Peter Schiff on Daily Show 8 replies

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#1 9 years ago

Revolutionary Politics Blog Archive Peter Schiff on The Daily Show with Jon Stewart 6/9/2009

Absolutely hilarious and saddening. Peter Schiff hit the nail on the head. We're buying shit we don't need with money we don't have and I can't wait until the economy blows up in our consumerist faces.

We're no longer teachers, doctors, students, manufacturers, etc...

We're pure consumers.




Smitty025

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#2 9 years ago

I just saw this earleir today. As they showed in the clips, he's been saying this stuff for years.




Admiral Donutz VIP Member

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#3 9 years ago

It's funny hwo he got laughed at and ridiculed evne though he was right on most/all points. One might have laughed at the forsight of a depression but predicting the collapse of the morgage market in the US and such shouldn't have been a too hard to for see or atleast ackknowledge as "possible/plausible".

Having said that, isn't the first thing you learn as a kid to save your earned money and buy something when you can affort it? ANd when you grow a bit older (teenager/young adult) you learn that sometimes you need a loan (to buy a house), but that you should be careful since loans will "cost" you in the long run. Or is that just a Dutch thing... :lol: That some people asked for loans they could never ever pay back unless a miracle happend is one thing, that other people actually gave those people their loans... epic fail and stupidity (absolute incompentence),




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#4 9 years ago

I always learned to be smart with my money, from my my parents and schooling. Part of our math class Junior year was all about calculating how much of a loan you can afford. This Schiff guy is right on the money. You can't spend more than you have, and ultimately it will turn around to bite you in the ass.




Relander

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#5 9 years ago
Jeffro;4912752We're buying shit we don't need with money we don't have and I can't wait until the economy blows up in our consumerist faces.

The US economy is very heavily depended on consuming: about 2/3 of the economic growth comes from consuming. The need for materialistic well-being has surpassed mental well-being a long time ago and this is more or less true in every western developed nation. Somewhat worrying and sad really.

However in terms of using money carefully, not spending more than you have, the US government haven't shown that good example for Americans since the end of Clinton's second term.




Nittany Tiger Forum Mod

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#6 9 years ago

26 and never had a credit card because I never needed it. I only buy what I can afford, and I can't afford it if I go bankrupt before my next pay.

I do have a student loan out, though, but my parents are paying it off.

Also, I think the economy is very near collapsing, Jeffo. If AIG dies, we lose, so the govt is keeping them on life support like auto companies. If Bush was still in office, I think our economy would eventually have to be put in a hospice and die. With a new prez, though, I'm not sure if we can have an economic revival.




Relander

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#7 9 years ago
Killer Kyle;4917040With a new prez, though, I'm not sure if we can have an economic revival.

However there are already some positive signs that the economic downturn is stabilizing and Obama's stimulus package haven't yet gone into full effect.

It's hard to say when the global economy is back in green, but I believe that by Autumn 2010 the depression is largely over and the economy is slowly growing. Let's see and hope for the best.




Nittany Tiger Forum Mod

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#8 9 years ago

Yeah. I was just saying that it's possible. With a new administration hopefully comes new policies, and that makes it harder to predict things in the future.




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#9 9 years ago
Relander;4917207However there are already some positive signs that the economic downturn is stabilizing and Obama's stimulus package haven't yet gone into full effect.

His stimulus package, however, is based on money that the United States does not have.

11 trillion dollar debt + billion or so dollars in debt to China + eroded or outsourced manufacturing base + a consumer-based economy built on sand (i.e. our fake economy) = an incoming maelstrom of monetary misery

It's difficult to tell how long the United States can keep this mirage of economic prowess before it collapses on itself, though. Maybe the military industrial complex will prop it up for another 50 or so years.

It's hard to say when the global economy is back in green, but I believe that by Autumn 2010 the depression is largely over and the economy is slowly growing. Let's see and hope for the best.

Don't hold your breath. You might pass out and crack your head open. ;)

P.S.-It's great to have you back, Relander. It's always nice to have a levelheaded discussant on FF.