Peter Schiff
Peter Schiff
Peter David Schiffis an American stockbroker, author, and one-time Senate candidate. He has appeared as a guest on numerous financial television shows and has been quoted in major print publications as a financial analyst. He is host of The Peter Schiff Show, an audio show broadcast on terrestrial and Internet radio, and he was formerly host of an Internet podcast called Wall Street Unspun, now archived as podcasts...
NationalityAmerican
ProfessionBusinessman
Date of Birth23 March 1963
CountryUnited States of America
You are going to lose wealth in U.S. stocks. My advice is to avoid them if at all possible.
It can be argued that the U.S. brokerage and investment banking industry has transformed the modern American stock market into nothing more than a mechanism for transferring wealth from shareholders to management.
Currencies are losing value and will continue to do so at a rapid pace.
There's no question it will keep rising. The bull markets keep the nervous people out of the market.
Wall Street is in trouble because Main Street is broke.
The left-wing agenda wants us to think that the reason there was a depression was because the government didn't do anything. That's not true.
When the dollar collapses, it's not doing it in a vacuum. If the dollar loses value, it's doing so relative to some other currency. So the purchasing power that we lose, somebody else gets.
My mother always taught me that two wrongs don't make a right. We shouldn't bail out Wall Street. We shouldn't bail out Detroit. It will cost the economy more than the cost of the bailout which is more than the politicians think. We'll run into the hundred of millions to prop these companies up.
We think all the issues brought up on the federal side has already come up in the state side.
What will most likely occur is a long overdue loss of confidence in financial assets in general, particularly those denominated in U.S. dollars.
I would be upset if I bought a company (stock) on the belief that it was a play on the price of copper.
My goal was how can we step back and not focus in on an individual, a school, a league or a district. It really was how can we work together collaboratively to learn from the mistakes.
What America has succeeded in creating is not an economy impervious to shocks, but merely one which enables their consequences to be postponed to a later date.
There is nothing the Fed can do to combat inflation unless they hike rates aggressively.