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Peter Schiff: "We're in the Early Stages of a Depression"
The Motley Fool ^ | 09 August 2010 | Jennifer Schonberger

Posted on 08/25/2010 6:31:34 PM PDT by Lorianne

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To: Theo

I really wish I had a well.


41 posted on 08/25/2010 7:24:14 PM PDT by mylife (Opinions $1 Halfbaked 50c)
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To: chad_in_georgia
Isn’t Schiff the guy who predicted the recession on Fox business in 2006 and they all laughed at him? <<

Yup!...Check out his previous writings and videos on Youtube http://www.youtube.com/watch?v=lYkFYdLTTw8&feature=related

42 posted on 08/25/2010 7:27:04 PM PDT by M-cubed
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To: Lorianne

We aren’t in a full fledged Depression yet. History shows us that first we need a leftist President to enact a few Socialist ideas that are supposed to help to bring the big on the “D”. Fortunately Imam Obama has already started doing that so it’s only a matter of time. So we’ve got that going for us, which is nice.


43 posted on 08/25/2010 7:31:32 PM PDT by Republic of Texas (Socialism Always Fails)
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To: mylife

Rain barrels - 2 55gal plastic barrels (connected by balance hose) at each downspout. Potentially 400 gallons. (Don’t forget filters & purification.)


44 posted on 08/25/2010 7:33:08 PM PDT by Tagurit (Are your pigs fed, watered and ready to fly?)
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To: sneakers

bttt


45 posted on 08/25/2010 7:33:12 PM PDT by sneakers
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To: Tagurit

Thanks!


46 posted on 08/25/2010 7:36:25 PM PDT by mylife (Opinions $1 Halfbaked 50c)
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To: Lorianne

I’ve been depressed since 2006.


47 posted on 08/25/2010 7:36:47 PM PDT by floozy22 (Don't confuse a Democrat with someone who believes in democracy.)
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To: Lorianne
I'm almost afraid to ask if I should go ahead and apply for my Social Security in October?

The way things were going, I thought I'd get it earlier rather than later...and hopefully get a few checks before it ran out of money.

48 posted on 08/25/2010 7:37:42 PM PDT by moondoggie
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To: Lazamataz; The Comedian

What a Pollyanna!

Most of us will mutter about the lucky buggers who were able to go scavenge cans!


49 posted on 08/25/2010 7:38:46 PM PDT by RKBA Democrat (Amateurs study tactics, professionals study logistics, and victors study demographics.)
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To: Las Vegas Ron

BFL


50 posted on 08/25/2010 7:38:54 PM PDT by Las Vegas Ron (People I know have papers for their mongrels.)
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To: Republic of Texas

Given the optimistic tone of this thread, I would have to point out that we’ll be lucky to have just a regular old garden variety depression.


51 posted on 08/25/2010 7:42:13 PM PDT by RKBA Democrat (Amateurs study tactics, professionals study logistics, and victors study demographics.)
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To: chad_in_georgia
Isn’t Schiff the guy who predicted the recession on Fox business in 2006 and they all laughed at him? I mean he predicted just about everything correctly.

He made a lot of predictions to a convention of mortgage bankers in 2006:

Peter at Mortgage Bankers Association

52 posted on 08/25/2010 7:43:58 PM PDT by Vince Ferrer
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To: Lorianne

I totally agree with Schiff that our prosperity has increasingly been a phony prosperity.

In a healthy economy, prosperity is based upon a country creating wealth via the production goods and services.

But America for the last few decades, has instead been eating its own seed corn and spending borrowed money.

It’s obvious that you cannot eat your own seed corn forever and that there will come a time when you can borrow no more money until you pay back the money you already borrowed.

But the only thing I disagree with Schiff about, is exactly how long the people in power can keep our phony economy sputtering along.

It could be far longer than Schiff has been saying.

Or even sooner.


53 posted on 08/25/2010 7:46:58 PM PDT by Age of Reason
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To: RKBA Democrat; Lazamataz
Most of us will mutter about the lucky buggers who were able to go scavenge cans!

The Comedian's Trading Post
Zombie scalps bought
Corn liquor served
Female company provided
20 roentgens cooler inside
2 can minimum


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

54 posted on 08/25/2010 7:49:35 PM PDT by The Comedian (Evil can only succeed if good men don't point at it and laugh.)
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To: Lorianne
We dug ourselves into a deeper hole, and now we're in even more trouble than before Obama ascended to the presidency

Cloward-Piven

55 posted on 08/25/2010 7:52:19 PM PDT by Don Corleone ("Oil the gun..eat the cannolis. Take it to the Mattress.")
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To: Husker24
What is the official definition of an economic “Depression”?

A Democrat government.

56 posted on 08/25/2010 7:53:53 PM PDT by Don Corleone ("Oil the gun..eat the cannolis. Take it to the Mattress.")
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To: mylife

That’s a good idea. I may be moving soon (I was laid off a couple of weeks ago, and am looking for work). I’ll keep in mind that having a well could be a great thing to have. Thanks for mentioning that, mylife.


57 posted on 08/25/2010 7:54:23 PM PDT by Theo (May Rome decrease and Christ increase.)
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To: Age of Reason
It's obvious that you cannot eat your own seed corn forever and that there will come a time when you can borrow no more money until you pay back the money you already borrowed.

Yes.

It could be far longer than Schiff has been saying. Or even sooner.

I lean toward a time frame of months, rather than years before it tanks for real. We've consumed an awful lot of seed corn since 2008.

58 posted on 08/25/2010 8:13:26 PM PDT by Ken H
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To: Michael Barnes
"Just because "Republicans" get in doesn't mean we are automatically out of the $hit. They don't have the balls to conduct the type of Federal budget and agency cuts that are required. "

Sir, you are correct.

There's not a dozen elected GOP officials who will do what is needed and no Democrats.

We REQUIRE a 50-60% cut in expenditures and a 25% across-the-board tax cut to pull out of this.

We need to repeal Obamacare and return the remaining TARP money to our children.

Not even the best of our GOP politicians have the stomach for this...because the American People don't have the stomach for it.

Dude, we're doomed. Get what you can for your dollars today because either the US Government is going into default or the Fed is going to drive hyperinflation...or both.

The only question now on the table is whether we bypass the hyperinflationary phase and go straight to default.

For the folks who are paying attention, that means the FDIC and US Treasuries won't amount to a hill of beans.

59 posted on 08/25/2010 8:14:20 PM PDT by Mariner (USS Tarawa, VQ3, USS Benjamin Stoddert, NAVCAMS WestPac, 7th Fleet, Navcommsta Puget Sound)
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To: Lorianne

“and all of us are going to lose our freedoms and our rights”

Why is that? If the gov’t gets smaller and smaller and eventually defaults on its obligations, doesn’t that mean that there won’t be as many bureaucrats to get in our knickers?


60 posted on 08/25/2010 8:18:49 PM PDT by webstersII
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