In my opinion he is exactly what a good politician is. Loud (speakerphone or not), opinionated, full of endless examples of what not to do / or what shouldn't have been done but offers little in the way of a concrete solution. And excuse me if I missed it, but what exactly are his credentials for knowing everything about the economy? Did he get a Noble Prize?
Yes, the reason why Keynesian economics came into vogue in the 1930s was precisely because of the laissez faire economic havoc that was going on throughout the 19th century. It was an era that was plagued with frequent bank failures and depressions. But Keynes himself was only suggesting that his "pump priming" measures by government be temporary in nature, i.e., to be pontoons, not permanent bridges, to get us over the troubled waters. As soon as the economy recovers, the government should quickly retreat from excessive economic interference except to protect the health, physical safety and general welfare of the population.
Things are never as simple as they seem. How many people actually realize that their local banks create money out of thin air and lend it to the government at interest? Years ago during a class trip to the NY Fed I got a publication titled "Modern Money Mechanics", though currently out of print pdf copies are available and it's a great place to start learning how your money is created.
"The free markets" usually get blamed for a lot of things but on closer examination you can see it's not as free as you think... govt. intervention changes the dynamic. Some people have great faith in their local politician actually knowing what is best while in essence they're making politically expedient decisions... I'm just saying...
Someone please feed the mad dog.
wow -- the lefties are learning how to get nasty! whooda thunk. if only this were 2003 again...
Another recommendation -- the profile of Paul Krugman in the current issue of the New Yorker, by Larissa MacFarquhar.
We listened to this segment the car. You have to say one thing for Schiff -- he doesn't pull his punches. He doesn't know a lot about the New Deal, however, and -- boy, what an ideologue. Repeal FDIC insurance? What next -- and you know what's next, i.e., social security, medicare, the SEC.
If you want to know what happened in the thirties, you might try reading "FDR" by Jean Kennedy Smith (the best FDR bio that I've read), or "Freedom from Fear: The American People in Depression and War," by David M. Kennedy (a classic).
Yikes! Refreshingly oblivious to the voters' sensibilities -- but what a nut!
Everything is fine in a market economy, except if it isn't. My wife lives to make the world a better place:she helps the poor, heals the sick and is a wonderful mother for our children. She contributes to society at it's most basic level. She also has a congenital condition that makes it very expensive to maintain her health. She would never be eligible for a 'free market' policy. Schiff would leave wonderful people like my wife to die for his principals. He needs to get out of his egotistical ivory tower and see how real people live and help each other, not sit around at the club and complain about the 'great unwashed'.
by the way the market is driven by greed. is that how we want to run our lives?
the market just jumped 100 pt during this interview....
Hazy - I was listening. My point was that Republicans are all loud and angry which is why they are able access such a crazy spectrum of people: the poorest Americans to the Gazillionaires. The Poor and moderately middle class folks get all juiced up by the angry and the strident message that the Gazillionaires make sure gets filtered through. It's a style I think is scary as it doesn't require a lot of thought at all. "Iraq is responsible for 9/11" "We citizens need to watch out for Big Government" (Big Government??? Big Money more like it, because whether or not the little people who vote Republican against their own economic interests realize it or not, they're putting people in power, and have consistently put people in power, who will NEVER make decisions about what's best for the majority of us. These people are seduced by anger. It's so much easier to get angry and to hate.
spicy segment, thanks brian!
good tough questions asked.
Everyone either loves or hates schiff, but got to give him credit for understanding the problems with the housing market at the very least.
And he wasn't on a speaker phone, those were just the acoustics of his secret underground lair.
Libertarians cannot distinguish between luxury goods (plasma tvs, computers) and necessities (health care). It is because they usually have both.
This guy is getting way too much leeway and airtime for his hysteria. Boo!
He is so scattered qnd out of touch that he just asserted "employers don't supply life insurance .... " Every job I ever had does indeed make some form of life insurance available.
Shiff is just another clueless fox-publican blinded by a quasi-mystical financial world view, ignoring inconvenient facts, shouting generalities about the "evils" of government while wallowing in all the benefits and subsidies government provides his business and class.
peter schiff: more laissez-faire, hoover was just great. that was the scariest thing I ever heard. god help us all!you know when someone is yelling like a loon they have nothing to say.
is wnyc going to fix their website soon?
THAT was funny. Thank you Brian for showcasing such a nut.
SuzanneNYC, have no worry, this guy has no chance with Blumenthal in the running. But even that aside - I have a lot of misgivings about my own state, but none of us are that blind to reality.
This guy is an shill for for profit insurance companies and doesn't base his "beliefs" in real, applicable, or current realities that people face. Rates were cheaper in the 1960's? Give me a break. Pizza cost 10 cents a slice and cancer was a death sentence that branded people in shame. What dream world of deregulation does this guy want to return to. With ideologues like him in office, we will return to the dark ages.
Finally, an interview that's not just the standard Republican talking points. Of course, he makes the standard Republican talking points sound reasonable by contrast.
All issues aside, this is the type of yelling in a hysterical fashion in politics that makes me stop listening to the content and only worry that the speaker is about to have a heart attack. And please, admit that the other side has a slight point once in awhile.
Schiff is the perfect example of ideology trumping history. The New Deal banking reforms didn't appear out of thin air. They were passed because of the awful human results of the free market. And they actually worked until they started dismantling them. The free market absolutists want us to go back to something like Victorian England. Wonderful if you are/were a banker or industrialist, but hell on earth if you had to work for a living.
I'm tempted to move to Connecticut just so I can vote against this guy. Too bad there wasn't a 3rd party, knowledgable about medical insurance, to participate in the discussion. I'm starting to suspect that the less real and sensible stuff an interviewee knows, the faster and louder s/he talks..
until corporations are willing to pay "living wages" NOTHING is going to change! The "free market" system protects the rich and takes advantage of the poor! I'm amazed at this guy's lack of empathy for the "safety net" that was required b/c big corporations and the super wealthy were taking advantage of the poor... I would guess he wants to abolish public schools as well!
health insurance worked fine until reagan allowed the lawyers to advertize and that legalized ambulance chasing as a legitimate business model, that skyrocketed malpractice costs for doctors and hospitals and right back to the patients. Government corrupted the system because the greed head, fat cats bought influence.
Is the average American well-informed enough to make smart decisions, therefore causing the market to self-correct?
If they were, would we have such a huge problem with obesity? With smoking? With uninsured people?
American's seem to go for the cheapest and the easiest. They're short-sided.
Regulations aren't there to protect me from myself they're in place to protect me from my ill-informed and undisciplined neighbors.
all of his proposals were tried in the 19th century during the gilded age. There were financial panics every decade, a few worse than the Great Depression.Yes, eventually the market corrected itself, 5, 10,15 years later. People, other than the gildees, suffered incedibly. That's why the reforms of the progressive era and New Deal were implented. I know you like to give all sides a chance, but if you're going to have a fanatic like that on your show, have somebody who knows economics well enough to debate him.
This guy has no idea of what he is talking about!
Brian in the future please screen the guest to make sure they're not on speaker phones, and also not screaming.
Oh the power of positive assertion! Contrary to Schiff's hectoring on FDIC and its absence in other countries e.g. NZ, a simple check of Wikipedia shows that Deposit Insurance was reintroduced by New Zealand in Oct 2008. Even the WW wrestling lady was more credible.
Another Libertarian nutcase. The 2008 economic crash has come and gone and still these people believe in the all-knowing wisdom of the invisible hand of the market. FDR was our greatest American president. He raised the standard of living for millions of Americans and he did it with a pleasant tone in his voice. Judging by his strident tone and misguided ideas, I'm sure I will never have to say anything of the sort about Mr. Schiff. His ideas are the road to American feudalism: the ultimate rule of large corporations (now human entities thanks to Citizens United) over everyone else.
I love this guy!
This is painful, ple3ase hammer this talking point opportunist. What can he possibly offer when the past 8n years of such policies has ran the country off the rails.
(although I disagree 100% that the dollar is doomed, that's ridiculous so long as China is China and the EU is the EU -- and you can't eat gold -- it's not even worth a second thought)
also disagree w him on health insurance. but on his assessment of the US economic recent history and near future, on a macro level i am glad he is shouting about tinkering with all market principles.
The easiest way to make health insurance cheaper is to remove profit from the equation. Why was this never discussed in the last year? In countries where health insurance is a requirement, health insurance providers are not allowed to make a profit off of the basic insurance that is required. They make their profit from extra policies.
seriously, please stop shouting, Schiff.
This free market crap is annoying. Now he says insurance is expensive because of the government?? So the record profits insurance companies have is the governments fault?
I'm glad he isn't running in NYC. Hasn't he read any U.S. history - financial markets before the securities laws of 1933 and 1934, the industrial revolution before wage and working conditions laws?
Why not get him off of his SPEAKER PHONE?
When is this guy going to work for FOX? His style is all talking loud and opinion. Just like FOX.
jane, you should actually listen to someone before you make a judgment on their speaking style.
i'm convinced. i hope obama listens
just keep screaming and talking over brian. someone is bound to listen.
I certainly hope we can trust the voters of CT not to elect this guy. He's channeling his inner Ayn Rand -- totally disconnected from reality.
This guy is all over the place. What does he want to do if he gets into the Senate?
God. Finally someone making sense.
I hope CT finds its way to electing you, Peter Schiff.
Wish you were running in New York.
This guy is talking out of both sides of his face at the same time… He’s denouncing the Ayn Rand policies of Republicans and blaming Keynesian policies. He’s blaming the FDIC and not the fact that banks can make loans then sell them and bear no responsibility because they are deregulated. He keeps blaming the government for allowing things it previously regulated but Republicans said would lead to prosperity if allowed.
"Markets are self-regulating"....
That Schiff can say this at all anywhere on the Planet Earth is proof that this is an Article of Faith -- not a reasoned observation or a statement of fact.
What utter nonsense.
But let's take Schiff to his insane conclusion:
If Schiff had his way, there would be NO public institutions -- no public water, education, roads, etc.
Schiff is borderline psychotic.
"The dollar will be destroyed." On the basis of that stupid comment alone this guy should be laughed out of town.
Wow the solution is to give the market more rope? Scary guy. "Sounds good on paper?" I leaned really close and didn't hear a thing.
Peter Schiff is right on and has been for years!
Typical Republican...I could just listen to the angry tone without understanding the words and know where this guy's politics lay.
Stop shouting! Typical: As long as large companies are making money, and control media, and can grease Washington they can take the voice away from the REAL majority.
Shut up and go back to Connecticut.
When I hear a candidate's position sounding not like politics but plain common sense, I vote for him. We need to get PAST this delayed recession, see what our economy is REALLY made of -- then move forward...
This guy is absolutely right... but we as a society decided decades ago that we do NOT want to live that way.
Talk about a wide west mentality.
Mr. Schiff is speaking only in generalities and without any evidence. Why can't he provide actual evidence instead of just sound bites? He sounds very angry but isn't providing any actual facts. A lot of history shows that his ideas about the gold standard and the FDIC are incredibly misplaced.
Schiff did NOT accurately predict this crisis. He predicted sky-high interest rates and a dollar crash as a direct result of the housing crash -- not, as he's now saying, as a result of Fed action.
He also advised investors to cash out of dollars and get into the European stock market.
So much for market smarts.
I think this guy makes a lot of sense. I wish I could vote in CT.
I am very pleased to hear the candidate believes Greenspan was responsible for the mess we are in. He has said as much. Now discuss how his being an Ayn Rand disciple praising laissez faire government, no regulation, greed, and pure capitalism. This is what destroyed our economy. Greenspan’s devotion to Ayn rand above all else. He’s even been photographed with her in the White House.
this guy is a stock broker, who is going to trust the guy at the roulette table
Why would this guy want to a senator, when he thinks the world is gonna end? He has no solution other than let the free market rule everything and he would have let the whole finacial system fail in 2008 and sat back and laughed while it burned.
What does Mr. Schiff think about the Fed Funds rate from 2001-2006?
What does Mr. Schiff think about the Fed Funds rate now?
What is Mr. Schiff's opinion on John Taylor?
How does Mr. Schiff recommend we eliminate our budget deficit and foreign debt? Is our country on the risk of default?
What does Mr. Schiff think about the fiscal situation in Greece?
What does Mr. Schiff think about the situation in Afghanistan?
What does Mr. Schiff think about the health care bill in Congress?
Yankees or Red Sox?
Register for your own account so you can vote on comments, save your favorites, and more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm
your comments. Names are displayed with all comments. We reserve the
right to edit any comments posted on this site. Please read the
Comment Guidelines before
By leaving a comment, you agree to New York Public Radio's
It's your neighborhood, your city, your country, your world, and now your website. Brian Lehrer delves into the issues and links them to real life.