December 05, 2007

It's the dumbest guy in the room, Mike Norman the "economic contrarian", vs. Peter Schiff. Yup, we all know how this one turns out..


Ever get into an argument with someone with an extremely low IQ, with no education, and who will always think he's right no matter what the data or the science prove?

Peter Schiff has to do this every time he goes on Faux News and argues economics against a mental midget like Mike Norman.
God bless Peter Schiff. I wouldn't have the patience or compassion to have a discussion with an empty suit like Mike Norman.

It is funny how the fool who's been wrong on everything still doesn't realize that he's a fool. It's fun to watch, in a painful way.

39 comments:

Anonymous said...

No, I love these Faux News tools who didn't foresee any problems whatsoever with the financial markets during the entire year, but now have the nerve to tell us what's going to happen next. Mike Norman is such a dumb that he needs props now to try to look smarter, like the Pepto thing. Don't you love Faux News?

keith said...

I love that Fox has Schiff on. I don't know how much longer Murdoch will allow that though.

Anonymous said...

Faux News? Ummm dude they are the only ones I have ever seen Shciff on.

Ever watch CNN's coverage of housing? Might as well be an NAR infomercial.

And the rest of the time it is a Demicrat/moveon.org/dailykos infomercial.

Anonymous said...

About a year ago Mike Norman and some long-haired ReMax neanderthal were actually laughing at Peter Schiff's housing predictions. Predictions that have turned out to be right on the money.

But, with the average viewer having the attention span of a gnat, there's no problem bringing a fool like Mike Norman on again and again. Who cares that he's consistently wrong - he can joke about Pepto...

Cheers, Haggis

Anonymous said...

No more credit Peter? Come on man. I agree with that woman guest. Credit will be harder to get. The days of breathing into a mirror and qualyfing for a $500K loan are indeed over. Those days have been over for quite some time though. Nothing new.

But holy shit, Peter is making it sound like by 2009 Visa, GM, Ford and Best Buy will all be out of business because nobody will lend money to consumers. No wonder he is being ridiculed. I am in general a pessimist and think things could get uglier still. But even I think Peter Schiff sounded nutty on this clip.

Anonymous said...

keith said...
I love that Fox has Schiff on. I don't know how much longer Murdoch will allow that though.

December 05, 2007 12:12 PM

Murdoch will allow it as long as he can. Murdoch is not against spreading "panic" and besides he owns social profiling websites like "Myspace". Murdoch not only knows what youre thinking, he shapes your opinions. Myspace is a perfect example of this "dark age" stuff planned for a "post crash" America.

Murdoch knows exactly what he is doing when he features frauds like Peter Shiff.

Anonymous said...

Unbelievable. I sit here in South Dakota after having come home from the big city. I watched with morbid fascination these big city investment bankers aka bartenders waitresses or anyone with a pulse, buy two or three houses apiece. then they went out and borrowed hundreds of thousands dollers against these already overleveraged debt traps to live like rock stars. The dirt farmers and ditch diggers in Dakota never bought ino this crap (ok the under 40 crowd excluded) because they know when you go to see a banker its generally not good for your economic health. The bankers are still selling crap to the dumb people and honest Peter is begging not to buy.

Cow_tipping said...

Man that Norman Dude was so cool on WWF, I will do whatever he says. He was the best, next to Hulk Hogan of course.
Cool.
Cow_tipping.

Anonymous said...

That genius reminds me of a guy on a plane with serious engine trouble.

As soon as the engines flame out it gets quite so he figures everything is fine now and goes back to looking at $500 pet beds in skymall.

Anonymous said...

I bet Mike Norman is losing TONS of money.

Anyone takes advice from Mike Norman deserves to lose it all.

NickNack said...

The guy in the green tie reminds me of the lead character in American Psycho.

ohhhhmyyyyy said...

"I love that Fox has Schiff on. I don't know how much longer Murdoch will allow that though."

If you look at the video-- from a psychological standpoint, Schiff plays the part of conciousness (what mainstream america is experiencing) while the others play the part of doubt with the motive of training people to doubt reality (what they're experiencing).

Anonymous said...

Remember this video.

Depression of 2008 - 2009.

Sick & Dying America

smitty said...

"But holy shit, Peter is making it sound like by 2009 Visa, GM, Ford and Best Buy will all be out of business..."

ummm, if people can't pay off their credit card bills, then credit card companies will have to default on obligations and go bankrupt.

i.e. robbing peter to pay paul can only work so long and Schiff is simply suggesting the obvious that equity loans were like an incoming tide that raised a lot of boats but, as we know-- when that tide starts heading back out to sea, all boats sink.

I was surprised that Schiff didn't mention the Florida pooled investment mess... watch out below! as they say!

Anonymous said...

Peter Schiff rocks!!!!

Anonymous said...

mike norman was just wingin it. he can't even carry an intelligent debate. instead he covers it up with a pepto. also, where the f_ck was that long haired guy from remax? what a knuckle head.

Anonymous said...

Mike Norman is truly an ANUS.

Anonymous said...

Stop with the "Faux News" references already, ok? It's about as funny as a chicken crossing the road joke.

brokersleaveyoubroke said...

keith said...
I love that Fox has Schiff on. I don't know how much longer Murdoch will allow that though.

I suspect his original intent was to hold Schiff up to ridicule. The average brain dead viewer probably thinks that Norman won the debate because he made fun of Schiff.

Anonymous said...

I'm glad that Fox allows Schiff to go on there and debate that idiot Norman. Anyone who takes advice from Norman after watching that deserves to lose all their money. What an assclown. If Mike Norman is the best that the pumpers can do, they might as well shoot themselves.

Anonymous said...

Schiff exxagerated a bit about no more consumer credit. There will be alot less consumer credit available and that will create a death spiral leading to a long shallow 20-year recession like Japan.

Anonymous said...

Wooohooo, nothing says market rally like these headlines:

* Credit losses go from bad to worse, says Fannie

* MBIA Inc. is ``somewhat likely'' to face a capital shortfall, throwing its AAA credit rating in jeopardy and putting at risk the rankings of the state, municipal and corporate debt it guarantees

* Bristol-Myers Squibb Co. will eliminate about 10 percent of jobs (4,300) and close half its plants

* Confidence in the economy continues to erode, with expectations of a recession growing and a solid majority of Americans now saying the economy is doing poorly, according to a Bloomberg/Los Angeles Times survey.

* Attorney General Andrew M. Cuomo of New York has subpoenaed major Wall Street firms including Merrill Lynch, Morgan Stanley and Deutsche Bank, seeking information about the business of packaging and selling subprime mortgages

* Fund Crisis in Florida Worrisome to States.


It's all rigged! Wall Street wants xmas bonus at all costs, so let's create phony rallies.

Anonymous said...

I agree with Anon @ 12/6 1:32. I am generally a big fan of Schiff, but he does sound a bit hyperbolic (is that a word?) here. I don't think I'll have to turn in my zero balance credit cards or have educational loans vaporize as he is predicting. What I think we'll see in the next couple years are tighter credit standards, higher rates (eventually) and hopefull fewer preapproved credit card applications in the mail.

Anonymous said...

Get the Ron Paul blimp in the air!

http://www.ronpaulblimp.com/

The organizers need $94,000 more to make the down payment and get the blimp ready. $106,000 raised so far.

Anonymous said...

http://www.youtube.com/watch?v=41S_kjin4pg

Ron Paul blimp promo vid

Anonymous said...

So how many days of 100+ Dow gains to we have to have before you mororns get it? There was a correction Aug-Oct. Now that correction is over and we're going back up.

Anyone can call for a slide in stocks. Eventually you will be right. The smart people know when to call a slide and when to call that slide over.

The slide was over a week ago, you all missed the bottom. Good luck with your gold and forex holdings, you're gonna need it.

And Peter Schiff is a one trick pony. Give him a carrot and he will tell you a depression's coming...what he's been saying for 10 years. Whatever Peter, your shtick is getting really boring.

Anonymous said...

Anonymous 7:52 PM: let's see - as of right now - gold up 24%/dow up 7.65% on the year. Past 8 years? Gold up 180%/dow up 18%. Do you have any more financial advice I can follow? Maybe NASDAQ? Nothing like losing 35% over the past 8 years while my gold is up 100+% (I didn't buy all my gold in 2000 - just some... I live silver better anyway - but it hasn't done as well as gold this year)

Anonymous said...

The economy is fine. The bailout is just to keep people busy and the Fed is lowering rates just for fun. Isn't Citi and Fannie Mae stock at all time highs?

jorghis said...

Previously Peter Schiff had predicted that the black friday spending would be down this year. In fact spending beat everyone's expectations. He was wrong and so Mike Norman was making fun of him. I dont see how you can call this a victory for Peter Schiff.

chris g said...

"So how many days of 100+ Dow gains to we have to have before you mororns get it? There was a correction Aug-Oct. Now that correction is over and we're going back up."

Is that you, Mr. Norman?

whitetower said...

Worse than Mike Norman was the dope from U.S. News -- he's keen on things because the Fed will, potentially, drop the funds rate to 0.

And then, of course, we can begin using dollar bills for kleenex and toilet paper.

Yossarian said...

Jorghis:
Black Friday spending WAS down... 3.5 percent, nominal... add in another three or four percent for inflation, and there you are... Sales down seven percent, year on year.
Didn't you read that on Bloomberg news?

mike said...

The economy is just fine, no problems all ok over here.
So what if the politicians are getting scared and talking about a multi billion dollar bailout of stupid people who cant read a contract using MMMFFFFKKN taxpayer money!
AND pumping BILLIONS into the banking system to keep it from imploding.
The dow is up 200 points today, so all is well.

Eric said...

"The dow is up 200 points today, so all is well."

It's all they have left to cling to. They're going to do whatever it takes to prop it up.

Anonymous said...

Sad to say, but Mike Norman and the Fox crew/guests with the exception of Schiff is actually representative of the majority of America's MBA's , JDs , realtors, CPAs etc. in other words, the business and professional class!!

Yes there was a time when the majority of our business/professional class consisted of high brow PBS 'Wall Street Week with Louis Rukeyser' types (What class!!) and 'Firing Line WF Buckley/Gore Vidal/ Vanity Fair thoughtfulness.

THOSE DAYS ARE GONE!!!

Anonymous said...

.



What an F'n tool!


What up with the pepto?



.

Anonymous said...

Anon said,
"Peter is making it sound like by 2009 Visa, GM, Ford and Best Buy will all be out of business because nobody will lend money to consumers. No wonder he is being ridiculed. I am in general a pessimist and think things could get uglier still. But even I think Peter Schiff sounded nutty on this clip."

December 05, 2007 1:32 PM
-------------------

Only those with good, no wait, GREAT credit will be able to buy those things with credit, and those that have the great credit rating are already being downgraded because they WON'T do it now!!!

So I think Mr. Schiff is onto something...

doug r said...

You STILL watch Faux Newz?

Anonymous said...

Ask Mike Norman how his Citigroup recommendation at motley fool from july 2006 is doing. Ha!