'Crisis Only Just Beginning': Right About the Crash, Peter Schiff Sees More Pain Ahead

The stimulous plan is a patch up job. If we over invest in the infrastructure without being able to turn a profit from it, all we are doing is borrowing tons of money, to create jobs that really won't increase our country's wealth and encourages people to buy more foreign products, like we've been doing for the past 35 years, increasing our debt, and that's it!!!! The plan we need to really fix our financial problems are jobs that we create by making products that we can sell. A great example are the Green Jobs, making a type of product the world will need, and is willing to buy from us. We have think about what will be the big demand twenty years from now, and start producing it now. Stop trying to play catch up, and leap frog ahead in time, and begin leading the industries. What kind of problems is the world going to be dealing with 20 years from now, and create the solution now. This will create the wealth our country needs, and will create real jobs.

The stimulous plan is a patch up job. If we over invest in the infrastructure without being able to turn a profit from it, all we are doing is borrowing tons of money, to create jobs that really won't increase our country's wealth and encourages people to buy more foreign products, like we've been doing for the past 35 years, increasing our debt, and that's it!!!! The plan we need to really fix our financial problems are jobs that we create by making products that we can sell. A great example are the Green Jobs, making a type of product the world will need, and is willing to buy from us. We have think about what will be the big demand twenty years from now, and start producing it now. Stop trying to play catch up, and leap frog ahead in time, and begin leading the industries. What kind of problems is the world going to be dealing with 20 years from now, and create the solution now. This will create the wealth our country needs, and will create real jobs.

The stimulous plan is a patch up job. If we over invest in the infrastructure without being able to turn a profit from it, all we are doing is borrowing tons of money, to create jobs that really won't increase our country's wealth and encourages people to buy more foreign products, like we've been doing for the past 35 years, increasing our debt, and that's it!!!! The plan we need to really fix our financial problems are jobs that we create by making products that we can sell. A great example are the Green Jobs, making a type of product the world will need, and is willing to buy from us. We have think about what will be the big demand twenty years from now, and start producing it now. Stop trying to play catch up, and leap frog ahead in time, and begin leading the industries. What kind of problems is the world going to be dealing with 20 years from now, and create the solution now. This will create the wealth our country needs, and will create real jobs.

Schiff is one of the few analysts that has called this correctly. I'd put Marc Faber in that category as well.

He is spot-on regarding reckless spending and levels of debt. Buying stocks on margin triggered the Great Depression; buying everything on excess margin triggered this meltdown. John Wesley said, "earn all you can, save all you can, give all you can." He never said, "spend all you cannot."

Schiff: Yeah, yeah. You were right. Can you admit this fact though? You are not admitting all of the causes of our economic failure. What about our lost commodities in the trash dumps, which include even the land that is swallowed by the trash dumps? Can you admit that would be the ultimate cause in our economic failure? Instead of using what we have, we pay for new raw materials. I thought the voice of reason in the market could at least hear me out and admit I am telling the truth too.

I agree. Government jobs are not what we need.

Wall Street has always over re-acted to crisis by 6 months ahead of time. You'll see things began to heal in the next 6 months down the road not years. The Hedges and 401K brokers will come back and began to think in longer terms.

The two party system has failed this country. the only hope is an election process that allows all party's candidates (third party's) to receive equal and fair representation. What we are allowed to vote for now are hand picked by the elite criminals of Wall Street. The only love they seem to possess is the love of money, known also as the root of all evil.

peter schiff is right on. the stock market is CLEARLY rigged by the unconstitutional fed reserve and also by the ppt. main stream media is always wrong as well. main stream media is entertainment ---- schiff is total business.

peter schiff is right on. the stock market is CLEARLY rigged by the unconstitutional fed reserve and also by the ppt. main stream media is always wrong as well. main stream media is entertainment ---- schiff is total business.

I agree with patriciat25! I do not see gold going up or the dollar collapsing soon. I think Peter missed the idea that when credit collapses, the dollar value increases due to lack of supply of dollars. Whether the bailout reflates the economy to increase gold is a big question mark.

Wait till the shorts get the margin calls this will be a secondary blood bath now everyone thinks you can short with impunity. Look out again!

Peter Schiff is right. The economy is in deep trouble. This is only holiday window dressing. Happy Turkey day! I have no confidence in this market. wait till next year when the Bush's are out of office. I'm not participating as I'm wipped-out. The bail out of Citi Bank is only another siege on the taxpayer.

It takes a financial catastrophe for the politicians and its constituents to realize that they don't know what they're doing. Unless anyone has moved all their 401k and market positions to liquid, you are probably just along for the ride as well.

Right or wrong isn't it funny they are already blasting Buffett saying he is an idiot time will prove who is right and who is wrong, of course we have all the makings of economic disaster Shiffer is no genius! But watch and learn

your kidding, don't expect to even see the bottom by summer of 09. peace-out.

When the $700B bailout was announced, I made two predictions: 1) The bailout would eventually become an order of magnitude larger, i.e., over $7T, and 2) After it passed that $7T number, it would slowly dawn on people that the bailout would not work! One down, one to go...

Duh who couldn't see it? He did not correctly predict the timing thoough as no one else did. I have called every turn all the way since 1981 ups and downs, its easy I just do it like Shiffer I don;t know when but it is coming down or up! Duh real esate was over priced PE out of range Goods to expensive Predict this the depression that should take place will be stalled by massive government deficti spending that will only prolong the inevitable financial collapse!

Paulson has been the guy who added gasoline (bad policies) to the fire (crisis). When he's out of the way, things will get moving very quickly on path to recovery!