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Nov 2006 Peter Schiff Mortgage Bankers Speech Part 4 of 8
September 26, 2009 | 25 Comments
In 2006 Peter Schiff tells over 1000 mortgage brokers they are about to be out of jobs. Watch how he completely nails the coming real estate/mortgage debacle before anyone else even realized it was coming.
Comments
25 Comments so far
Just one word for this guy – Genius
i am in the brokerage business and i have to tell you that he had this fiqured out better than any one i knew. i knew it and know why now. he told you the why before it happened. peter schiff for president..not senate. forwars thinking is better than backward thinking
CDOs, not CMOs Peter
Remember that Schiff was Paul’s economic adviser during the campaign.
GREED
i love how peter drifts away from the podium as he speaks lol. if he keeps talking, he’ll end up offstage.
that’s four words but yeah, you’re right…
realtors and mortgage bankers just got a dose of reality. they made the right painful choice of inviting Peter Schiff in..
no wonder they can’t invite him in after this, and after all equity evaporated!!!
hahahaha!
I’ve been listening to and watching Peter for about 4 years. He is a pretty loud guy and comes off cocky sometimes. But, he knows his stuff. He is well educated in the Austrian School of Economics, The Austrian Business Cycle, Credit and Fractional Reserve Banking, and of course the equities and commodities markets. He knows his stuff.
Two words for you all: Moral hazard and Information asymmetry.
Here is a great example: My friend bought a house in 2002. He was making $13/hr installing carpet (of course remodeling your home during that time was big business). he put no money down and he had no money saved. He ended up getting a house for $212K and an ARM, but at the time I thought it was odd. Now I look back and think HOLY SHIT! ANd yes…he ended up foreclosing on the house 1.5 years later. He said he didn’t lose any money, but his credit got a decient hit. Lesson learned.
Because it would of killed demand and therefore a surplus of homes. When mortgage companies are pushing liar loans, do you think bankers want to listen to this guy. Forget about people. People making 13/hr with no money down wants that American Dream and they will do anything for it.
Both the Republicans and Democrats are to blame for this one also. epublicans turned a blind eye and the Democrats want their marginiized constiturmts to have owneship, so they can get r-elected.
Hmm. I think Schiff is what we need right now. Ron Paul is good for all of the social reforms we need, Schiff is good for all the economic reforms we need. Although maybe we should elect Paul first because he’s old and may die soon. Perhaps Paul president Schiff Vice president? Or the other way round?
how come no one was listening to this guy? It’s one thing to be a cocky banker or investor, another thing to be smart. Amazingly we had very few smart people in investment.
Well if Ron Paul dies for whatever reasons, he would make a good replacement.
please run for president Peter
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That’s what the Austrian school is about, I’ve been a proponent since I was 15. It’s based on reason and rational and not ignorance and revisionism like Keynesian economics.
You have to clear both interest and inflation.
too bad we can’t exchange the truth for hammers
Big bag of hammers up side the head!
He states the facts so plainly i almost feel sorry for those who are being slapped up the side of the head with a big bag of truth.
‘These liar loans you guys came up with’ and a hush falls over the crows at 2:00 into it lol (on top of the fact its already quiet in there) By the way, Mr Schiff was NOT asked back in 2007. Poor saps- they still Ignore him.
Pure genius. Peter Schiff is as wise as Solomon and bold as David.
This man is a prophet.
Not to mention clear transparent logic; beautiful analogies and remorseless analytics……