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Forum Post: Peter Schiff on 1%

Posted 6 years ago on March 29, 2012, 1:44 a.m. EST by Dubya (5) from Chicago, IL
This content is user submitted and not an official statement

http://www.youtube.com/watch?v=UGL-Ex1CD1c&feature=player_embedded This guy clears up a lot of the issues with the OWS. There are some good intentions behind OWS, but you guys are just misguided.



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[-] 2 points by Demian (497) from San Francisco, CA 6 years ago

The Austrian School of Economics is a tiny group of libertarians at war with mainstream economics. They reject even the scientific method that mainstream economists use, preferring to use instead a pre-scientific approach that shuns real-world data and is based purely on logical assumptions. Academia has generally ignored the Austrian School, and the only reason it continues to exist is because it is financed by wealthy business donors on the far right. The movement does not exist on its own scholarly merits.

[-] 2 points by francismjenkins (3713) 6 years ago

Well stated ...

[-] 0 points by Jflynn1964 (-206) 6 years ago

So how do explain the mathematical models used by the University of Chicago?

[-] 1 points by riethc (1149) 6 years ago

Being able to apply a mathematical model to it doesn't mean that it is based on scientific principles.

Keynesians do suck too though. I'd point to Alexander Hamilton for a true American system of economics. Read the "Report on Manufacturers".

[-] 0 points by Jflynn1964 (-206) 6 years ago

I would disagreee with your assumptions regarding free market economics. I can tell you that those models go through rigorous debate inside the UofC, where some of the best minds in the world work. There are no logical assumption that aren't supported by data and mathematical support.

The move to free market economics is growing with already much of Eastern Europe adopting the policies. Recently in the UK you see and even in Ireland, with its Catholic socialistic history, there were protests over the week-end regarding raising of taxes. Sweden, a few years ago, also reduced its spending.

[-] 1 points by riethc (1149) 6 years ago

The exchange of money is not a good determinant for economic health; efficiency of machine tools, overall production and growth are.

[-] 0 points by Jflynn1964 (-206) 6 years ago

A country's currency and its stability is a good indicator of the underlying health of an economy.



[-] 0 points by lancealotlink (147) 6 years ago

Fuck Peter shit what does he know .He pays 49% in taxs He is an idiot. . What kind of retarded accountant is he hiring and he is suppose to be 1%.

[-] -2 points by Dubya (5) from Chicago, IL 6 years ago

Well I don't understand what that failed sentence says, but he raises some very solid points. You guys should be anti government, but not anti capitalism.

[-] 4 points by jph (2652) 6 years ago

Who will regulate corporations with no government?

[-] -2 points by Dubya (5) from Chicago, IL 6 years ago

The free market

[-] 2 points by shoozTroll (17632) 6 years ago


[-] 0 points by Dubya (5) from Chicago, IL 6 years ago

How so

[-] 2 points by shoozTroll (17632) 6 years ago

How is it free? A market is always controlled by any number of vested interests.

It is never not so. A market, once created, is controlled through the very nature of it's existence.

Hence, "free market" = illusion

[-] 2 points by jph (2652) 6 years ago

There is no profit motive in many things,. the market is great for maximizing profits with zero regard to the externalized costs, environmental degradation, human rights violations, oppressive conditions, and so forth and so on. The 'free' market may be a tool for maximizing profits, however it does absolutely nothing to limit mega-transnational-global corporations, or just some guy 'doing business' next door to you from dumping, cheating, and stealing, or pushing costs on to others so he can make a profit.

[-] -1 points by Dubya (5) from Chicago, IL 6 years ago

Thats the beauty of the free market. If consumers have a problem with how a company does business, they don't have to support that business. And if the businesses are violating the human rights of the workers, they can quit! Thats the beauty of the free market, if enough people have a problem with how a company does their business, than stop supporting them! Or, since it's a free market, people can create a business run how they want it to in order to compete with the other business. Its all very simple. Capitalism is what you guys should want, just with limited government involvement. When the government gets involved is when things get wacky.

[-] 5 points by pewestlake (947) from Brooklyn, NY 6 years ago

There's no such thing as a free market. If there was, kids would be allowed to sell drugs in school, firearms could be sold in vending machines outside Capitol Hill and women would be allowed to have abortions to harvest the stem cells and sell them to laboratories. ALL markets have rules. "Free enterprise" is not the same as a "free market."

And yes, if brand X winds up killing people, they can stop buying it. But the whole point of government regulation in the first place is to prevent brand X from becoming deadly. There's a big difference between what libertarians call the "nanny state" and regulations against using lead paint on children's toys. Any argument that includes a blind devotion to the non-existent "free market" is based on a lie.

[-] 5 points by HitGirl (2263) 6 years ago

Good point. It's a little late to stop buying brand "X" if you're already dead. Why can't the free market koolaid drinkers understand something that simple?

[-] 2 points by pewestlake (947) from Brooklyn, NY 6 years ago

At the risk of sounding pedantic, Upton Sinclaire had an answer:

"It is difficult to make a man understand something when his paycheck depends upon his not understanding it."

Paycheck. Ego. It's all the same these days. ;-)

[-] 2 points by HitGirl (2263) 6 years ago

The man had a good point...:) And I think Peter Schiff is a good example.

[-] 2 points by rayl (1007) 6 years ago

nicely said, thanks.

[-] 0 points by monetarist (40) 6 years ago

My dear friend, a free market needs rules and law so that people live up to their contracts. As for not allowing kids to sell drugs, thats called 'regulation'. Ever heard of that. The economics of free market has to be tempered with the rule of law and societal conduct. Not everything for which there is a buyer needs to be sold.

[-] 2 points by pewestlake (947) from Brooklyn, NY 6 years ago

Oh, really!? It's called "reg-yoo-lay-shun?" Gee thanks for filling me in, Einstein!

When I said "all markets have rules," did you think I meant measuring tapes?

[-] 0 points by AlBundy (8) from Atlanta, GA 6 years ago

My dear friend I wouldnt trust a punk like you to sit the right way on a toilet seat. Any similarity between you and a human is purely coincidental. Just like Milton "the motherfucking anti christ"Friedman.

[-] 1 points by brightonsage (4494) 6 years ago

So where the government does not do it and there are many, the market gets to do it by default. This has worked flawlessly?

[-] -1 points by Dubya (5) from Chicago, IL 6 years ago

What system is going to run flawlessly? As far as Im concerned, capitalism is the only way to really regulate corporations, because it is run by consumers. Not businesses or government.

[-] 2 points by April (3196) 6 years ago

Do you brush your teeth at least twice a day?

[-] 1 points by brightonsage (4494) 6 years ago

That hasn't been demonstrated to work. Pick another lab, this one is too big to succeed.

[-] 2 points by flip (7101) 6 years ago

take a look at his economic predictions - say 2007 - and he is supposed to be an expert - he lost lots of money for lots of people

[-] 1 points by lancealotlink (147) 6 years ago

What you think were stupid . Shiffs job is a complete tax write. He doesnt have to pay his taxs he can hid his money in tax free bonds and any stock loss 's counts as a subsidy for 6years. Shiffs either a lying sac of shit or the stupidest 1% their is or maybe both.