OMG! Steve Liesman to Peter Schiff : " You Have Been Wrong!

[qwerty]

http://www.youtube.com/watch?v=eK_HDYKWJjs

OMG! What a nonsense :D

[brandon]

Schiff's got a hot head. He doesn't take criticism well

[Smoke the Liberty Tree]

Schiff's got a hot head. He doesn't take criticism well

would you take it well if you saw this whole thing coming and still no one gives you the credit you deserve ? :confused:

[Chieftain1776]

Yeah I'm not sure what the economics of it are...they accuse Ron Paul of the same thing. What they ignore is asset prices going up.. Austrians argue that's inflation. Peter Schiff and Ron Paul take it further and say that it will eventually get to inflation of the dollar. They were right about the bubble (asset inflation) but jury is still out on the second case.

Took me awhile but I found this GREAT debate between Art Laffer and Liesman on the effect of the increase of the money supply. Laffer takes Schiff's position (!) but does it with specific and technical arguments. Schiff tends to take broad swipes. It's a really great discussion: http://www.youtube.com/watch?v=qAzZzybfzAU

I think there's another discussion out there with Laffer and Kudlow covering the same terrain, with Kudlow playing devils advocate. I wish I could find that one too.

It's scary that Kudlow and Laffer are taking Schiff's position so now I'm really worried that Peter Schiff might be wrong ;)

[Cowlesy]

http://media.cnbc.com/i/CNBC/Sections/CNBC_TV/CNBC_US/Bios/Liesman_Steve/Cover/Liesman_Steve_240x250.jpg

http://www.reelmovienews.com/wp-content/uploads/2007/11/lgfp1322100-authentic-ogre-shrek-2-poster.jpg


Honestly they're hard to tell apart.

[qwerty]

http://media.cnbc.com/i/CNBC/Sections/CNBC_TV/CNBC_US/Bios/Liesman_Steve/Cover/Liesman_Steve_240x250.jpg

http://www.reelmovienews.com/wp-content/uploads/2007/11/lgfp1322100-authentic-ogre-shrek-2-poster.jpg


Honestly they're hard to tell apart.



:D

[qwerty]

Schiff's got a hot head. He doesn't take criticism well

Lying isn´t critisism in my book...

[coyote_sprit]

Lying isn´t critisism in my book...

You ever seen a Gamespot review?

[Kilrain]

On a (somewhat) related note, Peter does have what I would call a listening problem, in that he "talks over people". He makes it very hard for other parties to get a word in. If you listen to his radio show, when people try to talk, he'll just ignore them and keep talking, even when they agree with him. Unfortunately, it comes across as if he has no interest in listening to others at all.

Now, there could be several reasons for this and you might claim that he's just frustrated because people won't listen, but it still bugs me somewhat.

[qwerty]

You ever seen a Gamespot review?

i have no idea what you are talking about ? :D

[jrskblx125]

i would be frustrated if i was peter... because an educated person just told him that he was wrong... who in their right mind would think at the fundamental level to compare us to japans recession? the guy was just pissy because he was ganged up on, and apparently wanted to take out the angst on peter haha. "you're still clueless" hahaha

[He Who Pawns]

Liesman will be added to the list of Schiff's youtube victims soon enough.

I'm surprised they can actually dig up any more pundits willing to disagree with him on camera. ;)

[AdamT]

How can anyone with the name Liesman be taken seriously?

[brandon]

would you take it well if you saw this whole thing coming and still no one gives you the credit you deserve ? :confused:


Lying isn´t critisism in my book...

He wasn;t lying. He was saying that "the one place you have been wrong" is in predicting inflation.
Schiff has been dead wrong about price inflation. In fact, we got the exact opposite. But Schiff just cut him off and laughed at him.

[ultimaonliner]

How can anyone with the name Liesman be taken seriously?


Liesman = Lies man


lol
excellent!

[qh4dotcom]

He wasn;t lying. He was saying that "the one place you have been wrong" is in predicting inflation.
Schiff has been dead wrong about price inflation. In fact, we got the exact opposite. But Schiff just cut him off and laughed at him.

He was wrong about the timing...but inflation IS coming

[dannno]

He wasn;t lying. He was saying that "the one place you have been wrong" is in predicting inflation.
Schiff has been dead wrong about price inflation. In fact, we got the exact opposite. But Schiff just cut him off and laughed at him.

Just because it hasn't occurred yet certainly doesn't make him "wrong". That's precisely what the Mish Puppets didn't understand. They didn't understand that it is clearly the direction we are going when in answer to deflation the fed prints trillions of dollars for bailouts.

[nbruno322]

Any surprise that CNBC's "Chief Economics Correspondent" is a rabid Keynesianist and socialist drone??

[brandon]

Just because it hasn't occurred yet certainly doesn't make him "wrong". That's precisely what the Mish Puppets didn't understand. They didn't understand that it is clearly the direction we are going when in answer to deflation the fed prints trillions of dollars for bailouts.

The "mish" puppets? lmao. I have never seen any blind followers of Shedlock. Schiff is the one with the cult like following. People who read mish tend to be more well rounded in economics than the Schiff fanboys.

And it does make him wrong that it didn't happen yet. He predicted one thing. Even convinced people to invest their life savings based on his advice. Then the exact opposite happened. Sounds wrong to me. Even if we get inflation sometime in the near future he still was wrong.

[GunnyFreedom]

Um. price reductions != deflation
price increase != inflation

Now, price reductions CAN OCCUR as a result of the pressure from deflation, and price increases CAN occur as a result of the pressure from inflation.

Deflation is a contraction in the money supply, and inflation is an expansion in the money supply.

therefore, if the money supply has been expanded, then in fact inflation has occurred.

[GunnyFreedom]

The "mish" puppets? lmao. I have never seen any blind followers of Shedlock. Schiff is the one with the cult like following. People who read mish tend to be more well rounded in economics than the Schiff fanboys.

And it does make him wrong that it didn't happen yet. He predicted one thing. Even convinced people to invest their life savings based on his advice. Then the exact opposite happened. Sounds wrong to me. Even if we get inflation sometime in the near future he still was wrong.

um. the monetary supply has been inflated by something like $5 TN in the last 6-7 weeks alone. :confused: how has inflation not occurred?

[brandon]

Um. price reductions != deflation
price increase != inflation



The most common definition of inflation is the change in price levels. No need to argue semantics though. I clearly said "price inflation" in my post to remove all ambiguity.

[GunnyFreedom]

The most common definition of inflation is the change in price levels. No need to argue semantics though. I clearly said "price inflation" in my post to remove all ambiguity.

*YOU* said, but what did Schiff say? I say that price inflation WILL COME as a natural result of monetary inflation. it is inevitable. you can't print $5 TN out your arse and not have price inflation eventually. it's not possible.

[RevolutionSD]

http://www.youtube.com/watch?v=eK_HDYKWJjs

OMG! What a nonsense :D

Liesman is 100% pro-government all the time, and is just pissed off because his keyensianism is failing miserably. I'm willing to bet he's a spook.

[Young Paleocon]

Is it possible to say I agree with Schiff and believe that he is 90% right without being accused of being in his cult. I mean, he's basically giving the standard Austrian line.... He may very well be correct on the decoupling also because in a week the U.N. is going to discuss dropping the dollar as the world's reserve currency in favor of a "basket of currencies." Plus inflation doesn't hit automatically, we also have it fighting foreign investors buying bonds and deflation occurring in many asset classes as a result of over supply. So in my opinion he will be proven mostly correct in the coming months and years.

[brandon]

you can't print $5 TN out your arse and not have price inflation eventually. it's not possible.

Yea you can. If the fed printed 5 trillion and then burned it right away, would it cause price inflation?

This is essentially what has happened with the new money that has been created lately. The fed prints it and then the banks get it and just sit on it. They can't leverage it up because they are already falling below their reserve ratio's.
The fed routinely contracts the money supply.


I do think we will have pretty significant inflation sometime in the near future though. My point was just that Schiff has a hot head. Seems like some people can't handle any criticism of Schiff though.

[GunnyFreedom]

Yea you can. If the fed printed 5 trillion and then burned it right away, would it cause price inflation?

I think the price of cotton vellum would go up.


This is essentially what has happened with the new money that has been created lately. The fed prints it and then the banks get it and just sit on it. They can't leverage it up because they are already falling below their reserve ratio's.


I do think we will have pretty significant inflation sometime in the near future though. My point was just that Schiff has a hot head. Seems like some people can't handle any criticism of Schiff though.

I don't actually care about Schiff one way or the other, except to say that in my experience he is usually right where everyone else is wrong. I was just thinking that you were living up to your tagline there to say that Schiff was wrong because there is no inflation.

Schiff can be wrong, right, whatever. But to say "Schiff predicted inflation and there has been none, therefore he is wrong." is itself pretty durn wrong.

[qh4dotcom]

Yea you can. If the fed printed 5 trillion and then burned it right away, would it cause price inflation?

This is essentially what has happened with the new money that has been created lately. The fed prints it and then the banks get it and just sit on it. They can't leverage it up because they are already falling below their reserve ratio's.
The fed routinely contracts the money supply.


I do think we will have pretty significant inflation sometime in the near future though. My point was just that Schiff has a hot head. Seems like some people can't handle any criticism of Schiff though.

You're right of course, but what's the point of all these bailouts and being greedy for money if you're not allowed to spend / invest / do anything with it?

As Dr. Paul once said is his newsletters, whoever has access to newly printed money that has just come out of the printing press has a tremendous advantage.
if you're smart you'll get rid of the fresh, crisp money before it loses value...you'll exchange it for something more valuable like commodities before the freshly printed money before it loses value...if you're dumb you'll keep it and watch it lose value.

[He Who Pawns]

He wasn;t lying. He was saying that "the one place you have been wrong" is in predicting inflation.
Schiff has been dead wrong about price inflation. In fact, we got the exact opposite. But Schiff just cut him off and laughed at him.

Hahhaha... stay tuned.

[torchbearer]

inflation will be coming and Liesman will make it onto another Schiff was right video.

[He Who Pawns]

From today's headlines:

Dollar Declines Most Since 1985 Plaza Accord on Fed Bond Buying (http://www.bloomberg.com/apps/news?pid=20601087&sid=aNdu22y30zwc&refer=worldwide)


Sure Schiff was "wrong"....:rolleyes:

[Join The Paul Side]

At the end of the video Peter says to Liesman:

"Steve you're still so clueless!"

:D

[Invalid]

Schiff has been wrong about the value of the dollar. His clients are losing money, well at least this year they are.

[Xenophage]

That was hillarious. Make sure to keep that video in the archives because we'll be pulling out in another year with "Peter Schiff was fucking right AGAIN"

[user]

Schiff has been wrong about the value of the dollar. His clients are losing money, well at least this year they are.
Do you have a source for this? I'm not accusing you of being wrong, just wondering. I've heard about the problems from 2008 but I remember Schiff saying he was doing well so far this year.

[Stary Hickory]

Schiff has been wrong about the value of the dollar. His clients are losing money, well at least this year they are.

Um who isn't losing money this year? Schiff's clients will be in a much better situation when this crisis turns into a dollar crisis. If you study Austrian Economics you will understand that a currency crisis(run on the dollar) will happen. It's a matter of time, Schiff is 100% right in what he says.

He rarely gives time frames, but he has indicated many times that a possible currency collapse could happen in maybe 3 years. In the meantime there will be inflation.

[brandon]

From today's headlines:

Dollar Declines Most Since 1985 Plaza Accord on Fed Bond Buying (http://www.bloomberg.com/apps/news?pid=20601087&sid=aNdu22y30zwc&refer=worldwide)


Sure Schiff was "wrong"....:rolleyes:

He was wrong in the short term. That was my point.

[He Who Pawns]

Schiff doesn't give a rat's ass about the short term. His clients are positioned for the collapse of the dollar. Period. Once that happens, Schiff's clients are going to be among the few people with any portfolio left.

[idiom]

We still have nearly a quadrillion dollars trying to unprint itself. The Fed has only pinted an extra $11 Trillion to go.

Thats only $990 Trillion more dollars to print until we get Monetary Inflation.

[He Who Pawns]

Don't forget that another trillion will be announced on monday by turbo tax tim.

[newbitech]

He was wrong in the short term. That was my point.

I don't know man, the "dollar bull" that everyone keeps saying has gored schiff looks somewhat choppy and unsustainable to me. Aug 2006 had the dollar locked into a 4 year bear market that was very close to generational lows as recent as 8 months ago. I am pretty sure P.S. was bearish on the dollar back in 2001-2002 as well. So its not so much that Peters short term timing was off, he never tried to predict the dead cat bounce or the current 8 month dollar bear market rally. But in context of time, I am pretty sure all the people who are trying to find fault in Peter's investment strategy are in fact LATE to Peters party. That's too bad. The charts prove that Mr. Schiff has been correct for YEARS.

http://research.stlouisfed.org/fred2/fredgraph.png?&chart_type=line&graph_id=0&category_id=&recession_bars=On&width=630&height=378&bgcolor=%23B3CDE7&graph_bgcolor=%23FFFFFF&txtcolor=%23000000&preserve_ratio=true&&s_1=1&s%5B1%5D%5Bid%5D=DTWEXM&s%5B1%5D%5Btransformation%5D=lin&s%5B1%5D%5Bscale%5D=Left&s%5B1%5D%5Brange%5D=Custom&s%5B1%5D%5Bcosd%5D=1999-03-13&s%5B1%5D%5Bcoed%5D=2009-03-13&s%5B1%5D%5Bline_color%5D=%230000FF&&s%5B1%5D%5Bmark_type%5D=NONE&s%5B1%5D%5Bline_style%5D=Solidhttp://research.stlouisfed.org/fred2/fredgraph.png?&chart_type=line&graph_id=0&category_id=&recession_bars=On&width=630&height=378&bgcolor=%23B3CDE7&graph_bgcolor=%23FFFFFF&txtcolor=%23000000&preserve_ratio=true&&s_1=1&s%5B1%5D%5Bid%5D=DTWEXM&s%5B1%5D%5Btransformation%5D=lin&s%5B1%5D%5Bscale%5D=Left&s%5B1%5D%5Brange%5D=Max&s%5B1%5D%5Bcosd%5D=1973-01-02&s%5B1%5D%5Bcoed%5D=2009-03-13&s%5B1%5D%5Bline_color%5D=%230000FF&&s%5B1%5D%5Bmark_type%5D=NONE&s%5B1%5D%5Bline_style%5D=Solid

[Imperial]

Peter Schiff has been wrong on a few things because he looks at the long-term and the goal rather than the in-between process.

We have to remember that leading up to the actual recession there was deflation in the system. All the artificial capital the fed and treasury have pumped into the system have managed to uphold the system. When we have an economic collapse, prices will decrease if it happens soon enough. The problem is going to be if the collapse doesn't happen on our terms, like now. If it happens with China or the Middle East pulling out of the dollar, we could see Zimbabwe I think.

[newbitech]

We still have nearly a quadrillion dollars trying to unprint itself. The Fed has only pinted an extra $11 Trillion to go.

Thats only $990 Trillion more dollars to print until we get Monetary Inflation.

derivatives and de-leveraging. The only problem that I have with that theory is that the 1 quadrillion is not fungible. We say its 1 quadrillion in nominal amounts, but what if the value is only 1 trillion dollars? Then we have just leveraged up inflation 11x's. Where do you stop trying to paper over valueless asset to cure bad debt? 20x's? 30? 100? We have no idea what is going on in that derivative market. It's not the FED that needs to set those prices and do the unwinding. If the fed steps in and doesn't get the price or rates exactly right, we could end up with 1quad X2 in the other direction. THATS when the hyper inflation kicks that Peter is predicting.

That happens overnight, just look at the recent 300bln treasury boondoogle we saw earlier this week. a mere fraction of papering over and the dollar leveraged down 5%. Have fun with that.

[newbitech]

Peter Schiff has been wrong on a few things because he looks at the long-term and the goal rather than the in-between process.

We have to remember that leading up to the actual recession there was deflation in the system. All the artificial capital the fed and treasury have pumped into the system have managed to uphold the system. When we have an economic collapse, prices will decrease if it happens soon enough. The problem is going to be if the collapse doesn't happen on our terms, like now. If it happens with China or the Middle East pulling out of the dollar, we could see Zimbabwe I think.

I am pretty sure that if you go back in time, the long term trend has always been inflation. The fed since 1913 has expanded the money supply to keep up with the growing economy. They always see to expand it a little too much each time so that now our dollars are 3% of what they were before the fed began monkeying around. Thats the wealth transfer. that little extra get scraped off the top and causes the real inflation.

The deflation we are seeing is only a small bounce in the dollar value over the long term trend. Its a distraction. The problem was never deflation. If you go back and look at the .com boom bust, that was no deflation. That is when money expansion was starting to get out of control. The market tried to correct it, but the fed stepped in and propped it up with inflation. The market forced it down. The fed stepped in again but this time, its too late, its completely out of control. It will look like deflation all the way up until the point you can't buy anything in dollars anymore. Then it will become extreme inflation almosts overnight as all we will have left here in the USA to trade with is the flood of dollars that everyone is throwing away to get their hands on anything that can be produced in THIS country.

[Feelgood]

Too much wisdumb for my taste, from those asshats. :D