February 22, 2008

Steve Forbes, after being schooled like a little girl on Fox News by Peter Schiff, and watching his wealth go away, does a hit piece on Schiff

Actually, I've gotta give it up for Forbes' good little slave reporter, Michael Maiello, because doing a "go out and trash this guy" article on a guy who's NAILED IT, and been COMPLETELY AND TOTALLY RIGHT on ALL of his predictions has actually got to be a tough thing to do. But Forbes sent the right guy, since Maiello bizarrely is a fiction writer, not a journalist.

Steve Forbes, Mr. Establishment, is obviously sick and tired of all this "doom and gloom", with the banks failing, housing crashing, trillions being lost in real estate, the dollar tanking, gold and commodities soaring, and his wealth going away. And Steve Forbes' massive ego just couldn't take the beating it took on Fox the other day I guess.

Forbes magazine, and Steve Forbes himself, are now completely and totally discredited, just like Schiff's other two defeated Fox News hacks Mike Norman and Tom Adkins. I could just hear Forbes in his gold-plated office, yelling out to the newsroom after being schooled by Schiff - "Go out and get this guy - tarnish him, ruin him, take him down! I'll show that gold-bug jackass who's boss!"

I actually feel sorry for Steve Forbes. A man's reputation is more important than his bank account, especially if he portrays himself as a journalist, and Steve Forbes should now be seen as the propagandist he is. His little minion, Michael Maiello, should be excused. Guy was just doing what he's told to do . Like Lawrence Yun. Or Eichmann.

Here's the hit piece and some lowlights - read the whole thing and feel free to add your comments on their rag - and don't be nice.

Spin Cycle - Want to make a pile in money management? Step 1: Attract attention. Step 2: Attract assets.

"As the dollar goes down, my clients are getting the same bargain as tourists from Europe: They have rising income from assets in euros, Swiss francs and Canadian dollars," gloats Schiff, who then squirms into a sport coat and dashes to his bmw and a date to trash the dollar on the Fox Business Network.

Schiff, dubbed the Doctor of Doom by CNBC, is a favorite of magazine, newspaper and TV journalists looking for a particular point of view--namely, that U.S. stocks, U.S. real estate and the dollar are bad for investors. Type his name into YouTube and you can find 300 clips from his appearances on cable shows. Many feature him talking up Ron Paul, the libertarian with presidential aspirations, for whom he is an economic adviser.

Herein is a formula for making a lot of money as a money manager. Have a shtick, get known, wait for your sector to get hot.

Schiff's Chicken Little take on the U.S. economy--that it is on the brink of collapse--isn't new. He's been serving up the same spiel for a decade.

In 2006 Schiff told a roomful of mortgage brokers at a meeting of the Western Regional Mortgage Brokers Conference that they would all be out of a job soon and that their only hope was to buy foreign stocks. Geoff Zwemke, an organizer of the meeting, notes, "I hear people saying they wished they'd taken his advice."

Schiff learned the power of a rallying cry from his father, long-running tax protester Irwin A. Schiff. Press mentions of the elder Schiff, who argues that the Internal Revenue Service has no right to force people to reveal their incomes or collect taxes, would fill a very fat scrapbook. But in the end, Schiff Sr. got a little too much attention for his own good. He is being held in a federal prison in Otisville, N.Y. for tax evasion.


Frank R said...

"He is being held in a federal prison in Otisville, N.Y. for tax evasion."

He and all the other dumbass tax protestors.

The IRS only prosecutes about 300 non-filers each year (out of tens of millions), and they're all, you guessed it, tax protestors. Under the law, the IRS can only prosecute a non-filer if they can prove that the failure to file was WILLFUL; they must prove intent. In other words, the "I don't have to file" letters that these idiots mail to the IRS every year are actually CONFESSIONS.

The only smart way to non-file is to DO NOTHING AND KEEP YOUR MOUTH SHUT. Then you might have a chance.


Anonymous said...

That's why I never watch Faux News and never buy Forbes magazine.

Since he likes to take cheap shot at dads:

Wikipedia -- In March 1990, soon after his death, OutWeek magazine published a cover story, "The Secret Life of Malcolm Forbes," by Michelangelo Signorile, which outed Forbes as a gay man. Signorile was critical of the media for helping Forbes publicize many aspects of his life while keeping his homosexuality a secret.

Anonymous said...

Isn't this the fat cat whose Presidential platform had one plank: lower Steve Forbe's taxes?

Anonymous said...

Some music critics said the last Green Day album sucked too, but that didnt stop me from buying it. I think it rocks!

Go Schiff!

Panic In Detroit


Anonymous said...

what a cheap shot talking about his dad. forbes has jumped the shark.

Anonymous said...

Poor Steve Forbes...

I would have stolen his lunch money from him. on the way to school.

His Father, on the other hand, was a warrior.

How did HE happen along?

Anonymous said...

My Forbes subscription has been CANCELED !!!

Anonymous said...

Don't forget that in 2004 it was Steve Forbes who kept predicting that oil prices would be at $35/brl in a couple of years. How come nobody brings that up?

Anonymous said...

Peter Schiff is on Faux News alot so he must be a liar according to you left-wing kooks

Anonymous said...

Forbes has a point. Permabears like Schiff and Bill Fleckenstein are like stopped clocks. Fleck has correctly forecast 10 of the last 2 stock market crashes. Oddly, these same guys are often permabulls on things like gold even when it spends years going nowhere (during those years they keep talking about how it's just about to move up) and are blind when it's in a bubble (somehow they can look at a hockey-stick chart for something people actually need like housing and say it's a bubble and look at a very similar chart for gold and not see a problem). I read Schiff and Fleck, both of whom are very bright and have many worthwhile insights to factor into my thinking, but as always you need to listen to as many sources of information as possible and then make your own investing decisions.

Anonymous said...

"That's why I never watch Faux News and never buy Forbes magazine."

Who is brainwashing you? NBC? ABC? Couldn't find Peter Shiff on any other channel... Grow up.

Anonymous said...

(1) See "America from Freedom to Facism" available on the utube.

(2) Realize that Irwin Schiff is a FUCKING PATRIOT. Sorry Keith. Sometimes ya gotta use the language.

(3) Realize that Peter Schiff has been on FOX doing yeomans work discrediting those shills. Peter, if you are reading this, THANK YOU! You called it. Early. Early enough that I've been able to protect my family. THANK YOU PETER. And your dad is a hero.

Anonymous said...

Peter Schiff = hero
Steve Forbes = asshole

rivertrash said...

Damn, I can't watch those video clips with Schiff in them anymore. He is the smartest guy in the room, and everyone else just sh*ts on him. Forbes' smirk reminds me of GWB's friggin stupid smirk. I'd like to beotch slap the fool's smirk off his face. I hope the whole house of cards comes down, and these fools (Forbes, Adkins, and ESPECIALLY Norman) are eating Top Ramen under a freeway bridge with the bums.

Anonymous said...

peter schiff > steve forbes, any day

Anonymous said...

I cancelled my Forbes subscription.
Good riddence.

Anonymous said...

"That's why I never watch Faux News and never buy Forbes magazine."

Who is brainwashing you? NBC? ABC? Couldn't find Peter Shiff on any other channel... Grow up.

Sorry but I don't address cheap fallacies from unintelligent posters. Please, go get some solid education first (if your IQ allows) and then come back.

whitetower said...

Interesting. After reading the "hit piece" I'm more supportive of Schiff than before.

Anonymous said...

I respect Schiff, he is usually well ahead of the curve, it seems.

I did bet on Gold for a while, taking Schiff's advice, from 2004 to 2007. But I am not too much attracted to metals any more.

As of late, I have done better shorting ETFs.


Anonymous said...

I put my money where my mouth was and opened an account with Euro Pacific not long ago. It's up, while all my conventional investments are down.

Anonymous said...

F*ck Forbes. The establishment is panicking and showing their true colors. Too many people are catching on to their scams and they don't know how to manage this public relations crisis.

Anonymous said...

Steve Forbes is a loser. His father had all the talent. Steve inherited all his money and has a pathetic performance record. Besides being a GOP puke ideolog, he's a desperate little man. Besides being little, he's girly and feminine. He's famous for being a real suckup to the powerful like Gates and Microsoft. A real GOP loser, a survile psychophant of the highest order. I bet he wears panties and takes it anal.

Anonymous said...

More and more people are waking up for the Corporate Fascist tricks and seeing that Faux News is a joke. That's why they're getting nervous and bitter.

That's right, you better be afraid Faux News and Coporate Fascists.