T Nation

Peter Schiff testifies before congress


#1

This man is a hero to me. The people he's addressing are aggressively ignorant, but it's great that he was invited and that these videos are online for the world to see.


#2

I posted the full testimony here.
http://tnation.T-Nation.com/hub/TooHuman#myForums/thread/4791690/
Feel free to delete my post mods.


#3

It's actually very scary how uneducated these very influential people are with regards to the very things they have so much influence over....


#4

Peter sure put those little mindless idiots in their place.


#5

Further testimony from Peter Schiff before Congress yesterday ~ about job killing regulations, and sending jobs overseas.

"CEO Explains Why ?Government Job Creation? is a Myth and How Regulations are Killing the Economy"

snippet:

"Yesterday morning, Peter Schiff, CEO of Euro Pacific Capital, testified before the House Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending hearing. Schiff offered a comprehensive old-school dismantling of the notion of ?government job creation.?
A full transcript and video is here, but this part where Schiff described how his company has actually been fined for trying to create jobs in the United States speaks volumes as to the kind of idiocy we?re up against in Washington:
In my own business, securities regulations have prohibited me from hiring brokers for more than three years. I was even fined fifteen thousand dollars expressly for hiring too many brokers in 2008. In the process I incurred more than $500,000 in legal bills to mitigate a more severe regulatory outcome as a result of hiring too many workers. I have also been prohibited from opening up additional offices. I had a major expansion plan that would have resulted in my creating hundreds of additional jobs. Regulations have forced me to put those jobs on hold.

In addition, the added cost of security regulations have forced me to create an offshore brokerage firm to handle foreign accounts that are now too expensive to handle from the United States. Revenue and jobs that would have been created in the U.S. are now being created abroad instead. In addition, I am moving several asset management jobs from Newport Beach, California to Singapore.

Sure, Mr. Schiff, but they wouldn?t have been union jobs, so unfortunately your words will fall on deaf ears at 1600 Pennsylvania Avenue."


#6

There are no broker unions?

How come they make more than the minimum wage !?!


#7

The thing that he never mentions is that the US and the Fed have painted themselves into a corner.

Sure, in order for the economy to grow they would need people to save, but with these interest rates and this inflation who would? Its a wonder that people deleverage at all.

However if interest rates go up, and with the real inflation and taxes they should be around 8-9 % at least and that is for completely risk less investments. That however would break not only the back of the federal governments but also of several states and municipalities.

Even if they found a Reagan and a Volcker I doubt that someone would be willing to jack interest rates up to 15 % and watch it all crumble.

Since SS and military spending seem to be off the table, austerity measures are a no go too.

Something has to give and I wonder what it will be.


#8

In his testimony, he stated that, in 2008, the securities regulators fined him for hiring too many people and put his firm on a hiring freeze of indefinite duration. A week after the video of his testimony hit the internet, the regulators mysteriously decided that it was time to lift the sanctions against his company.


#9

The tragedy is that Mr.Schiff is not just talking about the USA but the whole western world! Wait and see what will happen in the next six weeks when the brown stuff really hits the fan! Primarily in Europe.


#10

God DAMN this sucks so much. FUCK KEYNES!!!!!!!!!


#11

I now have a giant man-crush.

CS