Posted on 03/08/2009 9:19:05 AM PDT by sickoflibs
Highlights from Video(warning, more Schiff firebombs):
Chinese Stimulus?
“Hillary Clinton went to the Chinese to try to convince the Chinese to buy more US government Bonds, the equivalent of a Wall Street dog and pony road show. She’s trying to convince the Chinese that it’s in their interest to keep loaning us money. This whole thing is ridiculous, She’s going to the Chinese and is saying :” In order to help your economy you should take money from your own citizens and give it to us to give to our citizens to spend that money on the products that your citizens are producing to keep your citizens employed.’ Why don’t the Chinese just cut out the middle man and let their citizens keep the money so they can buy the things they produce? Why do they need us? In reality they don’t. And the markets kind of rallied yesterday (before today’s drop) on talk of Chinese stimulus. Unlike the US the Chinese can stimulate their economy because they are actually sitting on a pile of cash, our cash, which they can spend. When China wants to stimulate their economy China has the money to do it. When the US government wants to stimulate the economy we have to go to China to borrow the money. The government doesn’t really stimulate the economy anyway, it stifles it. It would be much better if the Chinese government let their own citizens stimulate the economy by not taking so much of their money and giving it to us. But this is going to change. I don’t see this going on much longer.”
Obama repeating Bush mistakes only much worse?
“Speaking about change I was listening the past few days to President Obama speaking. As the market is going down and he’s getting criticism for the market falling and he’s trying to deflect it by saying ‘This is a new administration with a new constituency. We care about Main Street; everything is different than George Bush. We’re doing all differently now. We’re not worried about Wall Street we’re worried about Main Street. ‘ This is all nonsense. This might as well be a third George Bush term. There’s no difference between these two guys. Think about what happened when Bush took office. He came in following the bursting of the internet Bubble. He inherited a recession from Bill Clinton. And what did George Bush do? He immediately tried to stimulate the economy. And how did he try to stimulate it? He ran up the deficit. He increased government spending and he cut taxes. That’s exactly what Obama wants to do. What monetary policy did he encourage? Alan Greenspan slashed interest rates. What did Ben Bernanke do ?The exact same thing. You now have Bernanke and Obama doing the exact same thing that Greenspan Bush did. The only difference is the Obama stimulus is bigger than the Bush stimulus. And the monetary stimulus from Bernanke is bigger than Greenspan stimulus. So all we’re doing is repeating the same mistakes of the prior administration only bigger. And you see Barrack Obama has the nerve to criticize George Bush for running up deficits. He’s running them up twice as fast or more. Why did Bush run up deficits? He ran up deficits to stimulate the economy out of a recession he inherited. It’s the exact same thing Obama’s doing.”
Obama is out Bushing Bush. Where were Bush cheerleaders when Bush did it?
“What should Bush have done? He should have let the recession run it’s coarse. He should have leveled with the public that there was a price to pay for the artificial boom brought about during the Clinton Era, that Greenspan and the fed was too easy, that we had a false prosperity in the late 1990s, we had a stock market bubble, we had a lot of mal-investments we needed to let the system purge those bad investments and we needed to go through a severe recession, for maybe lasted a year or two and then been out of it. Instead we are in the mess we are in today. Since Obama is doing what Bush did, we will have same result. Except this time it will be a bigger disaster because he is making the mistakes even bigger. The only difference is when Obama is cutting taxes he wants to throw in a small tax increase for the rich, Big deal. Everything else is the same, a massive increase in government spending and an inflationary government policy. The big problem is not what Bush did but the Bush rhetoric. Since everyone associates Bush with conservatism and Laissez-faire, with leave the government alone and deregulation, what Obama is able to do is say ‘What I want to change is that attitude. We need more government and regulation ’. But what George Bush was about was more government and regulation. He was a big government guy. Obama is out-Bushing Bush but trying to pin the as conservative Laissez-faire label on him, which he never was. Unfortunately the cheerleaders of the phony Bush prosperity are now trying to criticize Obama and they really can’t do it because they look like fools. That’s the same problem the republican congress is having when they try to criticize Obama. Where was the criticism (by Republican congress) when Bush was doing the exact same thing? It wasn’t anywhere.”
Rush Limbaugh and I want Obama to fail in pouring Gasoline on the fire
“ The media and the Obama administration jumped all over Rush Limbaugh because he expressed a desire that Obama fails. We all better hope he fails. The only chance our economy has to succeed is for Obama to fail. We don’t want the country to fail. Rush Limbaugh doesn’t want our country to fail. It’s because he wants our country to succeed that he wants Obama to fail in what he is trying to accomplish. Obama’s policies are going to make things worse. You can say ‘Obama is going to pour gasoline on the fire. I just hope it puts out the fire,’. Why would I want to hope that? I know that’s impossible. I know if I put gasoline on the fire it will make things worse. Should I hope Obama is successful in pouring a lot of gasoline on the fire? No. I should hope somebody tackles him, somebody stops him. That’s what we need. We need congress to stand up and stop Obama from doing it. But instead they’re just standing behind him handing him buckets of gasoline. ”
Entire Video at :Peter Schiff 3/5/09 - Schiff Report Video Blog [Part 1]
If you realize both parties in Washington think our money is theirs and you trust them to do the wrong thing, this list is for you.
If you think there is a Santa Claus who is going to get elected in Washington and cut a few taxes and spend a few trillion and jump start the economy, and get our lost money back, this list is not for you.
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Your Schiff fix.
Schiff dissing Bush conservative free market legacy again ping
Bush conservative free market legacy????
When did this happen?
well, Bush is no capitalist, so schiff is right
As a semi-RINO, Bush neutered the Repub Party. Dip to the right enough to keep Base votes. Dip to the left enough to be Dem-lite.
So when the Dem’s took control, the Repubs were so principle-compromised they could give very little reason to show they were different and they had few or no significant leaders. Which showed when McCain was the Repub Pres candidate and would go around complimenting Hillery, being buds with Ted Kennedy, dissing those who attacked Obama in the campaign. Uttering idiocies like how he (McCain) would have probably appointed simular people if he had been elected....giving an observer the impression of the USA going thru the motions, but in reality having one party rule.
One thing ALOT of Republican politician still don’t get is, they’re still asking for tax cut, but NO SPENDING CUT.
If they’re going to tax cuts and just print the difference to make up for more spending, then thats just another tax increase called inflation
What Republicans need to call for is SPENDING CUTS, not tax cuts. Its why Republicans has no credibility left. They just cry about the “small” pork in a bill, yet ignored the $800 billion in EXTRA spending
I don't completely agree with that statement. I agree Bush was about big government, and his TARP was a big government "solution" that actually made things much worse.
However, in 2004 Bush's SEC allowed Goldman Sachs, Merrill Lynch, Lehman Brothers, Bear Stearns and Morgan Stanley to shoot craps with investor money at 40 to 1 odds, and that loosening of regulation was a major factor in the acquisition of those "toxic assets."
What Republican Congress??
Couldn’t agree more. I’m sick of seeing just tax cuts. We can’t just “grow” out of deficits. Spending is the major issue here. Even with tax cuts, the government has to get the money now, which means it’s still sucking the same amount out of the economy. Spending MUST go down.
interesting.
He ain’t perfect, but he makes a loooooot of sense.
I wonder what Schiff’s depression countdown is reading right now. I bet he’s well ahead of me.
Yeah, that’s the point.
WOW! How soon people forget!
Bush had a Republican majority in BOTH the Senate and the House for 6 of his 8 years as president. He could have done ANYTHING he wanted. He could have gotten permanent tax cuts. He could have opened the coasts to drilling. He could have opened ANWR to drilling.
Instead, what did he do? He doled out pork, ran up deficits and flooded the nation with illegal aliens. The ONLY ONLY reason Bush did not have a majority Republican congress for his entire term is because his policies so alienated his conservative base that many stayed home for the 2006 elections, allowing the Democrats to make HUGE gains in the Senate, in the House and among the nations Governors, the majority of whom were PREVIOUSLY Republicans.
Where have you been?
The Republicans ran the executive and legislative lock, stock and barrel from 2000 to 2006 and COMPLETELY SQUANDERED their opportunities to shrink government and empower the private sector.
Not that I was ever surprised. While he has a conservative streak, I knew Baby Bush was the Rockefeller New World Order globalist he proved himself to be.
No surprise there, but he had a Republic congress for almost his entire term. He has NO excuse for gutting the Republic party during his tenure. None.
I agree and attribute it to his Stupidity.
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