Why the Meltdown Should Have Surprised No One
Posted Mar 17, 2009, 10:35 AM UTC
2214
Skip to 40:00 for big laughs.
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The first half is strong - pointing out the foolish mentality that created the .com and real estate bubbles, but by the end he gets into crazy-land. He criticizes the U.S. for big government then praises China. He really believes that the grass is greener over the fence but does not support it with much evidence.
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He criticizes the US for interventions that made the crash inevitable and that are going to make the recovery difficult. He "praised" China by saying it had an actual productive base, largely unlike the US, not so much for any of it's governmental policies.
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But is that fair? I would argue that the US not only has a productive base, it is clearly more productive than China is and will ever be. According to the World Fact Book, the per capita 2008 GDP for the US is $48,000 while China is $6,100. They are hardly comparable. If Schiff is saying different, he'd better produce some pretty impressive new facts.
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I don't think GDP is calculated the way you think it is. Do you realize that consumer and government spending, even via borrowing, contributes to overall GDP?
GDP = consumption + gross investment + government spending + (exports − imports)
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I just wanted some quick facts for a reality check. If you have some more accurate numbers, please post them.
-1
I don't know if it's fair. You were just characterizing what he said incorrectly. It seemed like you were saying he criticized the US's big government, then hypocritically praise China, which has a big government. That, however, would be mischaracterization of what was said.
2
That is exactly what he said. It's sad you can't see that.
0
Reminds me of when he was joking around with the Saudis about the U.S. issuing the death penalty for trading with anything other than USD. The only thing funny about the conversation was that Peter and his father would be beheaded in public if they were to live in Saudi Arabia.
Schiff holds a grudge against the U.S. because his daddy is in jail for tax evasion. He's happy to support the most oppressive and corrupt governments in his juvenile quest for revenge and recognition.
1
It's nice to see a perspective that includes, but does not stop at securities, leveraging, and over payed executives.
Exactly, I'd like to see this guy on the daily show. Reddit would have a religious schism