Schiff was right, where I differ is what can be done in THIS economy, he favors "let it ride", all the way to a depression in my view, which is once this point is reached, only government deficit spending will soften the blow. The sad part is that the financial meltdown of 2008 could have been avoided, and on this many lefties and Schiff agree. Krugman was predicting much the same in 2005 as well.
I don't necessarily agree with this author who was most likely a pollyanna in 2007 even from a libertarian website "One has to do with current performance of the markets. Schiff spends almost all his time each show reiterating his mantra that a recession is coming and is inevitable. However, despite what ever bad news of the day which might be the topic of discussion on each show, at the present point of time in each airing the depression is not actually occurring (of course, Schiff also argues we're already in a recession and we just haven't realized it yet). Schiff describes the results of the recession initially as being a massive loss of jobs, a collapse of the value of the US dollar, decompression (I do not wish to mistakenly use the term "deflation" here) of US home prices to non-bubble levels, an evaporation of earnings and equity in financial services companies as well as a veritable wiping out of much of the "service sector" of the US economy. While bits and pieces of Schiff's predictions are, in fact, being realized each and every day, because it is not occurring all at once as Schiff insists it eventually will, his critics are thus able to argue that he's ignoring all the seemingly positive indicators of the daily, nominal strength of the US economy because he stubbornly maintains his bearish position. Another issue of timing has to do with the short term interventions of the government and Federal Reserve which serve to prolong Schiff's recession timeline and further delay what he claims is inevitable. Schiff rightfully identifies these interventions as a worsening of the situation and a worsening of the correction which must occur at some point in the future. Schiff's view of a "healthy economy" is a long term one-- once the US economy flushes out all the bad investments, restores its manufacturing/productive base and reaches a more normalized equilibrium in regards to trade balances, Schiff would define the situation as non-problematic. All the other guests' view of a "healthy economy" is a short term one-- if the economy makes nominal gains today, it is healthy and doing fine. Recession is not the solution, it's the problem. The avoidance of recession is a signal of health. Degrees of Freedom On Apr 14, 3:36 pm, bruce majors <[email protected]> wrote: > The New York City Campaign for Liberty is proud to announce that Peter > Schiff will be the Keynote Speaker at our Rally at City Hall Park on April > 25th. > > Mr. Schiff has been prescient in forecasting the present crisis. His hard > work and scholarship have been instrumental in exposing government > mismanagement of the economy and explaining why less debt/intervention and > more saving are the only ways to get out of the mess we're in. > > Please RSVP > today<http://www.meetup.com/campaignforlibertynyc/calendar/10144582/>and > show your support for Peter Schiff, Ron Paul, HR 1207 and the movement > to End the Fed > > Drew > > -- > This message was sent by Andrew Rushford ([email protected]) > from Greater > NYC Campaign for Liberty <http://www.meetup.com/campaignforlibertynyc/>. > To learn more about Andrew Rushford, visit his/her member > profile<http://www.meetup.com/campaignforlibertynyc/members/6794857/> > To unsubscribe or to update your mailing list settings, click > here<http://www.meetup.com/account/comm/> > > Meetup Support: [email protected] > 632 Broadway, New York, NY 10012 USA --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
