Peter Schiff: "We're in the Early Stages of a Depression"

The Motley Fool ^ | 09 August 2010 | Jennifer Schonberger

[IrishCatholic]

Something lighter to read before bedtime bookmark.

[dynachrome]

“All we did is spend more borrowed money’

Money quote.

I disagree about investing in China. I think their numbers are phony, too.

[cranked]

Ummm, no, Mr. Schiff, apprently, you have not recieved that special Lie House memo yet: We are in a “Summer of Recovery” and BidenIdiot today said “we are on the right track”. Get with the program, kkthx. /s =.=

[panzerkamphwageneinz]

let me get a sharp razor and end it....ugh

[Big Horn]

He makes sense to me.

[La.daddyrabbit]

I’ve been depressed since January 20, 2009.
It’s about time the economy caught up.

[Husker24]

What is the official definition of an economic “Depression”?

[ikka]

I think he is right, but boy, this guy is a bundle of laughs, ain’t he?

[coloradan]

So according to Schiff, apparently the correct GDP number is total economic activity - new debt. I wonder what that number is for America.

[Solitar]

I’ve been depressed since January 20, 2009.

That's been minor compared to the Great Depression.

Let's hope it doesn't happen for another year -- so that it is indubitably 0bama's fault.
Then a Republican President and Congress could clean up the mess and bring us out of a depression -- but that could take a decade depending on how badly 0bama and his partners in treason undermine much of this nation.

[bigbob]

I’m not sure he’s right about recession. Instead I read quite a few who believe we are in for an extended run of - to 1% GDP growth, along with much greater volatility and continued adjustments as re-valuation has to occur in areas such as housing prices. If we are lucky we will run <5% inflation while the Fed monitizes debt and over a period of maybe 10 years we can start to see actual recovery, maybe sooner IF the right people win elections AND do the right things.

Welcome to the “new normal”. It’s not going to be the same as it was.

[driftdiver]

“I disagree about investing in China. I think their numbers are phony, too.”

I totally agree, however they’ll lie about their recovery too.

[WackySam]

I think he is right, but boy, this guy is a bundle of laughs, ain’t he?

He's earned his nickname of "Doctor Doom".

[Pollster1]

I’d say we’re in the middle of a depression. Assuming that we hold free and fair elections this November and again in two years, the economy should start improving around January 20, 2013.

[Lorianne]

David Rosenberg: We’re In A Depression, Not A Recession
http://www.huffingtonpost.com/2010/08/25/david-rosenberg-were-in-a-depression_n_694638.html

The “current economic malaise” is a “depression, and not just some garden-variety recession,” said Rosenberg in a note to clients today, as reported by CNBC. Rosenberg, who’s been issuing warnings about a double-dip recession, was formerly the chief economist at Merrill Lynch.

[CaliforniaCon]

Guess I’ll go to the market and load up on cereal now -— gotta eat and it lasts a long time -——————————

I’m not kidding!

[DaxtonBrown]

[Something lighter to read before bedtime bookmark.]

I was feeling a little depressed until I read this. Now I know it’s just a little nightmare I’m having and I’ll wake up soon.

[john drake]

......We’re going to have runaway inflation and recession simultaneously.......

Sounds like Germany in the early 1920’s, and we know where that led to. Change in November is more crucial than ever, to avoid catastrophe.

[rbg81]

They have prevented an efficient allocation of resources. We need to rebuild our manufacturing base. We need to reindustrialize.

---

It will never happen with the current bunch in power. Every decision they make costs jobs.