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Peter Schiff Challenges Alan Greenspan

Kevin_Kennedy

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[youtube]qRbf_6QKR98[/youtube]

Schiff is full of challenges lately. First Krugman, now Greenspan.
 

Neubarth

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Schiff is one of those low IQ idiots who think their love of a yellow metal is universal. I have no love of gold and no need for it either.
 

uscitizen

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Greenspan is apparently not too bright in some ways.
He should be hiding low instead of being interviewed.
 

Neubarth

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SCHIFF CHRONICALLY PASSES THE BLAME. There are things that Greenspan could do and things that he could not do. Schiff mistakenly thinks that Greenspan was all knowing and deliberately kept interest rates too low for too long. That was not the case, as Alan raised interest rates as he felt they could have an effect on the speed of growth of the economy. Nobody is perfect and nobody is totally clairvoyant. Only Schiff thinks he is. AND he is wrong.
 

uscitizen

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Greenspan contributed to the problem not to the soloution.
 
OP
Kevin_Kennedy

Kevin_Kennedy

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SCHIFF CHRONICALLY PASSES THE BLAME. There are things that Greenspan could do and things that he could not do. Schiff mistakenly thinks that Greenspan was all knowing and deliberately kept interest rates too low for too long. That was not the case, as Alan raised interest rates as he felt they could have an effect on the speed of growth of the economy. Nobody is perfect and nobody is totally clairvoyant. Only Schiff thinks he is. AND he is wrong.

Except he was right, unfortunately. Which goes to show that artificial tampering with the interest rate is the problem in the first place.
 

editec

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Schiff is one of those low IQ idiots who think their love of a yellow metal is universal. I have no love of gold and no need for it either.

He was, however, absolutely right about the meltdown.

He wasn't alone, of course, but his predictions about how the RE bubble would play out in the rest of the economy were ALSO spot on.

I saw the RE bubble, spoke of how the price of RE was climbing faster than incomes, (including on this board, I think) and how that was unsustainable, too.

What I did not see, and could not have possibly known, was how that RE event would unravel the rest of the economy.

I just do not know enough about high financem derivatives, naked dereivatives and such to have understood that.

A deficiency I am inclined to overcome if that's possible.

And I say, if that's possible, because the bastards aren't just hiding the truth of the system, anymore, they're flat out lying to us about it their books, too.


One cannot possibly know that UNLESS you're an insider, or you truly understand the system of finance well enough to understand that something doesn't ring true.

As to Greenspan?

The moment he went before Congress and said the reason he didn't see all this coming was because " I trusted the banks" I KNEW for a fact the guy was a liar.
 
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georgephillip

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That's one of William Greider's names for Alan Greenspan.

Greenspan was "one of the biggest political hacks in Washington" according to Harry Reid, currently the Democratic leader in the Senate, and someone who would know a political hack when he sees one.

Greider's journalistic career spans four decades and for about half that time he's cataloged Greenspan's lies on behalf of the rich and powerful.

Sir Alan seldom missed a chance to "stomp on the real economy of work and production, but was utterly blind to the destructive chaos in the financial system."

Greider on Greenspan's legendary reign:

"That's what happens when government power tips the balance in favor of capital over labor, favoring super-rich over middle class and poor, and then holds it there for nearly a generation."

Fat-cat bankers and tacky traders loved Maestro because they knew he was always on their side in the class war most Americans are oblivious to.

See: The Nation>Blogs>THE NOTION "The Lies of Alan Greenspan" by Greider (9/17/2007)
 

uscitizen

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Schiff is one of those low IQ idiots who think their love of a yellow metal is universal. I have no love of gold and no need for it either.

Interesting.
He made me $114,000 last year.

I bought a bit over 250K worth of gold double eagles (UNCIRC) about 4 or 5 years ago.
For then current bullion prices. Which was at a bit of a dip at the time. I forget how much though.
I have not even checked the price of gold in months....

I gave a few away for Christmas and sold a few of them to buy a new Camry for my lady friend for Valentines day. So far no accel sticky :)
 

Neubarth

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As to Greenspan?

The moment he went before Congress and said the reason he didn't see all this coming was because " I trusted the banks" I KNEW for a fact the guy was a liar.

That is funny. I had no idea that the banks had cut their throats with all of those insane derivative positions. Did you?

We all knew that the banks would hedge investments with derivatives, but some of them were insanely gambling on the stock market. I seriously doubt that Alan Greenspan was aware that they were doing that.

We did know that Goldman Sachs was manipulating the stock market, but nobody was doing anything to stop them so, it was technically legal as long as laws were not passed declaring that computer operated machine trading program to be illegal.
 

Neubarth

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Schiff is one of those low IQ idiots who think their love of a yellow metal is universal. I have no love of gold and no need for it either.

Interesting.
He made me $114,000 last year.
In that case, I am happy for you. Any investment that pays off handsomely is a good thing. For personal reasons, I do not trust gold as an investment. You did, and you won. Good for you.
 

georgephillip

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As to Greenspan?

The moment he went before Congress and said the reason he didn't see all this coming was because " I trusted the banks" I KNEW for a fact the guy was a liar.

That is funny. I had no idea that the banks had cut their throats with all of those insane derivative positions. Did you?

We all knew that the banks would hedge investments with derivatives, but some of them were insanely gambling on the stock market. I seriously doubt that Alan Greenspan was aware that they were doing that.

We did know that Goldman Sachs was manipulating the stock market, but nobody was doing anything to stop them so, it was technically legal as long as laws were not passed declaring that computer operated machine trading program to be illegal.
We also know that none of the hedging or insane gambling would have happened without Sir Alan's unconditional support for deregulation and his hard-right ideological bias for "solutions" like the Bush tax cuts.

This meltdown we're living through with all of its "subprime contagion" and computer trading could never have happened without Maestro's 18 year campaign of deregulation designed to allow a handful of Fat-cat bankers to fatten their bottom lines while sending millions of workers to the unemployment lines.
 

antagon

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As to Greenspan?

The moment he went before Congress and said the reason he didn't see all this coming was because " I trusted the banks" I KNEW for a fact the guy was a liar.

That is funny. I had no idea that the banks had cut their throats with all of those insane derivative positions. Did you?

We all knew that the banks would hedge investments with derivatives, but some of them were insanely gambling on the stock market. I seriously doubt that Alan Greenspan was aware that they were doing that.

We did know that Goldman Sachs was manipulating the stock market, but nobody was doing anything to stop them so, it was technically legal as long as laws were not passed declaring that computer operated machine trading program to be illegal.

he's got to have drawn a connection between their leverage and his interest rate and the sheer window volume it precipitated. where could he have possibly thought all that liquidity went? why would he think that they wouldnt get into risky business with all that fiat he printed. ever played monopoly?
 

Neubarth

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As to Greenspan?

The moment he went before Congress and said the reason he didn't see all this coming was because " I trusted the banks" I KNEW for a fact the guy was a liar.

That is funny. I had no idea that the banks had cut their throats with all of those insane derivative positions. Did you?

We all knew that the banks would hedge investments with derivatives, but some of them were insanely gambling on the stock market. I seriously doubt that Alan Greenspan was aware that they were doing that.

We did know that Goldman Sachs was manipulating the stock market, but nobody was doing anything to stop them so, it was technically legal as long as laws were not passed declaring that computer operated machine trading program to be illegal.

he's got to have drawn a connection between their leverage and his interest rate and the sheer window volume it precipitated. where could he have possibly thought all that liquidity went? why would he think that they wouldnt get into risky business with all that fiat he printed. ever played monopoly?

Alan never had access to the financial records of the Banks, so how would he know what they were investing in? Government can meddle in the Bank's books, but you appear to be subscribing the actions of SecTreas to FED. They do not share joint responsibility. Remember, the FED does not print money. That is up to the SecTreas and his gang to decide how much paper money they want in circulation. A lot of money is created by banks lending to patrons. That does not mean that the money is being printed. When Congress authorizes deficit spending and the SecTreas floats new bond and note issuances, money is theoretically created in that transaction, too. If the notes and bonds are going unsubscribed, the FED is there to buy the notes and bonds to keep them in an acceptable price range. IF it were not for the FED, the US would have financially collapsed half a century ago. With the FED, we can go on for ever. Free Money is Free Money and I think that is a damn good deal.
 

antagon

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dont get me wrong 'barth, im no Fed abolitionist clown.

nevertheless, the Fed chairman has a perfect vantage to judge the leverage of banks and their thirst for bux in response to miniature rates. that the Fed probably didnt have the power to raise rates in that tide of public borrowing is another story, but claiming aloof to the potential for disaster in inflated bank liquidity is a bit demented.
 

antagon

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As to Greenspan?

The moment he went before Congress and said the reason he didn't see all this coming was because " I trusted the banks" I KNEW for a fact the guy was a liar.

That is funny. I had no idea that the banks had cut their throats with all of those insane derivative positions. Did you?

We all knew that the banks would hedge investments with derivatives, but some of them were insanely gambling on the stock market. I seriously doubt that Alan Greenspan was aware that they were doing that.

We did know that Goldman Sachs was manipulating the stock market, but nobody was doing anything to stop them so, it was technically legal as long as laws were not passed declaring that computer operated machine trading program to be illegal.
We also know that none of the hedging or insane gambling would have happened without Sir Alan's unconditional support for deregulation and his hard-right ideological bias for "solutions" like the Bush tax cuts.

This meltdown we're living through with all of its "subprime contagion" and computer trading could never have happened without Maestro's 18 year campaign of deregulation designed to allow a handful of Fat-cat bankers to fatten their bottom lines while sending millions of workers to the unemployment lines.

easy on the ol geezer. he was definitely a critic of bush and his deficit spending policies. dealing with that bullshit was probably the test of his career.
 

Neubarth

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That is funny. I had no idea that the banks had cut their throats with all of those insane derivative positions. Did you?

We all knew that the banks would hedge investments with derivatives, but some of them were insanely gambling on the stock market. I seriously doubt that Alan Greenspan was aware that they were doing that.

We did know that Goldman Sachs was manipulating the stock market, but nobody was doing anything to stop them so, it was technically legal as long as laws were not passed declaring that computer operated machine trading program to be illegal.
We also know that none of the hedging or insane gambling would have happened without Sir Alan's unconditional support for deregulation and his hard-right ideological bias for "solutions" like the Bush tax cuts.

This meltdown we're living through with all of its "subprime contagion" and computer trading could never have happened without Maestro's 18 year campaign of deregulation designed to allow a handful of Fat-cat bankers to fatten their bottom lines while sending millions of workers to the unemployment lines.

easy on the ol geezer. he was definitely a critic of bush and his deficit spending policies. dealing with that bullshit was probably the test of his career.

Having lived through the Greenspan era, this much I can say about that. Alan walked a fine line and was not controlled by Republican or Democrat. He was in no way responsible for the insane economic legislation that came out of Congress over the past thirty years. He just had to live with it and steer the FED as best he could, knowing that there are a whole bunch of prima-donnas on the FED.

So many of the low IQ dolts on this forum seem to think that the FED writes the legislation for Congress. I have never seen that happen even with all those prima-donnas posturing for history.
 

georgephillip

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"With the Fed we can go on forever."

If it's true that every Fed purchase of securities since September of 2008 was not offset by selling assets from the Fed's portfolio, define "forever."
 

Neubarth

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"With the Fed we can go on forever."

If it's true that every Fed purchase of securities since September of 2008 was not offset by selling assets from the Fed's portfolio, define "forever."
Again, you do not have the slightest idea what in the hell you are jabbering about. You are dumber than shit and twice as stupid. I bet you that you are FUGLY, too.

Go read up on what the FED can do and report back to us in a few weeks. Stop making up shit, OK?
 

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