Peter Schiff: The Real Fiscal Cliff, How to Spot the Ledge

Peter Schiff:
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Dennis Kucinich on Fiscal Cliff: Why Are We Sacrificing American Jobs for Corporate Profits? – As President Obama meets with congressional leaders at the White House in a last-ditch effort to reach a budget deal, we speak to outgoing…
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39 Responses to “Peter Schiff: The Real Fiscal Cliff, How to Spot the Ledge” Subscribe

  1. Yuoskalola April 8, 2013 at 8:18 am #


  2. IgnacioAgramonte April 8, 2013 at 8:35 am #


  3. veramann April 8, 2013 at 9:30 am #

    Peter’s father is in prison. He violated the tax laws. 

  4. Kpa1983 April 8, 2013 at 10:12 am #

    the best thing is to get rid of governments all together.. anarchy is order. market order. let people use what they want as money. bitcoins, gold, silver or whatever. who cares if a buyer and a seller are in agreement for an exchange what kind of money they use

  5. Kpa1983 April 8, 2013 at 10:43 am #

    no he didnt cheat at all. maybe you should research him more. he said that the income tax is illegal and that there is no law that requires him to pay the income tax. instead of proving him wrong, he was locked in a cage.

  6. Ralph Deep April 8, 2013 at 11:27 am #


  7. veramann April 8, 2013 at 11:57 am #

    Peter’s dad is in prison for cheating on his tax. That’s why he hates the gov’t.

  8. IgnacioAgramonte April 8, 2013 at 12:46 pm #


  9. icantstop90 April 8, 2013 at 1:30 pm #

    What’s moronic about accuracy? He’s spot-on… Listen, instead of judging, and maybe you’ll gain some insights.

  10. Tetra H. Flowers April 8, 2013 at 2:19 pm #

    Right-On Brother!

  11. gsc01972 April 8, 2013 at 2:49 pm #

    douchebag …..
    An individual who has an over-inflated sense of self worth, compounded by a low level of intellegence, behaving ridiculously in front of colleagues with no sense of how moronic he appears.

  12. gsc01972 April 8, 2013 at 3:01 pm #

    peter schiff..your just a lying crook..Why do you think we have so much debt that will be passed to the common man? Because banksters like you made bad beats like a bad gambling addict…Who bailed your asses out THE PEOPLE OF THE UNITED STATES…That’s why they are printing money to save your scumbag asses!! And you act so SHOCKED..! Government over spending? Then tell your lobbyist friends to stop buying our government officials and making deals to spend THE PEOPLES money..fucking douchebag

  13. gsc01972 April 8, 2013 at 3:48 pm #

    411American your a stupid fuck and you should shoot yourself in the face!! Unions were created by the workers cause they were tired of working in the textile sweet shops for no money and no fuck!! You think your slave master wants to share his profits that his slaves are making for him..? NO!! That’s where unions come in… have no brain

  14. 411American April 8, 2013 at 4:36 pm #

    Union failure due to lack of independence !!!!
    Union is the opposite of independence, God gave some people brains to use — PEOPLE WITHOUT PRINCIPLES USE UNIONS.

  15. legion lowrey April 8, 2013 at 5:16 pm #

    Bush 4 trillion in 8 years vs Obama over 6 trillion in only 4 years and guess what? He gets another 4 years because of morons like you. Numbers speak for themselves you neo liberal whore.

  16. wtfamos April 8, 2013 at 5:23 pm #

    Maybe Satan told them it’s ok?

  17. djjimi April 8, 2013 at 5:58 pm #

    I think you’ve nailed it, but let me take it a step further. In the last 30 years, we’ve moved from a country that grows, inovates and manufactures it’s own consumer goods to one that primarily consumes imported goods. If we only consider hi tech products, we’ve become a country that replaces those gagets on an average of once every one or two years per $1000 as opposed to 10 to 15 years. The result of a lack of federal regulation, consumer protection and labor offshoring equal disaster.

  18. Whoknows1445 April 8, 2013 at 6:04 pm #

    I think we need to look beyond the debt curve and onto WHY it occurred. The acceleration of government debt was the result of debt in the household sector. US household debt is a $13 trillion, largely unproductive animal, and it is going to continue to de-leverage. That is why deficits will continue to up, and if we’re talking mass-austerity, defense and pensions are going to be significantly shaved off to see public debt-levels falls.

  19. djjimi April 8, 2013 at 6:40 pm #

    And that, my friend, is why unfettered capitolism combined with globalism is a terrible idea.
    I say we bring back the 40 year corporate life limit, make it retroactive, and put an end to this crap right now.

  20. Ken Smith April 8, 2013 at 7:16 pm #

    Multinationals are not very bothered by governments going bankrupt. They are free to move from nation to nation and effectively operate outside the laws of nations. Look back at the era of Reagan. The national debt was tripled in 8 years but companies were not bothered. Look at the Clinton era, the budget moved towards balanced and companies were fine then too. It is to the “common man” and not corporations where such things really matter.

  21. djjimi April 8, 2013 at 7:25 pm #

    Thank you for your thoughtful (and reasonable) answer. This describes one reason for how a recession can start, but the outcome is that companies lose faith in the future of our economy. Don’t you think that the same can be said when the debt of a country increases three fold in just 12 years?
    Economic theory is just that… it’s THEORY. Simply using a bunch of formulas to analyze the problem will not answer the questions we now face. Greenspan tried this, and looked what happened.

  22. Whoknows1445 April 8, 2013 at 7:28 pm #

    Most who support the Nixon-esque Voodoo economics tend to be employed in the extensive military and prison-industrial complex. I’d even say more than the extremely wealthy who put a lot of money into both parties. A lot of well-paying jobs at the various military outfits in Arizona, Colorado and elsewhere. ;)

  23. Whoknows1445 April 8, 2013 at 7:41 pm #

    The economic recession has do with the de-leveraging of the private debt. On the other hand, the federal deficit is a peripheral issues. Private debt, particularly household, collapsing is why deficits are going up. That is the relationship between deficits and the recession.

    The European austerity has been an utter disaster. I have seen the effects directly and there is no way the, vital, consumer-based economy of the EU will be returning unless Africans transforms into consumers.

  24. Whoknows1445 April 8, 2013 at 8:15 pm #

    The property market, world wide, has been transformed into one that is centred around speculation. This was done to counteract the effect of higher paying jobs being outsourced. Instead, we’ve seen a highly over leveraged household sector that can no longer spend.

    Cutting taxes will not address the private debt elephant. Nor would the “moderates” proposals ( such as in Europe) where young people are shafted while pensions are maintained. Ironically, young people will be unable to fund them.

  25. mitch lola April 8, 2013 at 8:51 pm #

    I love the way you spin facts. LOL. U are such a blowhard. Like rightists everywhere, the loudest and angriest guy in the room.

  26. djjimi April 8, 2013 at 9:31 pm #

    Yes, I understand the concept of loss cary forward, and it doesn’t apply here since not one of these corporations ever operate at a net loss. In fact, most of them have been reporting record profit increases while still paying ZERO taxes and getting huge checks from the US Treasury. Do you have any concept of math? The point is, the corporate tax rate is 35%… but none of them are paying it. Corporate socialism at it’s best.
    And what does the mortgage collapse have to do with unemployment?

  27. MetalDetroit April 8, 2013 at 9:33 pm #

    The recession is due to the MORTGAGE collapse – not tax rates.
    The Mortgage collapse is due to the Community Reinvestment Act which forced Banks to make mortgage loans to those they knew could not pay…..AGAIN – nothing to do with tax rates.

    As for Corporations paying “zero” taxes – do you understand the concept of loss carry forward?

    These Corporations are paying taxes – we have the highest corporate tax rate in the world. – but there are various reasons for losses and carryforward.

  28. djjimi April 8, 2013 at 9:41 pm #

    To suggest that the federal deficit and economic recession are not related is idocy. Of course they are related.
    There are lots of corporations who have an effective tax rate of zero due to federal subsidies.
    General Electric: -61.3%, American Electric Power, Dupont, Verizon, Boeing, Wells Fargo, FedEx and Honeywell — have tax rates between -0.7 percent and -9.2

  29. MetalDetroit April 8, 2013 at 10:03 pm #

    Your reply is meaningless….. Tax rates have nothing to do with the Mortgage collapse which led to the recession.

    I challenge you to come with a reason why you think otherwise.
    What you wrote makes zero economic sense.

    “the largest corporations are getting more money back than what they pay.”

    - you have no clue what you are talking about….. Cite a reference, otherwise you are talking out your ass.

  30. MetalDetroit April 8, 2013 at 11:02 pm #

    Do you even realize that the tax cuts led to MORE revenue for the government – not less?

    This was due to increased economic activity. – people with money in their pockets – tend to spend it.

    As for the wars – did you know that Obama’s “Stimulus Package” (which led to zero new jobs) cost more than BOTH the Iraq and Afghanisatn wars COMBINED !

  31. Synchr0nix April 8, 2013 at 11:08 pm #

    Kucinich 2016!

  32. TheFunkadelicFan April 8, 2013 at 11:35 pm #

    You did it. You said “sheeple”.

  33. nDelphi April 8, 2013 at 11:53 pm #

    Sorry, I am not part of the sheeple. I don’t believe the crap that comes out of Washington hook line and sinker. I leave that up to people like you to keep playing the ignorant card.

  34. djjimi April 9, 2013 at 12:29 am #

    You’re absolutely correct in that the collapse was (at least) 25 years in the making. If you look at the corporate tax rates and top income tax rates in those years, it’s obvious why.
    When Reagan took office, the top tax rate was 70%. It was dropped to 50 until 1987 when it was 39.5%. Under Bush 1 – 28%, then back to 39% under Clinton. Under Bush2, it was lowered to 35% (2003) – where it remains today.
    To add injury, the largest corporations are getting more money back than what they pay.

  35. mitch lola April 9, 2013 at 12:30 am #

    Blah blah, blah. The Repulicans ran up the debt for their disastrous tax cuts and wars. They are the worst managers the country has ever had. In case it escapes your notice Clinton(Dem) was last to balance and create surpluses. The Republicans use their voodoo economics to dig the ditch deeper and deeper. The right(like u) has no shame in blaming this on others.

  36. MetalDetroit April 9, 2013 at 12:37 am #

    During Obama’s Presidency – the Deficit is One TRILLION DOLLARS. This cannot be paid for !

    We are facing the most predictable economic collapse in the history of the world. The fact that the Democrats refuse to acknowledge it is an affront to American taxpayers.

  37. mitch lola April 9, 2013 at 1:12 am #

    And once again Metal tax the rich properly and after a period of time the budget will balance and the economy will improve. Quit the personal insults, you must be one of those angry rightwing yanks we have all grown weary of.

  38. MetalDetroit April 9, 2013 at 2:11 am #

    The collapse came in 2008 but was 25 years in the making.

    As for taxing and spending – obviously you need tax revenue to fund government. The problem is wastful spending.

    Obama spent $850,000,000,000 on “stimulus” to get the economy moving….

    Where did the money come from? (other than borrowed)

    Lets assume the money came from tax revenue.

    You take 850 Billion out of the economy – then put 850 Billion INTO the economy to “jump” start it….

    See how that DOESN’T work ?

  39. MetalDetroit April 9, 2013 at 2:17 am #

    Onced again – maybe you missed it……

    We are now 16 Trillion in debt! If the government SEIZED all the WEALTH of the Wealthy – Every PENNY – 100% of it.


    We are crushing future generations.

    SPENDING is the problem !

    If you think this government cannot cut spending you are high !

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