Nice to see him hold his own and hold it together against the CNN homedebtor reporter interviewing him, whose disrespect and "blame the messenger" attitude were kinda weird. Bottom line: He was right. He is right. And people are just now waking up to the cold hard truth.
At what point do interviews like this filter down to the sheeple on main street? At what point do they get it? At what point do ma and pa decide to put the home on the market and sell at any price?
Hat-tip Doom for the video.
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She's an Ivy League eduacated reporter, therefore she is never to be questioned.
Oh and damn I'd tap that in a second.
Keith, ma & pa don't have to sell at any price if they borrowed responsibly ie lived w/i their means. They can wait out the market. Those who lived beyond their means can follow your advice, or the banks can do it for them OR the banks can eat some of the loan to avoid an even bigger loss.
Awesome! Peter Schiff is da man.
she sounded like an idiot because she was plugging the "losing your home" emotionality... and claims to have "answers" when all she did was tell people what they want to hear.
I like her implied definition of homelessness: to not own a house. Oh, the horror.
She's an idiot. People will not be homeless. There will be millions of empty homes they can rent for 50 cents on the dollar or squat in for the next few years. Just imagine how much money that would free up for consumers and to pay off existing debt. It's time to cleanse our bowels. The pain will be well worth it.
peter rocks!
wonder what happened to those RE shills who were laughing at him saying home prices would go up a typical 10%
Hats off to Peter Schiff....I'm sure you will see a lot more of him as this debacle unfolds!
Well, she is "more respectful" than some of the people in those 5-way debates you have posted recently. She did not have the audacity to laugh at him or insist he is wrong. She just did it in a "I can't believe what I am hearing" kind of way.
In my opinion, that is what happens when you have a Communications degree, but nothing else - you know how to talk, but not necessarily how to think.
She's just doing what the media does best: try to panic people.
I agree she's an idiot; since when did "homeless" mean non-home owner?
Shouldn't reporters have to disclose whether they "own" a home or not?
Like they do with whether they have a financial interest in a company they're covering
Goodbye Ireland. Who's next?
“The difficulties in the Irish property market were highlighted last week at a new housing development in Delgany, Co Wicklow, where people who bought houses for €700,000 have been shocked to learn that new houses of similar design on the same estate are now being sold for €595,000 — a drop of €105,000.”
She's acting like a pandering idiot.
He's got it pegged.
I wish it was the other way around.
No (secular & earthly) party can go on forever, no matter how loud and boisterous it was at the pinnacle.
Peter Schiff 4 President!!!!!!!!!
Pete is da man, shiff is in the house baby.
Time to go buy a house today.Casey said I can flip it for a quick buck in a month, the market is solid.
Time to party like a rock star as my vulture fund circles around the easy prey.I thought they learned a lesson in 2000, oh well, easy money for me.
Blogger Pmarca said it best:
"I think of the underlying game as “seek the sucker”: sucker number one is persuaded to borrow too much; sucker number two is sold the debt created by lending to sucker number one; sucker number three is the taxpayer [that's you!] who rescues the players who became rich from lending to sucker number one and selling to sucker number two."
I think anon 10:14 is alluding to that one interview on Fox with the long greasy haired guy that sounded like he was straight out of "Dumb and Dumber", and the other guy who was some sort of broker at Merrill Lynch. Those guys were terrible. It's worth playing again just to show, once again, how stupid and arrogant those guys were, while Mr. Schiff was right on target.
Typical programmed media whore or puppet (take your pick). They mindlessly regurgitate anything they're trained to.
In my opinion, that is what happens when you have a Communications degree, but nothing else - you know how to talk, but not necessarily how to think.
You nail it agent#777! If not that they're a Pump Monkey like Larry Kudlow.
All I can say to Peter's Schiff's interview ... beautiful!.
He tells it like it is, and how it's going to be.
Once people have to commit more of their own money to a house (in the form of a 10%-20% down-payment) we'll have housing that will make sense.
Well, we have the problem of housing, along with the lack of good paying jobs within this country - particularly within the private sector.
It will definitely be painful, but to what extent we really don't know as this housing mess begins to work itself through.
Anonymous said...
She's an idiot. People will not be homeless. There will be millions of empty homes they can rent for 50 cents on the dollar or squat in for the next few years. Just imagine how much money that would free up for consumers and to pay off existing debt. It's time to cleanse our bowels. The pain will be well worth it.
Pete has been delivering a consistent message and while he is spot on I do think he is a bit on the extreme side. Prof. Schiller's delivery of the bad news is smoother, more well reasoned and precise.
Do not be too hard on the bobble headed bleach blond. She is just a ventriloquist's dummy and has no clue as to what is is saying, how much of a fool she looks when viewed from an HP audience and is just going along with the party line. Just tap it and move on.
this guy is such a pompous and arrogant fool...I'll bet he's an HP regular.
That woman was trying to be polite. You renting babboons jump up and down and throw feces at each other every time one of your fellow imbeciles is interviewd. You don't ever notice how foolish your positions look.
Now go vote for Ron Paul.
Morons.
Go Pete Go
Go Pete Go
I bet that info-babe has a house mortgaged to the max and does not even know (or just found out) the terms of her mortage.
Were you listening Keith?
Wall St. got fingered ...
She is a total imbecile pretending to be a populist reporter defending the little man for his own stupidity. BTW, she probably lives in an area where they call the cops on you if you are the wrong color or are behind the wheel of a car that retails for under $50K so it is beyond being an imbecile when she defends the speculators.
You would think that having stuck his neck out to call this bubble and to have been so right in the face of withering opposition this reporter might give him some respect.
There are a lot of 'smart' people who learn material, understand it and remember it who still cannot think independently. Schiff, Shiller, Roubini and hey, what the hell, HPers, stand out because we think for ourselves.
This MSM reporter may be very 'smart' have learned and understood and remembered her lessons from Harvard and still cannot think for herself. Anon, 8:52pm, you can have her.
The bubble is old news. It's time to predict the recovery. My guess 2014.
Bill Gates is still eating steak and lobster, so that's proof the economy is fine.
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How can anyone argue with that simplicity!
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NAR Home Selling Tip Number 382:
Performing "jumping jacks" in your front yard - next to your home for sale sign, can help attract a buyer.
"Shouldn't reporters have to disclose whether they 'own' a home or not?"
better yet, they should disclose what their financing terms are too! and if they have positive/negative equity.
That's the "Clinton News Network" for you.
damn skippy!
TM said...
I like her implied definition of homelessness: to not own a house. Oh, the horror.
September 04, 2007 9:46 PM
Gee, I guess I'm "homeless" then..... And I thought Home was where the heart was!
Check Gerri Willis' CNN bio. It explains it all. In 2003 she released a book called, "The SmartMoney Guide To Real Estate Investing". Ha, ha. Ha, ha, ha. Ha, ha, ha, ha, ha.....
The only rational response to this crisis is government intervention. Freeze the mortgages and prevent foreclosures and mass evictions.
This idiot Shiff says to allow the "free market" to handle the crisis. Doesnt he know that this crisis was caused by an adherence to "free market" dogmas.
The mortgage bubble is a reflection of a bankrupt system. It isnt something that happened last year or even ten years ago. The bankruptcy of the system has been in progress for 40 years.
I've seen Schiff far better. That was a C- effort. I don't think he was accustomed to that setup. Next time, watch out!
As he says on , one of the rules of American capitalism is "privatize gain, socialize risk".
That's what happens when the rich get in a bind. Remember the S&L crisis? The biggest transfer of wealth from the bottom 90% to the top 10%, ever. This one is even easier, masquerading as rescuing "the little guy", preventing the poor mislead greedpigs from losing their precious houses.
Keep voting republican and we'll keep seeing the rich get bailouts. I get a real kick out of you people who refuse to see who the enemy is. It's conservatism, capitalism and the adherents to those gutter ideologies. But it's fun to watch you stamp your hooves and whine about liberals.....
Peter Schiff is hoping to benefit off this housing crash, off the misery caused by a bankrupt system. He is anti government (in the FDR tradition), and apparently he learned this at the feet of his tax protestor father Irwin Schiff.
Here is his bio. Note that he is a regular talking guest head appearing on major media to spout the wrong policies.
Peter Schiff, the son of jailed income tax protestor Irwin Schiff, is an American stockbroker who frequently appears as a guest on CNBC, Fox News, and Bloomberg Television and is often quoted in major financial publications. He is the president of Euro Pacific Capital Inc., a brokerage firm based in Darien, Connecticut. Schiff is known for his extremely bearish views on the United States stock market, bond market, the US dollar, and the United States economy in general for which he has earned the nickname "Dr. Doom." He is also credited as a contributor to his father's 1985 book, "The Great Income Tax Hoax: why you can immediately stop paying this illegally enforced tax."
Every Wednesday at 8PM ET Schiff hosts a live Internet radio show called "Wall Street Unspun." [1]
Irwin Schiff was originally some kind of securities/insurance advisor, who was ruined when he promoted/invested in some kind of Ponzi scheme. He then somehow discovered that the federal income tax did not apply to him.
First off, Pete Schiff is da man.
I would love to see a show, one on one, with Pete and David L.
Schiff is the Man!
The blond is a retard.
Yes, peter is awesome. if home prices crash then homes become affordable again, most of the homeless problem will be gone too. Gerri the CNN reporter is really dumb about this issue.
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