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Obama Win Will Not Change Rigged Economy
- Text size
Steve Watson
Infowars.net
Tuesday, Nov 4, 2008
In an incredulous display of ignorance symptomatic of the underlying causes of the financial crisis, CNBC anchors laughed their way through an interview with respected economist Peter Schiff yesterday as he attempted to explain how an Obama presidency would negatively impact the U.S. economy.
Erin Burnett and Mark Haines of CNBC’s Squawk on The Street persistently interrupted Schiff, CEO of Euro Pacific Capital, barely allowing him to finish sentences or even complete thoughts as he sought to explain how ‘Obamanomics’ will not address the problems at the core of the crisis and will instead perpetuate them.
"If we have stronger Democratic control of congress, which certainly looks likely, I think that is going to make matters worse, because not only does it make it easier for Obama to get his agenda through, but it also makes it easier for the Congress to get their stuff through. There’s no checks and balances whatsoever." Schiff explained.
"As an American I think it is a disaster. Not that I’m a big pro McCain supporter, I think McCain’s policies would also make the situation worse, but unfortunately, I think if we get Obama in there we get a much bigger mandate. When he comes into office, it’s going to be as if capitalism has been repudiated and the new mandate is that we need more government," he continued.
"It wasn’t the free market, " Schiff urged, referring to the cause of the economic crisis.
"Remember, if it wasn’t for the Federal Reserve, which is a government entity, keeping interest rates much too low, we never would have had a housing bubble, we never would have had a subprime market. If it wasn’t for Fannie and Freddie, which are creatures of government, we never would have had the moral hazard necessary to allow Americans to borrow more money than they can repay." asserted Schiff, who served as an economic advisor to Congressman Ron Paul’s Presidential campaign earlier this year.
Schiff attempted to explain how returning the economy to the way it was a few years ago, as Obama has promised to do, is not feasible because it was based on a bubble of borrowing and spending vast amounts of money.
"Getting Americans spending and borrowing again, as Obama has urged, is not the cure, it is the disease… He’s going to try and create bigger government, borrow a lot more money from foreigners, and spend it on government programs designed to encourage even more consumption, and of course, he is going to raise taxes…" Schiff urged.
Schiff then had to explain once more that he was not endorsing McCain by criticizing Obama, much to the confusion of the anchors who clearly struggled to stretch their imaginations beyond a right-left political paradigm.
"What you’re proposing is never going to fly politically," Mark Haines spluttered, underlining perfectly how neither candidate in this election is offering any real change, and only represents a continuation of the entrenched and failed system of big government intervention.
- A d v e r t i s e m e n t
Switching gears to talk of investment, Erin Burnett then made perhaps the most inane statement possible for a financial journalist;
"Gold has no inerrant value, unlike oil which does. Gold only has any value in so far as I want to believe it has value." she stated.
The fact that gold has maintained inerrant value since the dawn of civilization seems to have washed over Ms Burnett, who clearly believes that paper money, essentially an IOU based on the perception of its worth, is more valuable than a rare and precious metal.
Peter Schiff attempted to interject and explain that Burnett’s logic was totally backwards, that it is fiat money that only has value as long as you want to believe it has, but the anchor simply spoke over the top of him commenting "This is a fun conversation".
"It’s provocative if nothing else." added Haines dismissively.
Watch the full cringe inducing exchange:
Schiff has repeatedly warned that America is on the brink of a long and deep recession, the root causes of which are continually being touted as solutions by both Presidential candidates. To describe his warnings as "fun" is astoundingly twisted.
Schiff is well respected amongst the major financial publications, primarily due to the fact that almost three years ago he accurately forecast that the U.S. housing market was a bubble that would soon come to bust, and also that the crisis would extend to the credit lending industry.
Perhaps if more people had listened to voices like his several years ago, instead of laughing at them, which as we have seen is still the case, then the economy would not be in such a dire mess today and we may have a presidential candidate who speaks of enacting change and actually means it.
Instead the so called free world is today lumbered with a choice of endorsing a phony messiah or a dead duck, both representative of the fortified and irradicable Washington elite punch and judy show.
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November 4th, 2008 at 6:44 pm
no i say mc death will win.
November 4th, 2008 at 6:49 pm
My friends are voting Obama but i won’t let my parents vote for Obama or McCain. I had hopes for Ron Paul 2008 but my hopes have faded even though i still try to follow the senator.
November 4th, 2008 at 7:17 pm
It’s gonna be fun to watch this motherfucker go down in flames. I can’t wait.
All those people who mocked us will be begging in the streets.
November 4th, 2008 at 7:21 pm
Ron Paul’s a congressman, but we get the point. If there is going to be real change, not Obama change, it is not just going to happen through elections. Educate people to false left-right paradigm, the financial system, etc.
November 4th, 2008 at 7:57 pm
Federal Reserve is not a government organization…surprised Schiff didn’t know that. Unless Obama goes to an alternative currency like Lincoln’s greenbacks, no way the broke system is going to fix itself. Surprisingly, I heard Obama in a speech mention currency manipulation as part of the problem. We’ll see what happens. Unless he has some serious cahones I doubt he will fight the international bankers and the fed. If he does I will truly respect is moral fortitude and integrity. We’ll see what happens. Too bad Ron Paul didn’t get in there. He would’ve dismantled The Fed.
November 4th, 2008 at 8:07 pm
War ,death, cash, new President.
War ,death, cash, new President.
War , death, cash, new President.
God Bless America…..
November 4th, 2008 at 8:12 pm
Didn’t Alex say that he was going to be back on the air tonight at 8pm central for election coverage? If os, does anyone know where I can hear it ?
Thanks!
November 4th, 2008 at 9:50 pm
http://www.infowars.com/stream.pls
November 4th, 2008 at 9:58 pm
it is to be hoped obama does things differently
like the TOO big to fail get broken up so they are small enough to fail
govt helps by breaking up the corpse of the dead ‘too big to fail’
and cuts it into pieces [re issues the shares [shareholders get the last price as credit [to rebuy bits of the broken up entity
govt dosnt inject lent funds [it takes possesion of the FAILED entity then busts it up
and sells it off [quickly ,broke one week[new companies next week
give any cash injection to the underpaid
[is preferable than draging the values of realestate down
ie no more top down trickle DOWN theories[let the big boys EARN our funds
reveal the real inflation rate [or declare the figures are fraud [designed only to drag down the wages of those not getting true indexation ,a justice would be to remove all personal tax #ation [below 66,666. ,and tax increase those abouve 666,666 [66 percent]
we well know that if christ himself came today [he would yet be called the antichrist because peopple have the tottally wrong idea about the christ]
why should he COME BACK?
he WAS offered this place [and refused it [get it?]
why should the peacemaker come in time of war?
last time he only tipped the money changers tables
this time he would throw a bucket of water at em.
anyhow the idea is we support our presedent [right or wrong]
but not big buisness or the money changers
too big to fail?
like heck
November 4th, 2008 at 10:11 pm
they select so we may elect.
November 4th, 2008 at 10:12 pm
Hey #3, I told every Obama supporter in my class the same exact thing! You know what’s stupid though? I go to El Camino College in Compton California, and yet people actually studying political science believe that Obama will bring “CHANGE.” Today I was mocked for speaking truth to the whole class; I was heavily rebuked. In the end I warned that they would regret choosing Obama. They tried to call me a racist, but I told them I was voting for Cynthia McKinney, and I did. GO CYNTHIA MCKINNEY! MCKINNEY 08! SHE WANTS A NEW 9/11 INVESTIGATION!
November 4th, 2008 at 10:27 pm
they select so we may elect
November 4th, 2008 at 10:33 pm
Beginning of the end?… Lets keep trying to awake
November 4th, 2008 at 11:09 pm
Its the end, Obama won Kiss your freedoms goodbye.
WELCOME TO THE NEW WORLD ORDER.
Just do your best and Wake People UP!!!
November 4th, 2008 at 11:19 pm
The Federal Reserve is not a government entity. Also, the word is “inherent” value….not “inerrant”.
November 4th, 2008 at 11:20 pm
fuck now hes our president…….
November 4th, 2008 at 11:34 pm
I think that lady on the video got dropped on the head quite a few times when she was a baby
November 4th, 2008 at 11:52 pm
Now this is coming from a black guy ‘We’re FUCKEd a black(Hamite) for pres.)’.
November 5th, 2008 at 12:03 am
Ms Burnett is a Goldman Sachs Jew of course. Listen people, it is not in the interest of the talking heads to tell you where the economy is going. Since 75% of Americas economy is consumerism, if the talking heads scare the public anymore and the public further stops consuming, the next sound you hear would be that sucking sound creating when all ships sink. They have to maintain the illusion, it’s all America has left, except WAR.
November 5th, 2008 at 12:24 am
Knowledge leads us to truth. Where is man, but in a dark tunnel lost in perception unable even to understand its meaning. Man lives in ignorance, but he holds no fault. We are empty of any life substance. What is the meaning of the holy ghost if one has never in his life experienced it’s fruit. Man is in ignorance but he is not at fault. He is like a blind man unable to see any light. Because he can not see, he remains in darkness. Where is god? We could never know. For I am also like this blind man searching for the truth. Thirst for knowledge. The only truth given is but what is layed before me in this world, and what one feels. So we will walk the path of any in search of it. All religions hold the same essence of truth. But their is only one given path. In darkness one will walk in search of it, learning and finally becoming it. One’s mind must be open to all given truths. So we shall see.
November 5th, 2008 at 12:57 am
The bus is still running headlong toward a cliff,
we just changed drivers…
November 5th, 2008 at 12:59 am
The bus is still running headlong toward a cliff,
we just “changed” drivers…
November 5th, 2008 at 1:53 am
Peter knows the Fed isn’t part of the Government officially. I think he misspoke.
Believe me, I’ve been following him for a long time. He was Ron Paul’s “economic adviser”, he’s on the same page.
November 5th, 2008 at 3:53 am
Well Mark Haines (DUMB) Erin Burnett (DUMBER)do these people REALLY believe the Crap they are saying? If so no wonder the general people are confused,because most people don`t do research for themselves,they believe PAID OFF REPORTERS BY THE NWO to sucker punch the taxpayers.Like Obama he won the presidency like most other ones did,they didn`t earn it,they stole it.I feel sorry when the people find out they have been lied again and the shit hits the fan!!!
November 5th, 2008 at 3:54 am
I don’t think the responses section lends any credibility to this website. We’re not journalists. I appreciate being able to speak one’s mind curses ignorance and all. Perhaps through a link but not on the main site. Infowars is an excellent source for consolidated comprehensive alternative news media. Its hard enough having tabloid headlines like “spidergoats” and the such.
November 5th, 2008 at 4:17 am
Say goodbye to America!
November 5th, 2008 at 5:23 am
Excellent video… thank you for featuring it. Actually, I think that Peter Schiff did a great job overcoming the interruptions, and managed to communicate his messages well. This important video really gets to the heart of the matter, especially in the final moments. It leaves the viewer inescapably concluding that objectivity and common sense are incompatible with mainstream American politics.
November 5th, 2008 at 5:48 am
Bush is done and McCain is gone, this critique needs to be the new republican voice! Obama will end up being a really bad hangover in the near future.
November 5th, 2008 at 7:01 am
ha ha ha I say a reporter ask a black woman in the bronx why shes voteing for obama she said obama is going to pay for my gas and pay her mortgage————ha ha
November 5th, 2008 at 8:45 am
Beat the international banking scheme.
The Liberty Wealth Club.
http://www.becomericher.info
November 5th, 2008 at 8:49 am
Go now and vote for Ron Paul for Time Magazine “man of the year” thanks.
http://www.youtube.com/watch?v=Bm94D1TqYwQ
November 5th, 2008 at 8:53 am
OMFG, A SMART PERSON!!!
HE BELIEVES IN GOLD!!
HE BELIEVES IN FREE MARKET!!!
HE HATES THE FEDERAL RESERVE!!!
Better shut THAT guy up.
…or take him very seriously…
November 5th, 2008 at 10:02 am
The Worst Variant
TODAY I read that the U.S. Federal Reserve had opened a new line of credit for the central banks of Mexico, Brazil, South Korea and Singapore.
The same report claimed that similar credits have been issued to the central banks of Australia, Canada, Denmark, the United Kingdom, Japan, New Zealand, Switzerland and the European Central Bank.
Based on these agreements, the central banks will receive funds in exchange for hard currency reserves from these countries, which have sustained considerable losses due to the financial and trade crisis.
This consolidates the economic power of the U.S. currency, a privilege granted at Bretton Woods.
The International Monetary Fund, which is the same dog with a different collar, has announced the injection of large sums of money into its Eastern European clients. Hungary will be receiving the equivalent of 20 billion euros, a large part of which are dollars from the United States. Their machines keep printing bills and the IMF keeps granting its leonine loans.
For its part, the World Wildlife Fund (WWF) stated in Geneva yesterday that, at the current rate of spending, by the year 2030, humanity will need the resources of two planets to maintain its lifestyle.
The WWF is a serious institution. There is no need to be a University graduate in Mathematics, Economics or Political Science to understand what this means. It is the worst variant. Developed capitalism hopes to continue plundering the world as if the world were still able to sustain it.
November 5th, 2008 at 10:28 am
Ok, now that we have a black president, that mean that all black and white people are created equal because it shows that anyone can accomplish anything, so I think we need to do away with affirmative action otherwise it should predujice towards the white people!!!!!
November 5th, 2008 at 10:43 am
now that NoBama in prez does this mean the Airforce One will be rollin’ on spinnerz now?
November 5th, 2008 at 11:05 am
#33 hahahahahaha
great one
November 5th, 2008 at 12:11 pm
Well,
Ya’all might be giving the democrats too much credit.
One of the reasons that the democrats have not done too well politically over the last twenty years or more is that they are notoriously difficult to work with (I’m speaking in very general terms now).
For example:: If you fill a room full of 25 democrats and ask them to come up with a solution for fixing the home loan problem you will get at least twenty different solutions and NO consensus whatsoever and probably twenty five people who will never speak to each other again.
That, people, is what our government is going to be like for a while…
We live in interesting times indeed.
cb
November 5th, 2008 at 10:49 pm
Peter Schiff kicks ass!
November 6th, 2008 at 8:24 am
Lol, I thought CNBC was allies.. I guess that they have been manipulated by NWO scum..
November 6th, 2008 at 8:34 am
Whether Obama or else, they will drive the world to the more corruptions and much more economic problems. They do not have a solution, they have problems.
November 6th, 2008 at 8:55 am
if you guys are going to criticize obama say that he is going to perpetuate the policies of the new world order and he will give the big banks money of the people. say he is going to pursue further conflicts in the middle east and with russia. say he is going to spy on americans and have an east german style youth brigade spying on citizens. don’t say crap about his race and he’s gonna paint the white house black and put spinners on air force one. this seemingly racist tripe won’t change anyones mind and just goes to show you don’t dislike obama for his policies but his race. the melanin content in your skin is irrelevant.
December 7th, 2008 at 5:30 pm
The Media Research Center’s Brent Bozell, like NRO’s John Derbyshire , is probably someone I should ignore now that it’s finally morning in America, for the rest of us. But Bozell’s latest outburst is useful in pointing up the complete
March 22nd, 2009 at 6:50 pm
hey excellent post, really enjoyed it. I’ve added your blog to my netvibes account – will be keeping up with your posts!