Peter Schiff
American businessman, financial commentator and author noted for his predictions of the housing market crash in 2005, support for unregulated markets and reduction of the powers of federal government.
Stocks that are selected conservatively and pay high cash dividends [higher than bonds] are, in fact, my favorite investment alternative, especially where there is the prospect of currency profits....
Nobody is entitled to someone else's money, that is the bottom line. People think they are entitled to it because hey think they paid into it, nobody paid into anything, it was a fraud. Every single dollar that the gov collected in social security taxes, has already been spent, there is nothing there, there is no money, so the only money the government gets to make current payment is the money it can take from people who are still working. Its a transfer from the working poor in many cases to the retired rich. We don't have the money, I feel bad for the fact people made promises we can't keep, I feel bad for the people that invested with Bernie Madoff and lost their money, but its the same principle, its the same Ponzi scheme. We have to put an end to it, we have to find real solution to these problems because if we keep on denying that they exist and keep on spending money, we're going to destroy the value of everyone's benefits.
Real economic growth emanates from increased productivity, which tends to hold prices down.
Inflation is the unhappy result of our monetary mismanagement and the ultimate cause of the coming economic collapse.
...it is the natural tendency of market economies to lower prices that makes them so successful.
It is a common misconception that low wages are the main factor influencing prices. The reality is that low capital costs, and the absence of taxation and regulation, are far more important.
Dodd's proposal takes regulatory authority away from one unaccountable institution and gives it to another even bigger one. This will not solve our problems.
... it is precisely because it is not a democracy that China will likely be so successful...What is of vital importance for economic success is economic freedom, meaning the protection of private property, the rule of law, and minimal regulation and taxation, not the right to vote.
Today, of course, our current inflation problem is firmly rooted in the irresponsible monetary policies of maestro Greenspan.
One of the biggest attractions of the euro is that it is seen as the most likely candidate to replace the dollar as the reserve currency.
If Enron had been forced to pay cash dividends, it could never have pulled that caper off!
Transferring regulatory authority from one unaccountable agency to another will not solve any problems.
And the reason the federal government wasn’t given that power [to create paper money or issue bills of credit] was because the framers didn’t want it to have the power to create inflation. They had just experienced it firsthand with the Continental dollar, which ended up being worth around 10 cents and gave rise to the expression “not worth a Continental.”
In the long run, the euro as a fiat currency may very well fail like the U.S. dollar. (2006, before Greece)
While it's refreshing to see Chris Dodd finally realize that we need to end the politicization of the Federal Reserve, his latest proposal merely repeats the mistakes that have created this crisis.
By historical standards and given the gloomy corporate profits outlook in an environment of high corporate debt and rising interest rates, the Dow Jones Industrial Average is considerably overvalued at late-2006 levels and should be avoided. I say that, even setting aside the imminent prospect of a collapsed dollar and the recession and hyperinflation that would accompany it.
It can be argued that the U.S. brokerage and investment banking industry has transformed the modern American stock market into nothing more than a mechanism for transferring wealth from shareholders to management.
Mutual funds are an overrated investment heavily promoted by Wall Street.
I'm interrupting my career. It's not like I want my new career in politics. But I'm willing to interrupt it the same way that somebody interrupted their career and joined World War II and went off to fight the Nazis. I don't think that I'm that heroic, and I don't think I'm risking as much as a soldier. But it's the same principle.
Existing regulators had all the powers they needed, and more, and they failed miserably to foresee and prevent this crisis. Chris Dodd is now asking us to put all our eggs in one basket and trust a "super regulatory agency." He should know better than to centralize power in the hands of Washington bureaucrats - it's precisely the arrangement that caused our current problems. I think most Connecticut voters know that we need fewer czars in Washington, not more. As long as Fannie and Freddie and Congress are meddling with the economy, changing the structure of the regulators is basically rearranging deck chairs on the Titanic.