Peter Schiff is an American businessman, investment broker, author and financial commentator. Schiff is CEO and chief global strategist of Euro Pacific Capital Inc. He also hosts his own podcast called “The Peter Schiff Podcast” available on iTunes and at SchiffRadio.com
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"the things that are good economics are bad politics" very well said
Egalitarianism failed Joe. #cancelDemoncratParty
At “1:03” he simply repeats George Bush Sr.’s “1000 points of light” concept – which had non existent results. Independents realize both parties have destroyed the country. So obvious. Not sure what’s next – except for total reset.
In 1969 the Cuyahoga River caught fire. It wasn't the first time. It had happened twelve times before but this time people started to pay attention.
When asked why they dumped all those chemicals into the river the corporations and industries responded with, "We obeyed the law". And they were right. So government responded with regulations on what could be dumped in the rivers because we could not rely on the capitalist "pie in the sky" notion that greed and self interest will keep industry from doing bad things.
Schiff says that no minimum wage would be good for workers because it will create more jobs. What it will actually do is drive down wages for everyone in the working class. Further it will result in workers working longer hours or working at a second jobs to make ends meet. This will result in fewer jobs available and thus desperate workers will be forced to accept even lower wages thus exacerbating the problem.
As we have seen again and again in US history the capitalists cannot be relied on to do the right thing. As soon as the minimum wage is removed then capitalists will try to manipulate the market so they can pay people less and less. We saw this with slavery. We saw this with the United Fruit company. We saw this with coal miner "company script". What's more is that productivity has been rising and some people are making fortunes off of stagnant wages. Jeff Bezoss had to be convinced (threatened) to raise wages to 16 an hour. He's still making money hand over fist. His workers are highly productive and making him billions but he wasn't willing to pay them more because he had so much control over the labor market. Those employees are still under paid at 16 an hour.
It is a lie that low wage workers are learning valuable skills as most low wage jobs have no clear path to promotion let alone to middle class wages. Apprenticeships at work are usually only available in trade skills profession and those almost always pay MORE than minimum wage! Minimum wage jobs in fast food or retail that make up most of the minimum wage jobs are dead end jobs. Just by graduating high school (which is designed around a factory model) most kids have already learned more than Taco Bell or the local Publix could ever teach them.
Peter Schiff brags about how much money he made "shorting" sub prime mortgages. What those guys did was package up risky mortgages with other mortgages and buy and sell those mortgages again and again which drove up the prices of those mortgages and when the bubble they created burst they sold out and walked away with billions while the economy failed and millions of people lost their jobs and their homes and their businesses. Trillions were lost by working people and never recovered. When the government asked them why they did that they responded with, "We obeyed the law".
It's still legal for banks to repackage sub prime mortgages and sell them while hiding their true value.
A frog was sitting by the river. Peter Schiff crawls up and says "Hey frog give me a ride across the river." The frog says, "No way. You'll sting me." Peter Schiff responds, "No I won't. Besides, you'll gain valuable experience in carrying capitalists across the river." The frog sits for a moment and ponders his future and decides he has to do it. So Peter Schiff climbs on the frog's back and they start across the river. Half way across Peter Schiff stings the frog. Just before they both slip under the water the frog asks,"Why did you do that? Now we'll both die."
Peter Schiff responds, "I obeyed the law".
lol "i can't pay someone ten dollars an hour for five dollars of productivity' what twaddle; you wouldn't be paying them at all if you weren't getting fifty dollars of productivity and pocketing 30 after giving 5 back to company infrastructure and 10 to your lickspittles, you lying sack of shit.