all, that's what the Federal Reserve is in business for. Lending money to the US Treasury and then charging interest because out of the goodness of their black little hearts they have all this money to give us. That is at a profit.
We have let Congress steamroll us long enough. We're barraged by time slots in all media that God forbid you don't convert your televsion to digital, we won't be able to buy the next big thing or jump on the next great opportunity. Kill the Federal Reserve and 90% of our problems go away. Back the dollar again as we did prior to 1933 with gold and silver and that will take care of the other 10%.
Obama will have no other choice but to cough up another trillion dollars in debt and worry about the future later. Their already talking about a second stimulus and we haven't even approved the current one their talking about. Where does it all end? National insolvency. The only way out of this is beginning the process of shuttering the Fed. The talking heads will never go away, but there isn't any good reason you have to force yourself to watch or listen to them.
Next month the Federal Reserve has to adjust its birth/death model for jobs. Don't be surprised if the numbers jump close to 9% and if things don't change and fast, that number by the end of this year will be pushing 15% unemployment.
The greatest tragedy is that people like Roubini and Schiff aren't given more air time. Perhaps it's human nature not to want to listen to the truth when it comes to bad news, but sticking our heads in the ground isn't going to change anything, nor is running the printing presses full blast 24/7. All we're doing is giving the addict another fix.
There has always been a small percentage of people -- I'd say no more than 24% -- who have felt that for the past 8 years the economy was in real trouble. I dunno, I'm not that smart, but even an idiot surely knows that you can't afford what you can't afford regardless of whoever tells youo "You can afford that house."
Don't blame the mainstream media. This mess is largely the result of people believing FOR YEARS that they could buy a lifestyle without actually needing the money for it. We have at least 1 generation that looked at their finances based on monhtly payments as opposed to bottom-line cost.
Who's really to blame? I'm not sure, but it can definitely be spread around the Dems, Repubs, Schools, Parents, Human Greed and sheer Human Idiocy.
They love pretending they are "hard nosed realists" but more and more in the last 20 years, they have become total "Ivory-tower" theorists that more and more have to block out reality to keep their blinders on to not be challenged.
It started when we thought we could just be "service oriented", you know...not really MAKING anything anymore, going deeper and deeper into debt, starting wars and NOT PUTTING THEM in the BUDGET (thanks Bush) even, pretending trillions of dollars just materialize out of pride of country somehow...
Investors treat the stock exchange as a big casino, but aren't aware enough (in numbers) to actually do the homework, read and make critical judgements about the worth of companies, so they lump their investing into funds, letting few at the top ply it, and those at the top obviously didn't do their homework either, it was only the return that counted. Any con man knows how to give a return for a while, til the stakes get high enough and then do the con, take it ALL...
We're screwed.
To which I replied, "You ain't seen nothing yet."
Thank you Peter Schiff for not backing down with these clowns and telling us the truth.
Obama needs to talk to this guy and at least hear him out!
http://www.youtube.com/watch?v=9h2x7R8pxUs
I hope Peter Schiff takes some time to gloat, he deserves it.
It seems to me when you want to solve such a massive and complex problem the logical thing to do is to hire Experts who saw the problem not those who missed it. I googled the topic and found 3 experts: Peter Schiff, Nouriel Roubini, and Med Yones. It seems both Schiff and Yones believe in free market economic, and disagree with Bush and Obama’s bailout plans.
What is amazing is that Yones not only warned about the economic crisis but also gave simple and logical solutions to the problem.
http://www.iim-edu.org/u.s.economyrisks/ - This was written in Jan 2007 ! Guess what? All the recommendations were ignored by Bush then Obama Presidents, if this guy is right, and so far his predictions are amazingly accurate, then we are in deep trouble. Granted that some of the recommendations are a bit difficult to implement in our current political system and are not the common wisdom, but who needs the common wisdom that got us into this mess in the first place!
I saw a report on PBS Business Desk with Paul Solman asking all the mainstream economics in a national conference, why the American economists missed the crisis. One of the experts admitted because economists do not think outside the box. So isn’t it obvious that we need new perspective to solve a new problem. Why ignore outside the box thinkers when it is proven that they are right?
Here are the latest predictions for 2009
http://www.iim-edu.org/news/topexpertswhopredic...
The press release expects the recovery in 2010 but conditions it to effective Obama policies, he warns in the first policy white paper, if we accumulate more debt we are only digging ourselves a deeper hole and it will only delay the recovery - That is exactly what Bush did in 2008 and what Obama team is doing now.
For the lack of a better word, it will only be stupid to ignore these Oracles, especially when the predictions are so accurate and rationally justified. It seems to me what we need in the Whitehouse are technocrats, not republicans or democrats.
Face it, capitalism has failed , just like every other economic system that ever existed. Our avarice is always our undoing.