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Author Topic: Upcoming Crash Will Be ‘Worse Than 2008’ Says Economist Peter Schiff  (Read 222417 times)
Wiggs
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« on: July 04, 2012, 05:22:50 PM »

Lets keep it civil assholes...

I've read about this "real" Crash for years...What if, it's true?


http://www.moneynews.com/StreetTalk/economy-2008-crash-schiff/2012/06/15/id/442489?PROMO_CODE=F355-1

Investors need to prepare for an upcoming stock market crash that will be “worse than 2008.”

That’s according to a well-respected author and investor, making a recent appearance on Fox Business.

Peter Schiff, the CEO of Euro Pacific Capital, says the stock market collapse we experienced in 2008 “wasn’t the real crash. The real crash is coming.”

He says that Federal stimulus, or quantitative easing, never works and that it just makes the economy sicker in the end. “The reason we are so screwed up is all this quantitative easing is toxic. I don’t doubt that we are going to pressure Germany into printing. We are like the kid who is trying to get a friend to ditch school with us to go to the beach. We are a bad influence on everybody.”

Schiff’s solution is to raise interest rates, but he acknowledges that it would bring a huge downside risk with it. “In America, the problem is that interest rates are too low. They have to go up. We can’t have an economy with interest rates at zero. If the Fed lets interest rates go up, we have to realize that we will have a deeper recession, we have to realize that banks are going to fail.”

He points out that today’s “safe haven” investments — the U.S. dollar and Treasurys — are anything but safe. “There are a lot of people who don’t understand what is going on. Look at how many people are buying the dollar. Look at people buying Treasurys. That makes no sense either. The risk lies in the dollar. The risk lies in Treasurys and other currencies being printed into oblivion.”

A noted economist agrees with Schiff that a much worse stock market crash is coming. And unlike Schiff, he has given very specific details about just how bad it will get.

“The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting in 2012.”

That catastrophic outlook comes from Robert Wiedemer, economist and author of The New York Times best-seller Aftershock. Before you dismiss Wiedemer’s claims, consider this: In 2006 he accurately predicted the collapse of the U.S. housing market, equity markets, and consumer spending that almost sank the United States.


Read more: New Crash will be worse than 2008 says economist

In a recent interview, Wiedemer unapologetically displayed shocking charts backing up his allegations, and then ended his argument with, “You see, the medicine will become the poison.”

The interview has become a wake-up call for those unprepared (or unwilling) to acknowledge an ugly truth: The country’s financial “rescue” devised in Washington has failed miserably.

The blame lies squarely on those whose job it was to avoid the exact situation we find ourselves in, including current Federal Reserve Chairman Ben Bernanke and former Chairman Alan Greenspan, tasked with preventing financial meltdowns and keeping the nation’s economy strong through monetary and credit policies.

At one point, Wiedemer even calls out Bernanke, saying that his “money from heaven will be the path to hell.”

But it’s not just the grim predictions that are causing the sensation; rather, it’s the comprehensive blueprint for economic survival that’s really commanding global attention.


Read more: New Crash will be worse than 2008 says economist


The interview offers realistic, step-by-step solutions that the average hard-working American can easily follow.

The overwhelming amount of feedback to publicize the interview, initially screened for a private audience, came with consequences as various online networks repeatedly shut it down and affiliates refused to house the content.

Bernanke and Greenspan were not about to support Wiedemer publicly, nor were the mainstream media.

“People were sitting up and taking notice, and they begged us to make the interview public so they could easily share it,” said Newsmax Financial Publisher Aaron DeHoog, “but unfortunately, it kept getting pulled.”

“Our real concern,” DeHoog added, “is what if only half of Wiedemer’s predictions come true?

“That’s a scary thought for sure. But we want the average American to be prepared, and that is why we will continue to push this video to as many outlets as we can. We want the word to spread.”

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jwb
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« Reply #1 on: July 04, 2012, 05:25:54 PM »

Interest rates will eventually rise. Only because they will be no other way to raise money without big inflation issues.
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NarcissisticDeity
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I dont care what Ronnie says bc hes not a credible


« Reply #2 on: July 04, 2012, 05:26:41 PM »

Here is what to invest in


* zz20.jpg (242.88 KB, 1100x825 - viewed 1757 times.)
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chaos
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« Reply #3 on: July 04, 2012, 05:27:17 PM »

Who cares? Dec 21, 2012 we're all being abducted by aliens. I saw it on Ancient Aliens.
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Liar!!!!Filt!!!!
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« Reply #4 on: July 04, 2012, 05:29:41 PM »

Capitalist pigs!!!
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arce1988
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« Reply #5 on: July 04, 2012, 06:16:21 PM »

 2012
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War-Horse
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« Reply #6 on: July 04, 2012, 06:19:54 PM »

Very possible.   When obama took office the shit was already a year old. All they could do was put a bandaid on it to stop the bleeding. That was done but some huge changes need to be made.  One thing we dont need is to go back to what got us here in the first place. That is the further redistribution of wealth from the middle class to the 1% by tax subsidys to corporations that dont need them. (for instance the oil industry) and billionaires who take their profits to overseas accounts insyead of reinvesting it back into the economy.

This is WAY BEYOND THE ability of 33333 or coach to understand. Embarrassed
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Marty Champions
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« Reply #7 on: July 04, 2012, 06:25:39 PM »

everything just keeps getting more expensive

people could band together but they dont they would rather follow dumb politicians like matt romney and barak
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A
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« Reply #8 on: July 04, 2012, 07:09:02 PM »

Very possible.   When obama took office the shit was already a year old. All they could do was put a bandaid on it to stop the bleeding. That was done but some huge changes need to be made.  One thing we dont need is to go back to what got us here in the first place. That is the further redistribution of wealth from the middle class to the 1% by tax subsidys to corporations that dont need them. (for instance the oil industry) and billionaires who take their profits to overseas accounts insyead of reinvesting it back into the economy.

This is WAY BEYOND THE ability of 33333 or coach to understand. Embarrassed

I believe in a flat tax. This goes for the unemployed and welfare mongers too.
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« Reply #9 on: July 04, 2012, 07:14:46 PM »

This guy again.  Another fortune teller looking to sell a book or hawk his product.
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Hawk
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« Reply #10 on: July 04, 2012, 07:19:13 PM »

Schiff is a complete and total moron.  Roll Eyes


Katrina Vanden Heuvel, Peter Orszag & Jeffrey Sachs Triple HAMMER Peter Schiff
Forget about universal healthcare, in Petey's world you would just be picking cotton on Koch farms until you die - and he would get a bag of peanuts from his masters per month for looking over you.
<a href="http://www.youtube.com/watch?v=OcD1LLkt9_Q" target="_blank">http://www.youtube.com/watch?v=OcD1LLkt9_Q</a>

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airosol
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« Reply #11 on: July 04, 2012, 07:19:51 PM »

This guy again.  Another fortune teller looking to sell a book or hawk his product.


x2
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grapefruit holder
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« Reply #12 on: July 04, 2012, 07:22:48 PM »

Schiff is a complete and total moron.  Roll Eyes


Katrina Vanden Heuvel, Peter Orszag & Jeffrey Sachs Triple HAMMER Peter Schiff
Forget about universal healthcare, in Petey's world you would just be picking cotton on Koch farms until you die - and he would get a bag of peanuts from his masters per month for looking over you.
<a href="http://www.youtube.com/watch?v=OcD1LLkt9_Q" target="_blank">http://www.youtube.com/watch?v=OcD1LLkt9_Q</a>



He is not a total moron nor is he correct all the time. He was very accurate in many instances and he was wrong on some calls. His track record is better then most but only worse than a few others. One thing that has gotten really annoying is his constant interuptions and he has gotten much too full of himself to take in anything then a short dose.
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Hawk
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« Reply #13 on: July 04, 2012, 07:22:57 PM »

Dennis Kneale Slaps Clown Peter Schiff For His Failed Doomsday Predictions - In 2009 & Again In 2012
Mega-classic clip!~~~~~

Awwww, poor Petey - featured in another classic show-up where he is laughed off the show like a clown.

"15% official unemployment by the time Obama's term has ended" - hahahaha, nice prediction Petey - you have 5 more months to make up that 7% lmao.

Why does the sun go on shining, why do T-Bills keep going up? Don't they know it's the end of the world? - cause you don't love the USA any more. Why do the birds keep on singing, why does the mighty dollar continue to shine? Don't they know it's the end of the world - it ended when you lost all your bucks.

I wake up in the morning and I wonder - why everything is the same as it was. I can't understand, oh I can't understand - why life goes on the way it does...

Why does my heart go on beating, why is inflation so low? Don't they know it's the end of the world, it ended when all your clients said goodbye.

<a href="http://www.youtube.com/watch?v=LLoxUB_kZPQ" target="_blank">http://www.youtube.com/watch?v=LLoxUB_kZPQ</a>

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« Reply #14 on: July 04, 2012, 07:29:17 PM »

Stuart Varney Wishes Peter Schiff 'His Day In The Sun' After Lifetime Of Failed Predictions
Nice thought Stuart but it's not going to happen. If anything, save your wish for his clients whose money has never seen the light of day after they parked it with him.

http://www.cnbc.com//id/47997375

John Carney writes this excellent piece to highlight exactly why Treasury yields are falling due to buoyant relative demand and the shrinkage of the pool of safe assets around the world.

7% interest rates - hahahhaha (note: We don't expect any of the Petey Peasants reading this to get the joke as all of them are economic illiterates).

<a href="http://www.youtube.com/watch?v=Tz0kcOSTbZ4" target="_blank">http://www.youtube.com/watch?v=Tz0kcOSTbZ4</a>

"HAHA. Gold, silver, and the miners took it on the chin the very next day after his interview. Can he get anything right, ever?"
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« Reply #15 on: July 05, 2012, 12:57:14 PM »

Stuart Varney Wishes Peter Schiff 'His Day In The Sun' After Lifetime Of Failed Predictions
Nice thought Stuart but it's not going to happen. If anything, save your wish for his clients whose money has never seen the light of day after they parked it with him.

http://www.cnbc.com//id/47997375

John Carney writes this excellent piece to highlight exactly why Treasury yields are falling due to buoyant relative demand and the shrinkage of the pool of safe assets around the world.

7% interest rates - hahahhaha (note: We don't expect any of the Petey Peasants reading this to get the joke as all of them are economic illiterates).

<a href="http://www.youtube.com/watch?v=Tz0kcOSTbZ4" target="_blank">http://www.youtube.com/watch?v=Tz0kcOSTbZ4</a>

"HAHA. Gold, silver, and the miners took it on the chin the very next day after his interview. Can he get anything right, ever?"



 Roll Eyes
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Dr Dutch
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« Reply #16 on: July 05, 2012, 01:00:30 PM »

Don't worry, be happy.....we will live.  Cheesy
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« Reply #17 on: July 05, 2012, 01:03:45 PM »

Oh god. I can't afford my 3 vacations a year and new plasma screen anymore. Brutal primary necessities to life. Western world = generation nothingness.
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Lungrenisback
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« Reply #18 on: July 05, 2012, 01:07:19 PM »

It should almost be common sense 2013 will be a disaster. The 2008 bailouts were a temporary fix just to get the ball rolling, they did nothing, now were gonna start feelings the true effects of america's new position.
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Lungrenisback
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« Reply #19 on: July 05, 2012, 01:09:18 PM »

Hah! If Americans think they have it bad, wait til you see what Canada has coming its way.

Not only is our number one export partner about to go tits up with ridiculous interest rates and currency deflation. But we're going to be hit with the most significant housing crisis not seen since the US had its own crisis.

Canadians are more in-debt to their homes than Americans were before the bubble burst in 2008? How did friendly canada get so stupid? Same reason America did; cheap lending rates and over-mortgaging of future.

It's coming, and it will not be pretty.

Thankfully I own my home and am poised to invest some heavy dollars into the market when it crashes. Not everyone emerged from the depression in a state of destitution. Plenty can get rich, if they're ready and diversified.


Edit: if pushed to put money on an economist, I put my money on Schiff. He gets a lot of stuff right. Plus, there's a great book on demographics and how they belie trends in economics. God I can't remember the title right now. But isn't it coincidental that the greatest economic driving generation in recorded history is now retiring and hoarding its spending capacity? Boomers are just as much to blame for the recession as is the low interest rate. Not that boomers could have done anything to prevent it. That's what happens when a pig goes through a python.

This is gonna hit toronto, and vancouver, the rest of canada is rich with commodities. Granted both places should of fell off the face of the earth back in 2008. The same is gonna happen in austrailia, both of it largest metro's are gonna have property bubble burst with the rest of the country holding together by commidities.
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« Reply #20 on: July 05, 2012, 02:01:28 PM »

  Every Empire Falls
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Gregzs
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« Reply #21 on: September 03, 2012, 05:25:15 PM »

The dark side of the issue. Some people take advantage of the situation.

http://www.examiner.com/article/actor-tommy-lister-aka-tiny-and-zeus-charged-with-mortgage-fraud?cid=db_articles&goback=%2Egde_865117_member_158082504

“Tiny” Lister, a character actor who has appeared in nearly 100 movies including “Jackie Brown” and “Beverly Hills Cop II,” has agreed to plead guilty to a mortgage fraud scheme that cost banks $3.8 million.
 
Actor Tommy Lister a San Fernando Valley accountant were charged Friday in federal court with conspiring to commit mortgage fraud in a scheme that led to $3.8 million in losses.

Lister, who is also known as “Tiny” and “Zeus,” a 54-year-old Chatsworth resident, was charged this afternoon in a criminal information with one count of conspiracy.


A second person involved in the scheme—Arcelia Chavez, 48, of Northridge, who is a self-employed certified tax preparer—was also charged with conspiracy.

In plea agreements that were also filed this afternoon in United States District Court, both Lister and Chavez agreed to plead guilty to the conspiracy charges.


The court documents filed today outline a scheme that ran from November 2005 through June 2007 and involved Lister, Chavez, and several other individuals, including: Sami Sager Sweiss, formerly a mortgage loan officer based in Woodland Hills; Jason Patterson, a real estate agent in Long Beach; J.R., formerly a manager of a Washington Mutual Bank branch in Woodland Hills; and Wanda Tenney, formerly an escrow officer based in the San Fernando Valley.


Lister conspired with these individuals to fraudulently acquire title to four residential properties he could not afford. With the help of these individuals and others, Lister obtained mortgages for the four properties through fraudulent means, including submitting mortgage applications that included inflated income and asset amounts; fabricating bank statements and falsifying other documents to substantiate the fraudulent statements in the loan applications; and falsifying escrow records to deceive lenders into believing Lister had made required down payments.


In addition to fraudulently obtaining the mortgages, Lister and his co-conspirators concealed from lenders the fact that he would receive kickbacks from sellers after the real estate deals closed.

Relying on the fraudulent applications and documents, lenders issued mortgages totaling $5.7 million. Lister subsequently defaulted on the four mortgages, causing those lenders and their successors to lose approximately $2.6 million.


After acquiring title to the four residential properties, Lister obtained fraudulent home equity lines of credit on each of the four properties. Lister drew down a total of $1,146,000 in cash from the four HELOCs but did not pay back any of the principal.

Lister also admitted in his plea agreement that Chavez aided and abetted him in obtaining one of the fraudulent mortgages and a fraudulent HELOC by preparing a false CPA letter, as well as fabricating W-2s and a pay stub. The false CPA letter stated that Chavez had prepared Lister’s tax returns. Chavez separately admitted in her plea agreement that she prepared the false and fictitious documents, actions that caused lenders to lose approximately $1.1 million.


Lister and Chavez will be summoned to appear in federal court in Los Angeles in September.The charge of conspiracy carries a statutory maximum sentence of five years in federal prison.


On July 30, 2012, Sweiss pleaded guilty to a conspiracy count before United States District Judge Dale S. Fischer. As part of his guilty plea, Sweiss admitted that he conspired with Lister, Patterson, Tenney, and Chavez to commit mortgage fraud. Sweiss is scheduled to be sentenced on March 18, 2013.


The charges in this case are the result of an investigation by the Federal Bureau of Investigation and IRS-Criminal Investigation.

Please remember fraud is not just a white-collar crime; it’s a people crime. People commit it, people suffer in its wake, people’s lives are ruined, people enforce it, and it’s people like you and I who can prevent it.


Mortgage Fraud is insidious; it creeps up on you. Mortgage Fraud exists because it’s able to exist. It isn’t just the industry that’s ripe for manipulation. We can’t point to any one individual and say, “Look, over there, he’s the guy we’ve been looking for. He’s the guy who made it possible for fraud to exist…”


Instead, we must look to ourselves; not as the cause, but the solution. To fight fraud, though, we must first understand it. We must stop seeing fraudsters as criminals and look at them instead for what they really are: colleagues, neighbors, cubicle mates, sometimes even our “friends.”
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airosol
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« Reply #22 on: September 03, 2012, 05:29:08 PM »

hmm......he never seemed shady


* daaaamn.gif (68.65 KB, 377x251 - viewed 671 times.)
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« Reply #23 on: September 03, 2012, 05:31:54 PM »

Deebo expanding into white collar crimes.
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« Reply #24 on: September 03, 2012, 05:52:49 PM »

Dennis Kneale Slaps Clown Peter Schiff For His Failed Doomsday Predictions - In 2009 & Again In 2012
Mega-classic clip!~~~~~

Awwww, poor Petey - featured in another classic show-up where he is laughed off the show like a clown.

"15% official unemployment by the time Obama's term has ended" - hahahaha, nice prediction Petey - you have 5 more months to make up that 7% lmao.

Why does the sun go on shining, why do T-Bills keep going up? Don't they know it's the end of the world? - cause you don't love the USA any more. Why do the birds keep on singing, why does the mighty dollar continue to shine? Don't they know it's the end of the world - it ended when you lost all your bucks.

I wake up in the morning and I wonder - why everything is the same as it was. I can't understand, oh I can't understand - why life goes on the way it does...

Why does my heart go on beating, why is inflation so low? Don't they know it's the end of the world, it ended when all your clients said goodbye.

<a href="http://www.youtube.com/watch?v=LLoxUB_kZPQ" target="_blank">http://www.youtube.com/watch?v=LLoxUB_kZPQ</a>



 Roll Eyes Unemplyment was just released at 12% +/- 3% so I guess he actually nailed it
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