Phony GDP Growth, Farm Subsidies, Sub-Prime Auto Loans
The Schiff Report (7/30/2012) Listen to The Peter Schiff Show Weekdays LIVE and FREE on http://www.SchiffRadio.com Follow me on Twitter @SchiffRadio Friend me on http://www.Facebook.com/PeterSchiff Buy my new book at http://www.tinyurl.com/RealCrash
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Actually, free markets chronically fail for farmers. This was fixed by Price Floors )with inventory management, like other businesses), so that farmers would make a profit. Congress lowered (1953-1995) and eliminated (1996-2018) Price Floors, adding subsidies to compensate for about 1/8 of the reductions starting in 1961. Farm prices (without subsidies) for a sum of corn+wheat+soybeans+rice+cotton+barley+sorghum+oats were below full costs 1981-2006, except 1996, and on to 2014 for 5 of them (no corn, rice, soy), 6 of 7 years. So the US has not often made a profit on farm exports in recent decades. OPEC used it's market share to manage supply and demand and make profits over decades, while the US, with even bigger export market shares, did the opposite, overproducing over decades and lowering export prices.
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Thank you for sharing.
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Once the car is sold the customer then becomes the banks customer and is merely renting the car. GM and all other car manufactures don't care if the loans go bad, it's not their problem.
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lol
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the seller never is a price maker. the consumer is
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Farmers are price takers, not price makers. If we take away the safety net for farmers(especially marginal ground) you would likely see less ground put into production due to the very high cost/risk of raising a crop. Simply, it is the best way to ensure the greatest amount of food to be produced. If alot of farmers lost a ton of money this year due to loss, then next year there would be less ground in production, therefore an even greater strain onto the food supply, and prices would get scary
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Farmers have a risk of not being able to decide what price to sell their products at. Bankers decide that. Other industries have risk that their product may not sell, but at least they can sell their product at the price of their choice.
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I just stumbled onto Mr Schiff, simply brilliant. Thanks for the education
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Why even have an approval procedure if they would grant a lease to someone so deep down the hole?
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Even Ron Paul wouldn't abolish the Department of Agriculture. Always wondered why.
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That farm subsidized scam has been going on for decades.... and we get scammed by just one more government agency that doesn't have a clue....
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I was 'shocked' when I heard about the moronic sub-prime loans for cars!! How long does the sub prime loan stay in affect? What happens when it resets, like the housing loans? Uh...then what do you do with the repo'd cars? Freakin idiots!! When will they start giving out sub prime loans for drugs and hookers?
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I think parents should not have children these days if they cannot afford to pay for their education in cash. It is not fair that the children will have to pay student loans unless they make poor choices and waste the funds.
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Robert Shiller of Yale and Nouriel Roubini of NYU are the only properly credited Keynesians to forecast the crash. Both are very good and worth listening too. Krugman's "prediction" was far too late.
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Peter, Please do a video about Paul Ryan
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Mr. Schiff, I sent you an e-mail (to Mr. Finger) begging you to come speak to my school (via the Federalist Society).. Please come speak on Farm Subsidies or whatever you like! You're awesome!
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Peter is the man.
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I think Krugman predicted the collapse like the quarter before it happened. when some people started foreclosing. I remember him saying that he "accurately predicted the collapse" but Peter Schiff was just "a doomsday predictor who preached collapse long enough that he was eventually right." Krugman makes me sick.
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You're right he wasn't the only one that predicted the collapse. What I'm searching for is a Keynesian that predicted it; so far I havn't found one :)
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Are you serious?
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