Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!

Posted on April 2, 2009. Filed under: Blogroll, Economics, Investments, Links, People, Quotations, Rants, Raves, Resources, Taxes, Technology, Uncategorized, Video | Tags: , , , , , , , , , , , |

 Three Chinese Curses

May you live in interesting times.

May you come to the attention of those in authority.

May you find what you are looking for.

Humans make mistakes.

One should learn from your own’s mistakes.

A better approach is to learn from the mistakes of others so as not to repeat them yourself.

Peter Schiff, Steve Forbes and Michael Bloomberg both summarize their views on the primary causes of the current financial crisis and recession.

 

Peter Schiff: They’re Gonna Change This Into An Inflationary Depression!


 

 

Peter Schiff Economic crisis analogies

 

Is The Federal Reserve Intentionally Causing The Economic Crisis?

 

Michael Bloomberg – Origins of the Economic Crisis

 

Complete Bloomberg Interview

http://fora.tv/2008/09/17/Michael_Bloomberg_on_the_Economy_in_Crisis#chapter_01

Unfortunately, President Obama, Treasury Secretary Geithner, and Federal Reserve Chairman Ben Bernanke continue to repeat the mistakes of the past with there massive bailouts of failing banks, financial institutions and businesses.

A free market economy requires that businesses that fail should either be liquidated or sold to successful businesses and not bailedout.

The Congress and the Federal Government has no Constitutional authority to rescue failing businesses no matter what there size or impact on other businesses.

It was Federal Government failure to learn from the mistakes of the past that bears much of the responsibility for the current financial crisis and recession. 

Greed, Arrogance, Stupidity–human nature– results in many mistakes being made.

Could not agree more with Peter Schiff that the U.S. economy is heading for inflationary depression.

Time to join the Second American Revolution and rally at a Tax Day Tea Party in your community on April 15, 2009:

 

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

 

tea_party_truck

 

TEXAS “Tax Day” TEA PARTY Events – CAPITALIST MARCH ON WASHINGTON

 

Together We Can Save the Nation

Make a Point on Tax Day 2009

“…April 15th–the single greatest reminder to every American of just how broken our national tax system is.

 This year our work is more important than ever before. Our battered economy can be healed with the FairTax.

Can you help us make that point during this dangerous time for our country?

 Our voices are needed. If we make our democracy work, we can move the FairTax closer to passage.

 It’s all about working together. Below, please find the perfect way for you to support the FairTax–and literally help save the nation.: …” 

fairtax

 

http://www.fairtax.org/site/PageServer?pagename=2009TaxDay

 

LOL

It’s not AIG. It’s the GOV…

 

Subprime Banking Mess


 

 

Background Articles and Videos

 

Peter Schiff Was (And Is Still) Correct on the Financial Crisis

March 31, 2009 · Publius

“…I am man enough to admit I was wrong about Peter Schiff. I thought he was a “doom and gloomer” who was incapable of being optimistic about the economy for whatever reason. Boy was I wrong.

The problem was that I wanted Schiff to be wrong, and I wanted his warnings to be exaggerations like many of the people you will see in this video. I did not want to believe that the money I had in the market was in danger because of a coming financial crisis from the mortgage industry. And seeing smart people like Ben Stein and Neil Cavuto downplaying or dismissing Schiff’s statements was the only excuse I needed to dismiss him myself.

I wish I could have that one back, but I can’t.

What I can do though is heed what Schiff is saying now, and I suggest everyone in the country do the same. …”

 

“… Schiff argues that our deflationary recession will soon become an inflationary depression if the government does not reverse the course it is taking. The enormous increases in the money supply (printed by the Fed) and government borrowing and spending (Obama’s budget with a $1.8 trillion deficit) will no doubt result in inflation. In fact that is the desired result to combat the current deflation. But since this kind of government intervention has never worked in the past, the prospects of future experiments do not instill much confidence.

Schiff’s recommendation does not require the government do nothing though. If the government starts promoting savings and reduction of debt again while reallocating resources back to sectors of the economy that produce goods, the recession will be much shorter lived. However, if they continue to promote consumer borrowing and spending, as they currently are, our problems could and probably will get much worse. …”

http://freedomedium.com/2009/03/peter-schiff-was-and-is-still-correct-on-the-financial-crisis/

 

Socialism Comes to America

 

AIM Report  |  By Cliff Kincaid

“…While many of the talking heads and pundits on TV were providing calming words of reassurance about federal intervention in the financial system, analyst Peter Schiff of Euro Pacific Capital had been accurately warning for years about a financial meltdown and says that the worst is yet to come. Asked for comment on media coverage of the financial meltdown, he told Accuracy in Media, “Absent when they have me on, it’s pretty bad.”

Many commentators, Schiff said, were telling people that if the bailout doesn’t go forward, there would be an economic crisis. However, “if we do it, there will be a bigger crisis,” he predicts. “The politicians want to make believe we can avoid paying the piper if we pass these bailouts,” he said. “It’s just not true. It’s going to collapse the currency. It’s going to make a worse economic crisis because the money they’re printing is not going to buy anything.”

While he continues to make a number of media appearances, he says that the CNBC cable network won’t have him on the air. “I predicted all this stuff, and they laughed at me,” he said. “So maybe they’re embarrassed.” …”

“…Schiff, who labels the government takeover of the financial sector as socialism and refers to the Federal Reserve Board chairman as “Comrade Bernanke,” told AIM, “The government doesn’t have the authority to do any of this stuff. This whole bailout bill is illegal. They don’t have the authority to buy up mortgages. Nothing in the Constitution says they can do this.”  “Who needs Bolsheviks when you have the Fed?” he had written.

The author of “Crash Proof: How to Profit from the Coming Economic Collapse,” Schiff  said that “The government doesn’t solve problems. It makes them bigger. So if we’re broke, which is the reality—that’s why these mortgages are not worth much because Americans can’t afford to pay the money back that they borrowed—the bottom line is we’ve borrowed and spent ourselves into bankruptcy following the government’s advice. They’re the ones that encouraged all this reckless borrowing and spending.” …”

http://www.aim.org/aim-report/socialism-comes-to-america/

 

Background Articles and Videos

Share it: The Tea Party Google map

By Michelle Malkin  

FreedomWorks has put together a terrific map with info on all the Tax Day Tea Party events. Spread the word and click to find all the location/time/date info you need. Go to the Tax Day Tea Party website for all the latest. Pretty amazing, don’t you think:

http://michellemalkin.com/2009/04/01/share-it-the-tea-party-google-map/

Tea Party update: Revolution is brewing

By Michelle Malkin  

“…Eric Odom reports that there are now 115 cities signed up for the April 15 nationwide Tax Day Tea Party protest. Wow. If you haven’t signed up, want to start your own, and are looking to meet up and organize with other tax revolters, go to Tax Day Tea Party’s website here.

Here’s a quick how-to guide.

  1. dontgo has opened up a Tax Day Tea Party store. Buy some swag, share with friends, spread the word.

Stay tuned to the Fresh Tea blog, where you can meet organizers from across the country. Check in with TCOT Report and Smart Girl Politics for more grass-roots organizing.

(On a parallel track, fellow Fox News colleague Glenn Beck has spearheaded “We Surround Them” parties scheduled across the country today. I’m hearing from lots of first-time activists who have found overlapping networks. The same principles that unite the “We Surround Them” effort also are in sync with the tax revolters. Synergy is good. We need every body and mind in motion we can get.)

In the meantime, other local Tea Party events keep rolling on.

  • Reader Stan e-mails photos from Columbia, MO’s protest today: …”

 

 http://michellemalkin.com/2009/03/12/tea-party-update-revolution-is-brewing/ 

 

Tea Party progress report

By Michelle Malkin  

 

Just 15 days until the Tax Day Tea Party protest! 300 cities and counting.

Your places for all the latest planning developments, as always:

Tax Day Tea Party

TCOT Report

DontGoMovement

Smart Girl Politics

Check out the full list of TDTP sponsors and supporting organizations here.

Get some Tax Day Tea Party gear here. (Just ordered the iTeaParty t-shirt.)

And track #teaparty tweeters here.

 

http://michellemalkin.com/2009/03/30/tea-party-progress-report/

 

No duh! White House “worried about bailout backlash”

By Michelle Malkin  

“…With a few notable exceptions, the national media has ignored the tax revolt movement against the porkulus package, omni-pork spending bill, and bottomless bailouts that began in Seattle on President’s Day; continued in Denver on the day of the Generational Theft Act signing; spread to Mesa AZ during President Obama’s massive mortgage entitlement push; spurred protest in Overland Park KS; and evolved into the Tea Party movement across the country.

But local politicians and local newspapers/TV are definitely on notice. Thousands of folks converging in places like St. Louis (1,500), Greenville (2,000), Fullerton (est. 15,000), and Cincinnati (5,000) are getting harder to ignore.

And now, it seems, word is getting around in Washington. The White House, the NYTimes (which has mocked the tax revolters) tells us, is worried about a populist backlash against bailout-mania. Naw. Really? You don’t say: …”

http://michellemalkin.com/2009/03/16/no-duh-white-house-worried-about-bailout-backlash/

 

 

 

Why the Meltdown Should Have Surprised No One

 

Steve Forbes on Fannie Mae, Freddie Mac, and the Subprime Crisis

 

Complete Speech

http://www.youtube.com/watch?v=vqBquI2GooU

 

Frost Over The World – Steve Forbes and Pat Buchanan -Oct 31

 

Steve Forbes – Obama Stimulus is a Waste of Money

 

Authors@Google: Michael Bloomberg

 

Joseph Gyourko on Fannie, Freddie, and the Housing Bust

 

Deconstructing the Subprime Crisis

 

Wall Street’s Day of Reckoning: The Fannie & Freddie Bailout

 

Franklin Allen on Lessons from the Subprime Crisis

 

 

Franklin Allen on Past Crises

 

Richard Herring on Mortgage-backed Securities

 

Susan Wachter on Securitizations and Deregulation

 

Related Posts On Pronk Palisades

 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009!

Second American Revolution–Tea Party Celebrations–Washington Fair–July 4, 2009–An Open Invitation To The American People

Operation Family Freedom (OFF): Millions Celebrate Washington Fair, Saturday, July 4, 2009–The Second American Revolution

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Cap and Trade Carbon Dioxide Tax: Gore’s and Obama’s Revenge on The American People–Let Them Freeze and Sweat!

The Truth President Obama: You Are Spending And Taxing The United States Into Radical Socialism And Bankruptcy!

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

President Obama Delays E-Verify–Shame On You Mr. President!

One Big Awful Mistake America (OBAMA): Veterans Will Now Lead The Fight To Defeat Radical Socialism!

The Signed “Stimulus Package” Did Not Include Funding for E-Verify and Border Fence Construction–Less Jobs And Security for American Citizens

Inside the Meltdown: Who Was Withdrawing From Money Market Funds On September 16-18, 2008 and Why?

The Mother of All Bailouts–2 to 3 Trillion Dollars–$2,000,000,000–$3,000,000,000!–Rewarding Greed, Arrogance and Stupidity–Pay for Play!

Bad Government Intervention Requires Bad Government Bank-The Road Map Out Of The World Economic Crisis–Stabilize–Stimulate–Strengthen–Simultaneously! 

President Obama’s Sales Pitch–Buy My Government Dependency Package–I Won The Election!–No Sale–The American People Want Their Money Back!

President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Pelosi’s Porky Pigout Poison Package–Economy Wrecker and Job Destroyer–Have A Blue Christmas 2009! 

BO’s Raw Deal: Obama’s Two Year Recession and Two Year Hyperinflation–Hopeless & Small Change!

Boycott Bailedout Businesses and Banks

Ban Bailouts–Stop Inflation Now (SIN)–Stop Socialism of Losses!

The Sovereign Wealth Fund Threat: Are Chinese Communists Behind Rush In Passing Bailout Bill?

The United States is Broke!–Chapter 11 Bankruptcy Time For GM and Ford Is Now!

Recession–Recession–Recession–Scaring People–Have A Hot Dog!

It Is Official–The U.S. Economy Has Been In A Recession for 11 Months and Continuing!

The Cost of Comprehensive Immigration Reform–McCain and Obama Are Hopeless–It is the Economy Stupid!

Presidential Candidates on Illegal Immigration, Criminal Alien Removal and Social Service Benefits

The 2008 U.S. Presidential Election–Wedge Issues Now (WIN)?

The Issue of The United States 2008 Presidential Election–Criminal Alien Removal (CAR) and A Border Security Fence (BSF)

Clear, Hold, Build– Strategy for Victory In Iraq–Now Ready for Prime Time in America– Operation Criminal Alien Removal (CAR)!

 2008 Presidential Choice: Leader or Diletant–McCain or Obama 

Presidential Election 2008: American Elites Vs. American People

Appeasers and Oath Breakers All: Bush, Clinton, Bush, McCain, Clinton, Obama…Who is next?

Why immigration will be the number 1 political issue in the 2008 Presidential Election! — Gum Balls

Presidential Candidates on Illegal Immigration, Criminal Alien Removal and Social Service Benefits

The Cost of Comprehensive Immigration Reform–McCain and Obama Are Hopeless–It is the Economy Stupid!

John McCain’s Position on Illegal Immigration and Criminal Alien Removal? 

Presidential Election 2008: American Elites Vs. American People

Alan Keyes on Immigration

US Immigration Videos 

 


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45 Responses to “Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, Arrogance, Stupidity–Three Chinese Curses!”

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[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

An interested political agenda and many trying to evade responsibilities are attributing most of the current crisis to a “cozy relationship between Wall Street and Washington”. This completely ignores what the Basel Committee did.

It was Basel Committee on Banking Supervision and NOT Washington that authorized banks to a 62.5 to 1 times leverage when lending to corporations that were rated AAA or AA-(like AIG) by some human fallible credit rating agencies.

http://www.theaaa-bomb.blogspot.com/

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbes and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, A… […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]

[…] Schiff, Forbers and Bloomberg Nail The Financial Crisis and Recession–Mistakes Were Made–Greed, … […]


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