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.
Non-dividend-paying growth stocks can be attractive but should be viewed as speculation rather than investing.
The Constitution denies the states the power to make anything other than gold or silver coins legal tender in payment of debts.
Here’s why I would recommend against [selling the U.S. stock markets short]....Retail brokers normally require investors to hold any short-sale proceeds in U.S. dollars, usually earning no interest. The dollar, seen through my famously jaundiced eye, could lose more purchasing power than the security you sold short lost value....I’ve got a much better idea, which is to borrow dollars and spend them to acquire foreign income-producing assets, using the income to pay the interest.
What America has succeeded in creating is not an economy impervious to shocks, but merely one which enables their consequences to be postponed to a later date.
Legitimate economic expansions, financed by actual savings, do not need busts. It is only the inflation-induced varieties that sow the seeds of their own destruction.
While we’ve been buying time, things have gone from bad to worse. We have debased our currency so much it is already beyond control. We just haven’t felt the full impact yet because we have had massive artificial support from abroad.
The process of dumbing people down so they’ll buy official figures showing inflation “under control” at levels of 1 to 2 percent or so (when it is actually more like 8 to 9 percent) is actually a fairly recent development.
In the perspective of previous bear markets, notably those of the 1930s and the 1970s, the prospects look even worse. Economic conditions now are as bad as or worse than what existed then.
There are no checks and balances if the gov is wrong, if a private entrepreneur makes a mistake, he goes bankrupt, the losses are cut, if he bets wrong, he loses, if the gov bets wrong, they just get bigger, they just appropriate more money, it's a bottomless pit, because they either get it from the tax payers or run it off a printing press.
Paying attention to the CPI and the others is like leaving your house on a rainy day without carrying an umbrella because a government weather report told you it was sunny.
If you think mutual funds aren’t a flagrant enough example of conflict of interest, try hedge funds.
Schiff likes to say he 'predicted' the financial collapse, but with ludicrous theories like these, we're predicting that he'll never be a U.S. Senator.
Borrowing to build factories is not the economic equivalent of borrowing to buy television sets, and it’s amazing just how few modern economists can see the difference...Borrowing to produce is the way poor countries become rich. Borrowing to consume is the way rich countries become poor. A vivid example of the latter is the stream of container ships unloading at U.S. ports and going back empty because we have nothing to ship.
If anyone was questioning whether or not Peter Schiff was truly a Republican, he's certainly made it clear today. After eight years of the Bush Administration's lax regulation and market-first mentality, the last thing we need is to further reduce regulation and allow Wall Street to run the show. Chris Dodd is leading the way to put a balance back into a system that for years has been too far out of whack and ensure that consumers are protected first and foremost.