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peter schiff burns the fuck out of congress in testimony

WillowTree

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he was fined 15,000 for "hiring too many people? wtf? and he spent 500 grand on legal bills defending himself.. wtf?
 

Liberty

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I just ordered both of Schiff's books on amazon because of this video. thanks. this guy is amazing.
 

truthsaga

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Everyone should watch this on these boards. Of course, I watched the testimony because I am a Econ junkie :cool:
 

Truthmatters

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Peter Schiff - Wikipedia, the free encyclopedia


Peter Schiff specializes in the understanding of the Austrian School,[27] a school of economic thought generally categorized as heterodox (or non-mainstream).[27][28][29] Schiff voices strong support for the Austrian School, and says it was first introduced to him by his father, Irwin Schiff.[30]
 

Liberty

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The Austrian school is the school of all the great economists including hazlitt, hayek, and mises.
 

Liberty

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[ame=http://www.youtube.com/watch?v=2I0QN-FYkpw]Peter Schiff Was Right 2006 - 2007 (2nd Edition) - YouTube[/ame]
 

eflatminor

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LordBrownTrout

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Truthmatters

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The Austrian school can not point to a time in human history where their ideas have worked as advertised.
 

Rocky Top Lady

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Wow.

No teleprompter? No stammering, no stuttering, not a single "y'know"?

Direct questions, answered directly, with confidence in his knowledge of the subject matter.

Thanks for posting this, Blu.
 
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Avorysuds

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The Austrian school can not point to a time in human history where their ideas have worked as advertised.

LO FUCKING L!!!!

Re-writing history again huh TM?

TM do you even understand Austrian economics? It has always worked as advertized, in fact it has never not worked as advertized... The whole mess we are in was predictable.
 
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flacaltenn

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He's on my short list for Sec of Treasury should I ever win the White House.

Can't wait for the transcript to come out.. I want to steal the quote about Henry Ford for my signature section...

EDIT --> Found it...

Henry Ford was famous for paying his workers $5 a day. That was
an ounce and a quarter of gold at the time. Which, in today's
exchange rate is $2,500 a week. So Ford's workers were making the
equivalent of $2,500 a week, the equivalent. They were paying no
federal income taxes and no payroll taxes. There was no minimum
wage and there were no unions. We paid the highest wages in the
world, yet we produced the best quality and least expensive
products. How was that possible? Because we had the smallest
government. We had minimum regulations and low taxes. If we want
to recreate American industry, we have to recreate that
environment. We have to allow businesses to grow and prosper, and
we have to remove all of the road blocks and impediments that
Congress has placed in their path over the years.

I got dibs on this one... :tongue:
 
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saveliberty

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The Austrian school is the school of all the great economists including hazlitt, hayek, and mises.

Austrians focus completely on the opportunity cost goods, as opposed to balancing downside or disutility costs. It is an Austrian assertion that everyone is better off in a mutually voluntary exchange, or they would not have carried it out.

The Austrian school assumes that an individual's actions and choices are based upon a unique value scale known only to that individual. It is this subjective valuation of goods that creates economic value. Like other economists, the Austrian does not judge or criticize these subjective values but instead takes them as given data.

The Austrian school is generally criticized for its rejection of the scientific method and empirical testing in favor of supposedly self-evident axioms and logical reasoning. Bryan Caplan has criticized the school for rejecting on principle the use of mathematics or econometrics which is "more than anything else, what prevents Austrian economists from getting more publications in mainstream journals."

http://www.newworldencyclopedia.org/entry/Austrian_school_of_economics

Of course, your regular economist just gets surprised by the economy, because their mathematically based data and results do not bear out in many cases. Austrians EXPECT this imperfection.
 

Mad Scientist

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Peter Schiff - Wikipedia, the free encyclopedia


Peter Schiff specializes in the understanding of the Austrian School,[27] a school of economic thought generally categorized as heterodox (or non-mainstream).[27][28][29] Schiff voices strong support for the Austrian School, and says it was first introduced to him by his father, Irwin Schiff.[30]
Explanation of Austrian Economics (I don't really trust Wikipedia):
What is Austrian Economics - - Mises Institute
Interview with Peter Schiff:
Interview with Peter Schiff
Tim: How would you describe a legitimate economy?
Peter: A nation that produces more then it consumes and saves more than its capital stock and infrastructure depreciates.
Tim: If you were granted 3 legislative wishes from the financial genie what institutions or laws would you change, add or abolish?
Peter: I only need one. Abolish all government spending, agencies, departments, programs, and taxes not authorized by the Constitution.
Of course, your regular economist just gets surprised by the economy, because their mathematically based data and results do not bear out in many cases. Austrians EXPECT this imperfection.
Like when unemployment "unexpectedly rises". :lol:
 
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jillian

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The Austrian school is the school of all the great economists including hazlitt, hayek, and mises.

the austrian school has been discredited because they don't believe in scientific method and are into magical thinking...

like most randians.

there is nothing "great" about the people you mentioned.
 

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