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Max Keiser On Goldman Sachs And Bill Clinton's Hypocrisy; Peter Schiff Interview

Tyler Durden's picture


Max Keiser is in his prime discussing Goldman and Bill Clinton's hypocrisy in defending Goldman. Which is not all that surprising considering Clinton's son-in-law Marc Mezvinsky is a Goldman Investment banker. A brief bio on Marc:

As a biography, Marc Mezvinsky date of birth is unknown, but he has been reported to be 31 years of age. He is the son of the former Iowa congressman Ed Mezvinsky (who recently has been released from a halfway house after doing time for investment fraud) and Marjorie Margolies Mezvinsky, a former NBC reporter.

Marc and Chelsea originally met in 1996, when they were introduced by colleagues of their political parents. They even attended Stanford University together and studied finance. It has been reported that the two started dating in October of 2007.

Currently Marc Mezvinsky is an investment banker for Goldman Sachs and makes his home in Manhattan, New York, where he bought a $3.8 million condo last year.

Anyway, in addition to the usual scathing observations on the life, universe and everything, Max goes head to head with Senate hopeful Peter Schiff. Good clean fun ensues, with Alan Greenspan's invitation to the Keiser show pending.



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Tue, 05/04/2010 - 17:44 | 331601 I need more asshats
I need more asshats's picture

Anyway, Max is his usual and Schiff personally pockets half of his campaign "donations".

Tue, 05/04/2010 - 17:47 | 331607 Dirtt
Dirtt's picture

Concur on both accounts.  I didn't get sucked in by the campaign solicitation because I smelled the rat.

Wed, 05/05/2010 - 04:42 | 332107 boiow
boiow's picture

sarcasm, right.

Tue, 05/04/2010 - 18:28 | 331659 tmosley
tmosley's picture

Nice libel there.

Perhaps you should provide some evidence or take your liehole elsewhere.

Tue, 05/04/2010 - 18:46 | 331685 YourAverageDebtSlave
YourAverageDebtSlave's picture

@tmosley, perhaps you should take Peter's peter out of your mouth.  What are you, his lawyer?

The guy is way too self-absorbed and concerned about being right to represent the American people.  I've been following him on Youtube since 2008, and have asked him the same question every time.  "What are your solutions?"  He's great at coming up with all the problems, but what are his solutions.  Yeah we know you wrote Crash Proof and were on CNBC predicting all this.  So how do we get out and what's that look like?  From listening to him talk, I would guess he would have us stop going into debt and bailing out the banks.  That's likely to lead to a depression.  How does he plan to prepare his constituents for that?

BTW, was I the only one that heard futures on box office openings?

Tue, 05/04/2010 - 18:59 | 331707 docj
docj's picture

The guy is way too self-absorbed and concerned about being right to represent the American people.

Congrats, you just described 100% of the US Senate, 99.7% of the US House and every Governor in the land.

Disclaimer: I don't have a dog in the Schiff for Senate fight as I live in the People's Republic of MA.

Tue, 05/04/2010 - 19:10 | 331719 Rainman
Rainman's picture


Tue, 05/04/2010 - 19:15 | 331725 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I like Merkley, but other than that I will agree with you.

Tue, 05/04/2010 - 19:49 | 331768 docj
docj's picture

I sort of like my new junior Senator (Brown, R-MA) - principally because I've known him since his first campaign for state senate.  It's going to break my heart if/when he turns into a self-absorbed asshole too.

Wed, 05/05/2010 - 14:21 | 332969 jmc8888
jmc8888's picture

He's made some real nutcase statements in the past couple of months.  He's just as bad as the other republicans, perhaps -10 percent.

He gave me hope for a little while, that a real republican would take charge of the party opposing the one I subscribe to.  But nope, he's an idiot like the rest of them, with an occaisonal moment of clarity. 

But then again I want a democratic party that fights for it's legitimate ideals, and the same for republicans.  But neither party do.  Brown isn't the answer either.

That said, Clinton was the type of president who always agreed with the last idea some 'expert' told him.  He also put alot of goldmanites into office and kept greenspan.  He also obviously repealed Glass/steagall, even though it basically had already illegally been repealed starting in 1980.  By 1999, it was pretty much, we either need to make it legal, or arrest everybody.  We obviously know which way he decided.

Clinton is a conflicted person, he can make the right call, see Haiti...his admission of mistake of FREE TRADE i.e. in this case NAFTA. Also see his calls for MOVING the people to higher ground away from the earthquake and raining season sewer runoff zones, which even Obama is too stupid to do.  But he can also back goldman.  Very interesting dichotomy. 

Or it could be a father who knows his daughter is butt fugly and wants it to work.  Hard to say.  But it is interesting to see him back Goldman, but it surely shouldn't be unexpected.  Especially with what we all know about most politicians. 

I get to watch the McCain vs. Hayworth dipshit fight.  Old and out of touch versus crooked and stupid.  Neither is worthy of being on a PTA board let alone anything in gov't.  Pretty much makes any dem look like a savior.  But hey, if they support Neo-con Obama's agenda, it's going to be a pick between 2 bowls of crap.

Tue, 05/04/2010 - 23:43 | 331982 A_MacLaren
A_MacLaren's picture

As an Oregon resident, and one who has communicated directly with Sen. Merkley, let me assure you, while he may be better than some/many in the Senate (personal assessments are personal), he has short-comings, and IMO, a core misunderstanding of the inherent and ultimately terminal problems of debt-based fiat money system.

Instead of supporting S.604:Federal Reserve Sunshine Act of 2009 (full audit version), Senator Merkley is sponsoring a competing, weaker audit bill, S. 1803:Federal Reserve Accountability Act of 2009.

Mr. Hendrix, I do not know your perspective on a full and complete audit of the Federal Reserve, I personally am strongly in favor of it, before Ending the Fed.  Senator Merkley supports the Federal Reserve System's continuity and is opposed to the full auditS.604 would shine upon their theiving, maggot infested, chronyistic, unregulating, and corrupt essence.

Tue, 05/04/2010 - 23:54 | 331990 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Damn it.  Damn it Merkley.

Tue, 05/04/2010 - 23:56 | 331991 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

OK I am back to hating (almost) all politicians.  I still do not understand why DeFazio and Kucinich voted for health care.  Must I hate ALL politicians?!

Wed, 05/05/2010 - 02:03 | 332063 A_MacLaren
A_MacLaren's picture

Except for maybe 1%, ummm, yeah.

Reality probably is, none of them are perfect, and we all have faults, we are human afterall.

So its back to selecting the lesser of faulted beings.

Wed, 05/05/2010 - 05:48 | 332130 cossack55
cossack55's picture

Politicians, YES.  Representatives, NO.  Statesmen, MAYBE.  To the best of my knowledge there are currently only 3 reps in the entire congress.  One each from Tx, UT, and Az.   

Tue, 05/04/2010 - 20:09 | 331790 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Concerning the Hollywood Futures Index.....

No.  It is the next party.  We are celebrating by buying mules wearing ass hats.  Just kidding.

Tue, 05/04/2010 - 21:22 | 331850 Nihilarian
Nihilarian's picture

From listening to him talk, I would guess he would have us stop going into debt and bailing out the banks.  That's likely to lead to a depression.

Your alias precisely explains why you don't understand economics.

Tue, 05/04/2010 - 21:27 | 331856 Arm
Arm's picture

Why do you believe there has to be a solution?  When a plane's engines fail in the middle of the Atlantic there is precious little you can do.  The solution was doing the required mainteneance before leaving the airport.


Very similar situation.  You have a deflationary death spiral because of decades of bad policies.  There is no solution except hitting bottom. 

However, you do have a choice.  Do you want to hit the ground hard and rebuild quickly? or do you want to try to glide down and rebuild slowly over a decade?

Wed, 05/05/2010 - 04:02 | 332097 jeff montanye
jeff montanye's picture

good damn point.  too many think that every problem has a (fairly neat) solution.  some of that is good and helps the u.s. can-do spirit.  but some of it leads to an overly facile expectation of being fixed or cared for, no matter the gravity of mistakes made.  like the financial institutions after the real estate bubble blew (or the fossil fuel combusting rest of us when the bp well did the same).

Wed, 05/05/2010 - 05:49 | 332134 cossack55
cossack55's picture

Hit hard baby.  Rebuild what....the SYSTEM again. I think not.

Tue, 05/04/2010 - 21:32 | 331860 mellmeister
mellmeister's picture

There is no 'solution', no 'getting out'. The constituents will have to live well below their means for a significant amount of time and flush the toxic shit out of the system, then the economy will naturally recover.

Tue, 05/04/2010 - 19:46 | 331763 Problem Is
Problem Is's picture

"I need more asshats"

You sound like a CNBC producer...

"How can I get even MORE ass hats onto one set for a faux finance show..."

Tue, 05/04/2010 - 17:47 | 331605 RobotTrader
RobotTrader's picture

Schiff has lost nearly all of his credibility regarding the U.S. Dollar and the strength of foreign markets vs. the U.S.

He's getting absolutely killed right now.


Tue, 05/04/2010 - 17:51 | 331611 hack3434
hack3434's picture

Not just yet so quit making shit up...

Tue, 05/04/2010 - 18:20 | 331646 Problem Is
Problem Is's picture

That you, Peter?

Tue, 05/04/2010 - 18:52 | 331697 hack3434
hack3434's picture

lol...nah...I just know one of his clients

Tue, 05/04/2010 - 19:13 | 331723 jm
jm's picture

........('(...´...´.... ¯~/'...')
..........''...\.......... _.·´

One shouldn't junk Robo.

Tue, 05/04/2010 - 19:38 | 331757 A Nanny Moose
A Nanny Moose's picture

Yeah, because following blindly is not what got us in this situation in the first place.

Question everything, even the guy with the cute little sarcastic editorials.

Tue, 05/04/2010 - 21:50 | 331881 jm
jm's picture

Kudos to you for actually saying something. 

Tue, 05/04/2010 - 20:42 | 331815 QEsucks
QEsucks's picture


Wed, 05/05/2010 - 00:58 | 332038 jomama
jomama's picture



seriously, though.  my only qualm with max is why he stops short of calling out the real players behind the curtain.  any ideas?  is he really getting paid to be an extremist shill?  wouldn't suprise me, as depressing as this modern world has become.

Tue, 05/04/2010 - 17:57 | 331619 tmosley
tmosley's picture

ITT we make (stupid) assumptions about other people's trading strategies.

He is NOT, I repeat NOT short the dollar. He is long gold, and long dividend yielding stocks abroad. The Yuan is doing just fine against the dollar. He is concerned with REAL production, not in seeking capital appreciation (though he often achieves both). Who cares if the stocks are down? They are still paying the same dividend, and they are in no danger of going bankrupt.

Perhaps it's too much to ask for a trader to understand what an investment is (hint: it's not a bet).

Wed, 05/05/2010 - 04:07 | 332098 jeff montanye
jeff montanye's picture

absolutely on point, see john hussman's comment this week.

Tue, 05/04/2010 - 17:58 | 331621 Great Depressio...
Great Depression Trader's picture


I heard Schiff the other day talking about Greece and the problems with the PIGS soveriegn debt crisis. He brushed it off by saying that the EU nations would figure out a solution, that there wont be a bailout, and that the EUR would bounce as it is a more reliable currency than the dollar.

Schiff is smart but he is arrogant and stubborn which is his downfall. Because he was so ultra bearish on the dollar in all his books, he wont change direction. He refuses to admit that he failed to consider political factors. The other day he said "markets are wrong" on the dollar and treasuries.  Markets can be irrational longer than you can stay solvent, I guess he hates Keynes so much that he fails to accept that his famous quote holds true. Longer term the dollar is doomed as are all fiat currencies but this can take years, perhaps even a decade.

Also, he keeps talking up the Aussie dollar even though AUS has a massive real estate bubble that is ready to burst.

Tue, 05/04/2010 - 18:18 | 331640 theworldisnotenough
theworldisnotenough's picture

Australia's housing bubble is a function of byzantine real estate rules, taxes and subsidies that constrict the supply of housing. The bubble could be alleviated by changing these things; it is not systemic to the economy in the way housing was in the US. Home loans are over 7% for goodness sake.


Tue, 05/04/2010 - 18:46 | 331684 Great Depressio...
Great Depression Trader's picture

Dont know if your an Aussie, but if you are then we both know the same info.

My wife is from Perth, been there 4 times. Stayed for 6 weeks this year. People are going bananas over housing. Everyone has a "investment" property and is looking for "capital growth". When i hear laypeople using these terms thats when you RUN!!!

With regards to a "undersupply" of housing that is complete bullshit. Ive read many articles from great analysts ripping apart the realtor supply data. It all depends on how well you can manipulate the numbers. Dont forget that California also had a undersupply crisis of housing in 2006. Its the greatest sales trick ever, "get it while supplies still last". A growing population does not equate to rising home values. For example, many people live in India but property vales are cheap because of incomes. Aussie housing is running close to 8-9 times earnings. Its a complete joke that the median home price in Perth is +500k.

Moreover, ive seen the developers in action with my own eyes. Building continues to expand in the suburbs of many Aussie cities. Driving south of Perth i saw housing development after development. I saw some fucking retarded houses selling for $750k and more in some areas just because they were "closer to the CBD, or just a few blocks from the river".

Australia will suffer a housing collapse of epic proportions. I know that superannuation funds are heavily invested (by law) in Aussie MBS. This is how the big 4 (commenwealth, NAB, ANZ, et al) fund the housing machine. Most aussie MBS is held by Aussies. Thus, the gov had a huuuge incentive to bail out housing via the insane $16,500aud first home owners grant. So, the decline was reversed by virtue of the FHOG and the China stimulus commodity buying frenzy. Aussies think that their housing rampage is now unstoppable. Too bad it will take so many people down, unless they sell now, take that gain, rent and sit tight and enjoy the fireworks.

Tue, 05/04/2010 - 19:17 | 331724 Kina
Kina's picture

Can tell you that Australia has a chronic under-supply of homes in every state except Tasmania and South Australia.

And it is only going to get worse with population increase estimates. We are continually behind the curve, mainly because of lack of planning attention by the states who got caught by surprise after the long plateu of the late 90s.

I know we are unable to turn-off enough serviced land fast enough to meet projected demand, pressures will increase and what constitutes a home re-thought. More high densisty and less of the 500-700m2 block of land.


Doesn't mean the bubble can't burst, it will, as soon as China hits a wall. But the same issues will remain and the a recovery would be stronger than you see in the US.



Tue, 05/04/2010 - 21:26 | 331855 SteveNYC
SteveNYC's picture

Your point on population growth is correct Kina but Great Depression is absolutely on the money here. Population growth will slow as soon as jobs dry up. This will happen when the mining sector takes a hit, which will happen when China reassesses its purchases of iron ore. Not too far off.

I sold two properties in Perth last year, and as you can tell by my name I don't live there. Hundreds of thousands of Aussies own MORE than one piece of real estate, negative gearing ensured that. The shortage is complete MYTH. I have extended family down there and guess what? They all have roofs over their head.

This will be exposed, as you said, when China hits a wall. It must happen, it is absolutely inevitable. Baked into the cake. A foregone conclusion.

The so-called "equity" that people have in their homes which is, true, greater than Americans had, will vaporize. Leverage will murder FHBuyers, they will be pissed.

The dominoes have started to fall, as actual sales "volume" and mortgage applications in the major cities are drying up. This is why it "looks" like prices are going up. Kind of like the US stock market rally, rising prices on declining volume = weak market. The gap is starting to appear between buyers and sellers. If/when we get deflation in the USA and China, say goodnight to Aussie home prices.

Wed, 05/05/2010 - 01:48 | 332056 Troy Ounce
Troy Ounce's picture

A 40% tax on mining profits might also do the job.

A housing shortage is a myth: everybody wants
a bigger house with a sea view at a lower price,
so the shortage is eternal and used to sooth buyers

Thu, 05/06/2010 - 02:59 | 333946 anotheranon
anotheranon's picture

Would you happen to have some sources regarding AUS property market? Because as far as I know there is no decline in Mortgage applications in NSW for atleast 2 of the big 4. (Close family/friends who work there)

I have heard that around 25% of all the housing in the capital cities is being left vacant as they are investment properties, and renting them out would allegedly drive down the value.

Tue, 05/04/2010 - 21:28 | 331857 partimer1
partimer1's picture

when things go up, it is always lack of supply. when things go down, it is always lack of demand.  people makes shit up to justify price move.  same is true for all the earnings from companies.  as long as the chinese buys ores left and right, aussies will be sexy.  if chinese hits the wall, the game is over.  all the games over.  I just heard a story about chinese housing.  a contract was signed to buy a condo with cash.  the buy felt that loan from bank will be a better deal, so he deposit 25% of cash and went to get a loan.  two weeks later he came back and he was told that condo was sold at higher price to someone else, and he cannot get his deposit back.  he went to court and it is still pending for that deposit. I told him it is so fucked up, and you better run, not even walk.  he didn't believe me.  go figure

Tue, 05/04/2010 - 19:16 | 331728 Rainman
Rainman's picture

Great insight. BTW, USA never paid attention to the Japan meltdown either.

Tue, 05/04/2010 - 20:11 | 331791 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

USA paying attention?

Hey look, Nike ads!  The shoes light up, cool!

Tue, 05/04/2010 - 21:10 | 331841 Buck Johnson
Buck Johnson's picture

Spot on, spot on.  I totally agree with you about Australias housing situation. 

Tue, 05/04/2010 - 23:27 | 331971 theworldisnotenough
theworldisnotenough's picture

No I'm not an Aussie. I have been researching a move. Thanks for the info.

Hearing that Aussie MBS is mostly held by Aussies makes me more confident that their central bank will continue to raise rates to cool off the housing sector and the economy in general. I just think the dynamic is different. The US housing crash had prolonged low interest rates, a credit driven service economy, liar loans, GSE fueling the bubble, and MBS were being strewn about the globe. Alot of the information I have been looking at is very critical of housing prices. Not so in the US. The MSM here lauded the housing boom as a never ending fountain of wealth. I do not see this in Australia. Imagine reading an article like this during the boom:  The more I think about it the only thing the Australia bubble has in common with ours is high prices. Oh and the tax credit. I would be interested to know if Australians are living in their homes or using them as ATMs? If so that is a similarity.

A housing bubble more similar to ours is Canada's. An interest rate of .25% and exploding prices! The prices are jaw dropping. Makes Australia seem downright cheap.


Wed, 05/05/2010 - 00:07 | 331999 Great Depressio...
Great Depression Trader's picture

Longer term I believe that Southwestern Australia will be a great place to live, especially if things get rough. Plenty of farmland, adequate rainfall, seafood off the coast, amazing beaches (absent the occasional shark), commodities to power the economy and great people. Many of my wife's family are heavily invested in residential RE. They call me the doom and gloom yank as they dont listen to ANYTHING i tell or show them. Oh well.

Perhaps australias housing market will deflate on a slower scale somewhat like the upper middle income areas of the US. They had some stated income loans in AUS, many high DTI loans, 100% financing for some time, even 105% financing. Some recent article lamented how some homebuyers had to put 8% down and finance the 92%. Prices will deflate, but it is true that the madness that happened in socal/florida didnt happen in AUS as a whole. Bottom line: worst time to buy. Wait it out, and get some nice place in a few years.

Wed, 05/05/2010 - 07:55 | 332189 SteveNYC
SteveNYC's picture

Grew up there, an outstanding place to live indeed. They do need to get their heads out of the sand. They most certainly live in a "bubble" down there, in more ways than one!

Tue, 05/04/2010 - 18:56 | 331703 Implicit simplicit
Implicit simplicit's picture

I'd still rather him in there, than most that are there.

Tue, 05/04/2010 - 19:25 | 331738 Mako
Mako's picture

He has no idea how the global credit financial system operates.   A rock on the side of the road has a better understanding. 

Tue, 05/04/2010 - 19:19 | 331720 Mako
Mako's picture

Peter not only believed in decoupling, he was promoting the nonsense for years.  Now Europe is decoupling right into the Mediterranean.  He has no idea how the global credit financial system works.

"And the Europeans' monetary policy is not nearly as bad as ours, so more of that type money will be attracted to the Euro and will probably benefit other Euro-zone type currencies"

He's not the devil but he has clients heavy in Europe, and just wait till Asia starts collasping again.   You haven't seen anything yet. 

Sorry Peter but you don't understand Dick about anything.   China and the rest of Asia will be collasping as well.   Yeah, have the federal government let off the gas for even a moment Peter, instant collapse.   It's going to happen anyway... I love these clowns that think there is a way out.  There is NO out. 

It is clear that he hates America, because of hatred of the US for locking up his stupid dad he ignores the Truth, which is the system is unsustainable.   It's not a US thing Peter, it's a Math thing. 

Tue, 05/04/2010 - 20:35 | 331806 Seer
Seer's picture

There is NO out. 


It's not a US thing Peter, it's a Math thing.

Yes, and that's why I think they are ALL clowns!  Anyone who uses the words "sustainable" and "growth" in the same sentence or suggests that the existing system -CAPITALISM- can SOLVE our problems is someone I will shy away from.  I will, however, concur with many who point out the issues (it's just that most are too afraid, most likely because they are not actual, meaningful producers, they shy away from the fundamental question of how growth can be maintained on a finite planet).

Wed, 05/05/2010 - 00:15 | 332004 Mako
Mako's picture

"they are ALL clowns!"


Actually they running from the Truth.   The Truth is, you use the equation, your kids or your kid's kid will be playing the balloon payment from hell. 

Tue, 05/04/2010 - 21:01 | 331833 Implicit simplicit
Implicit simplicit's picture

Who do you like out there as a viable canidate?

Nothing changes, and nothing gets done, unless people accept that fact that no one is going to have the exact same views as themselves.

For instance, there are no viable avenues to protest publically ecept the tea party. I do not agree with many of the tea party beleifs, but I do want to at least audit the fed. Rather than make fun of them , I'd rather look at them as the most viable option available out there to protest publically. It does no good to complain about things if your not going to do something to change things. 

Tue, 05/04/2010 - 20:55 | 331827 GS is short Gold
GS is short Gold's picture

that and his decoupling nonsense too. he thinks China will somehow come out of the depression unscathed. 

Tue, 05/04/2010 - 23:06 | 331948 tmosley
tmosley's picture

Not unscathed, just far, FAR ahead of everyone else.

This is what happens when you have the world's only remaining industrial base.  Think US post WWII.  The US wasn't unscathed, but it was certainly far ahead of the game.

Tue, 05/04/2010 - 22:01 | 331889 chindit13
chindit13's picture

As a blanket statement his dollar call does not look good so far, but there have been some great smaller Asian currency plays in the last two years, such as the Sing, Malaysian, and of course the World's Last Remaining Hard Currency, the Myanmar kyat (1400/$ to 985/$ since LEH demise).  Aussie and Loon have also performed well, though that time may well have passed as the China resource play comes to a halt.

Incidentally, Asia, playing the part of the Warm Potted Lobster, is perplexed by all the Euromadness, and just doesn't understand how those white devils can mess up their economies so badly.  They are about to find out that fiscal soundness is only skin deep but fiscal recklessness goes all the way through the Chinese banking system (which was the engine for Asia's recovery). 

Nobody gets out alive.

Wed, 05/05/2010 - 09:35 | 331933 velobabe
velobabe's picture

no really, is google a BUY?

Wed, 05/05/2010 - 00:48 | 332031 butblack
butblack's picture

You have lost all credibility after this post. That chart is a horrendous representation of "getting killed". Please actually listen to what Peter is saying about the future of America as a country and what is actually happening.

Maybe you could read one of the many books he has wrote. Good luck!


Wed, 05/05/2010 - 05:08 | 332112 boiow
boiow's picture

+ 100

Wed, 05/05/2010 - 05:21 | 332118 godfader
godfader's picture

Schiff is a perma bear USA / perma bull everything else. Always has been, always will be... a broken record always singing the same song. He has no clue about trading. Why anybody is listening to this fool is beyond me.

Wed, 05/05/2010 - 06:05 | 332144 cossack55
cossack55's picture

I take turns listening to fools.  I start with C-SPAN in the AM then to CNBC in the AFT then FOX in the PM.  Then I take 6 Prozac and E-Trade all my money into big pharma.  That is why i'm on the net now.   

Tue, 05/04/2010 - 17:51 | 331609 I need more asshats
I need more asshats's picture

Why not change the old ZH format to something more interesting? Maybe nano format:

I mean like nano-finance. F' the big firms and concentrate on the smaller boutiques. They scooped up all the talent and will be the future innovators.

Introduce us to them....

Tue, 05/04/2010 - 17:48 | 331610 WaterWings
WaterWings's picture

North Korea DOES have a printing press. LOL:

Tue, 05/04/2010 - 17:59 | 331622 Segestan
Segestan's picture

Schiff is full of it.. Americans could afford life very well before the globalization.. sell out.. of the west.


Tue, 05/04/2010 - 18:49 | 331694 Implicit simplicit
Implicit simplicit's picture

The sell out of the west by globalization was inevitable with the advances in technology and communication. The real modern day bolsheviks are the non-union working class that don't work for the goverment, finacial institutuins , or the military complex.

Things are topsy tervy now. The old bolsheviks wanted to unionize to demand decent pay. Presently, goverment workers, big unions, mutinationals, and financials are the largest bribers (political donations) of the politicians, and thus get the most favors.

Tue, 05/04/2010 - 20:01 | 331780 Segestan
Segestan's picture

Well inevitable or not the result will be the same... regression and poverty. I for one don't accept that globalization was needed at all .. what has the west gained and lost? Not worth the gig. Responsible Western leadership in government and business should have existed but was betrayed from the top down.

Tue, 05/04/2010 - 20:38 | 331808 Seer
Seer's picture

Absolultely right.  Globalization was only needed to milk out the last bit of resources out of the planet.  Capitalism is the best noose weaver ever; and it will hang itself with that noose.

Got energy?

Tue, 05/04/2010 - 20:43 | 331816 Implicit simplicit
Implicit simplicit's picture

Need nuclear eventually when we have tom leave this planet. Find some folded space and worm our way to an inahbitable planet.

Tue, 05/04/2010 - 20:40 | 331812 Implicit simplicit
Implicit simplicit's picture

I too am a firm believer that we need to get back to a simpler way of life in the long run. My father was an immigrant with a sixth grade edcuation, but he was smart. He had more common sense that most educated people. Paid for everything with cash.

Wed, 05/05/2010 - 06:17 | 332149 AnAnonymous
AnAnonymous's picture

Strange comment.

Globalization was achieved through multiple waves. The US was produced through one wave.

The US standard of life has undeniably rised through globalization.


I really wonder how the US could have maintained their expansionist ponzi scheme without pushing globalization to its end.


Big issue is not globalization. That is globalization is about to end.

The progression toward the end has been very lucrative for the Western world.

Tue, 05/04/2010 - 18:12 | 331632 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Max is the greatest, Stacy holds it all together, and Schiff knows his stuff.  Great episode.

Tue, 05/04/2010 - 18:19 | 331645 Problem Is
Problem Is's picture


Mad Max Keiser is the bomb...

Tue, 05/04/2010 - 18:28 | 331658 SRV - ES339
SRV - ES339's picture

"Stacy holds it all together"... lol!

Not doing such a great job with Max but, then again, who could?

Gotta love Mad Max!

Tue, 05/04/2010 - 19:11 | 331721 Hephasteus
Hephasteus's picture

Alone they are fantastic, together they make the best pie. BTW max is the crust. LOL

Tue, 05/04/2010 - 18:18 | 331642 Problem Is
Problem Is's picture

" Clinton's son-in-law Marc Mezvinsky is a GS..."

You mean Marc Mezinsky is married to Monica Lewinski?

Ouccchhhh... even for me...

Bubba Clinton: "All depends on what your definition of IS is."

Tue, 05/04/2010 - 18:33 | 331665 Double down
Double down's picture

Max must change his voice.  My ears hurt.

Tue, 05/04/2010 - 21:29 | 331858 Hulk
Hulk's picture

Same here. reminds  me of Gilbert Gottfried of hollywood squares...

Tue, 05/04/2010 - 18:51 | 331696 Captain Obviousness
Captain Obviousness's picture

God, the deflationist vs. inflationist rhetoric around here is starting to turn into Republican vs. Democrat, Yankees vs. Red Sox, or Coke vs. Pepsi type of drivel.

Regardless of whether the result of all this will be inflation, deflation, or whatever, the point is that Schiff's diagnosis of the causes of the bubble is correct, and his cure of getting goverment the hell out of the way, letting the free market determine interest rates, and letting companies fail is also correct.  In terms of getting someone in the Senate who actually believes in and understands free markets, who cares if there is deflation the next year or two or 10!  Even if Schiff is dead wrong and there is massive deflation the next decade, at least you know he would not be proposing a bunch of stupid stimulus programs design to prop up prices.  In fact, he'd vote against every single one.  I sure as hell want Schiff in the senate instead of some captured Republican or Dem.

Tue, 05/04/2010 - 18:54 | 331700 MountainHawk
MountainHawk's picture

Thanks for showing some good old fashioned common sense...

Tue, 05/04/2010 - 19:36 | 331750 Implicit simplicit
Implicit simplicit's picture

True That. Here is a link to the senators of each state with their email addresses.

The fed has effectively lobbied to water down the original House bill to audit the Fed fully. Dodd has added an amendment that makes it useless. Don't let them do it. Here is what I wrote to my two senators from Ma. Your welcome to copy and paste and/or change, anything but stand up for your rights.

"Please make sure the Federal reserve bank is fully audited as asked by Grayson and Paulson, not the watered down version by Dodd.
It is the tax payer's money.
We have a right to know what is going on in a fully transparent manner. Anything else is fraudulent.
National security interests should not be used to change the bill. It would be an insult to  the citizen's intelligence. We are the goverment."

Tue, 05/04/2010 - 19:40 | 331759 Rusty_Shackleford
Rusty_Shackleford's picture

Well said.  I find it hard to believe anyone could have such strong negative feelings against Schiff.  He's one of the few financial commentators that makes any sense.  No one can predict short term ups and downs in the market.  However, over the long term, 100% of all fiat currencies go to zero.  That is a fact.  The question is when.   You simply can't have a long term productive economy based on borrowing and spending in a non-redeemable paper ticket currency.  If you could, human beings would have figured it out 5000 years ago.

Tue, 05/04/2010 - 23:35 | 331976 moneymutt
moneymutt's picture

I read Schiffs book, got his emails, saw him speak...I don't hate the guy but I think he is a bit rigid...but full disclosure, I think anyone that has looked at our economy/financials for more than two minutes and comes out with a completely partisan solution is a bit rigid.

He irritates me because he has not evolved at all. And in a fall 2008 speech I saw him give he kept saying get out of US dollars. He believed US housing collapse would ruin dollar, he thought govt spending would soon ruin dollar, buy He saw what others chose to ignore, but I saw same thing, but was not a investment guy so I just talked about it with some friends, some of whom also saw same thing as me and Schiff...that's why we read his book, we were already inclined toward it but he added information since non of us were financial people. I believed his worries about US and inflation til I started reading Mish et al and I found Mish's arguments on deflation more compelling...Mish has been more right than Schiff, Mish saw coming collapse also, how it would crash credit, that credit is the real money supply and thus there would be deflation..on that Precther was also more right than Schiff..Mish was just not well known enough to be on CNBC. And some liberal guys, Krugman, Roubinis and as well as some conservative/libertarian guys both saw housing, derivative, leverage issues..

I also totally agree with him on a very long scale there will be decoupling of Asia and.... even Mish admits that after a severe deflation we may likely get severe inflation...but Schiff clearly thought US was such a mess and everybody else, Europe, Asia was so much better and cleary thought US housing collapse would instantly lead to inflation and high interest rates once it collapsed. Schiff, to my knowledge, never talked about Japan's mess/debt, the PIIGs mess, Europe's problems with east European loans, China leverage and dependence on real estate appreciation, so in their own way, they were/are just as bad as US sub prime, housing in 2007...I had to read many things other than Schiff to get a reasonably full picture of the global situation..I think many others including Mish provided a much better understanding of the whole global crash and how it would likely to go down, and so far have been much more right than Schiff.

Because Schiff was right on housing and US econ crashing when most others were bullish, I think he think that validates his entire world view, not just the good common sense he had to see our US mess. He also idolizes Reagan, which I always think is strange for such a fiscal conservative given Reagans actual actions...So by same rule should we elect Paul Krugman and his stupid Keynes crap because he saw the crash coming?

And as ZH's GW would say to Schiff, "cut the partisan crap". I agree with Schiff on many of his financial reforms, end the Fed etc...but just like with Ron Paul, I disagree with them on the "no regulation/financial anarchy" aspect of their libertarianism...

Tue, 05/04/2010 - 20:42 | 331814 Seer
Seer's picture

I'm voting "none of the above," voting for NO SENATORS.  Yup, in the end I will be right.  My long call that the govt is toast will prevail; and with it, big business!  It all rode up the energy curve and now it'll all go down with it.  To think that there's some correction that will continue this system is, well, it's a fantasy...

Tue, 05/04/2010 - 22:00 | 331888 mellmeister
mellmeister's picture


Tue, 05/04/2010 - 18:57 | 331704 Euro Dude
Euro Dude's picture

Mezvinsky used to work for Goldman. I think he quit a few years ago to work for a hedge fund.


Tue, 05/04/2010 - 18:59 | 331706 Great Depressio...
Great Depression Trader's picture

Schiff has my support as well. But he needs to listen to some of his critics, his true supporters will provide constructive critisism. Sycophants are no good.

Tue, 05/04/2010 - 19:17 | 331732 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Great advice for everyone!  The best decision I made in my life was to make friends with people that "tell me how it is".

Tue, 05/04/2010 - 19:09 | 331716 Hephasteus
Hephasteus's picture

Can stanford university produce anything but liers and manipulators and bags of shit. Burn the place to the fucking ground.

Tue, 05/04/2010 - 19:50 | 331770 Problem Is
Problem Is's picture

Are you still mad about John Elway losing all those Denver super bowls?

Tue, 05/04/2010 - 20:39 | 331810 Hephasteus
Hephasteus's picture

I'm just a sensitive empath that has found something really fucking icky, gooky and nasty at stanford. I hate that freaking place. I hate them with a white hot passion that makes phospherous and magnesium fires seem cool.

Tue, 05/04/2010 - 20:44 | 331818 Seer
Seer's picture

Don't worry, the angry mobs will one day be on the war-path.  They will be after anyone who has attended major universities.  So, rejoice!

Tue, 05/04/2010 - 21:45 | 331873 Hephasteus
Hephasteus's picture

There's nothing wrong with universities. But Stanford's biology department and computer science department are full of people i'd like to stab. Folding at home at it's most innocuous a simply a useless endeavor to sell intel cpus and nvidia gpus, at it's worst they are folding biological weapons. If they are then I'm going to spend my next lifetime cutting thier guts out, pulling every inch of the entrails out and reading every single bump on them like a crazy freaking shaman from the fuckuUp tribe.

Tue, 05/04/2010 - 22:51 | 331935 Problem Is
Problem Is's picture

"But Stanford's biology department and computer science department are full of people i'd like to stab."

Do you know in the 80s a math grad student went in to his faculty advisers office and shot him... a regular mathematical Dan White...

Stanford is kind of a yuppie douche factory... 
Forget Elway... I forgot the obvious... Tiger Woods is a proud Stanford alum... If you did not graduate you missed out on the Standford Alum Platinum Visa...

Wed, 05/05/2010 - 09:49 | 332412 velobabe
velobabe's picture

Pac-10 All-Conference Honor Roll
1996 Tiger Woods First
Pac-10 All-Academic Honor Roll
1996 Eric Crum First
He was captain of the Stanford University Varsity Golf Team and former teammate of PGA tour players Tiger Woods

Wed, 05/05/2010 - 02:09 | 332067 Trial of the Pyx
Trial of the Pyx's picture

usually appreceiate your posts


you got any evidence regarding FAH?

Wed, 05/05/2010 - 03:39 | 332086 Hephasteus
Hephasteus's picture

Lot's of pieces to the puzzle. Starting with my wonder what exactly was chaining so many people to these virtual worlds. I finally figured out it was a smoke screen to develop gpu's to their useless pinacle of floating point bullcraptitude. Once I figured that out I attacked someone at nvidia and picked up the stanford link from him. They finally confessed they were just in it for the supercomputer application. But since then I've run into piece after piece of bad news coming from stanford. I know alot of folders and they try to put on the right face but it's organized like a competitive sports group. It definitely favors core i7 cpu's which are useless to 99.9 percent of the population on this planet. It most DEFINITELY favors nvidia gpu's who's architecture is transgressing into the surreal zone of freaking silly for what it's "supposedly" intended for.

I've just devoured a couple intel guys like an angry baby shark trying to pass off bullshit as truth. But I can't draw another nvidia guy out to get more information. They threw me off because they seemed so interested in single precision floating point which made me think it maybe had something to do with massively fast fourier transforms which would be needed by Haarp to maintain a vibratory frequency in a dispersive medium like our atmosphere. But they switched over to double precision in thier latest architecture and now I don't have any clue what they are up to. All I know is folding at home is a SCAM. There's not one damn good thing about it. It's not going to cure anything or help anyone. I managed to learn quite a bit of biology but I hate biology and would rather not crawl up their ass with a microscope just to see what's in there as I'd be learning something I don't care to know. If it's truley something icky like biological warfare it's too public though they have "joked" about that stuff which is often a preemptive suspicion strike. If it's just to develop 0 percent efficacy bullshit gene therapies and try to pass them off as wonder drugs then that's almost as bad. They may have abandoned thier original plans and just backpedaled to a bullcrap group creation to sell chips and make money which would result in the least amount of their nutsack being evicerated by the fewest people. I just know that the stanford university thing isn't all the way out of it's bag yet. It goes beyond the market manipulation crap. They will likely have a good portion of their ill will towards mankind thrown back at them to deal with it as they are definitely "insiders" and most definitely on my shit list.

Tue, 05/04/2010 - 23:56 | 331878 chindit13
chindit13's picture

That worked out well for Cambodia.  Lowered the country's average IQ by 20 points and made it the pedophile magnet of the world.  And they still ended up with a corrupt leader thirty-five years later.

Wed, 05/05/2010 - 11:23 | 332446 velobabe
velobabe's picture

your tough on my bro's†

MAX, this has nothing to do with you.

baptised catholic. confession time!

my really really dear friend went to Dartmouth College and played football with Hank Paulson for four years. i don't know him, but apparently he is a real asshole.


one more confession. i swear i thought everybody i knew was like me. democrats. but my training and racing buddy for 25 years was walt harris. Katherine Harris (born April 5, 1957, Key West, Florida) brother. (bush elections?) had NO idea, he never told me about his family. just put 2 + 2 together a couple of years ago. but walt is i a heap of financial trouble, right now.

Wed, 05/05/2010 - 11:29 | 332670 velobabe
velobabe's picture

done. i know i can't ever come back here again.

swear, i now know a lot more about life than a year ago.

Tue, 05/04/2010 - 19:48 | 331765 daz
daz's picture

Peter should speak more about present and future rather than he was right many years ago.


Tue, 05/04/2010 - 23:13 | 331955 tmosley
tmosley's picture

When people constantly laugh at you and call you deluded, you have to show your record.  You have to show it every time you are questioned.

Tue, 05/04/2010 - 19:59 | 331776 A Nanny Moose
A Nanny Moose's picture

Can we get Stacy to replace the current crop of silicon enhanced MSM financial bimbos?

Tue, 05/04/2010 - 20:46 | 331819 Seer
Seer's picture

No!  The MSM needs to continue to fade into history's dustbin!

Tue, 05/04/2010 - 22:43 | 331930 Mr Lennon Hendrix
Mr Lennon Hendrix's picture


Tue, 05/04/2010 - 20:05 | 331785 jdrose1985
jdrose1985's picture

I called Europac in early summer of '08, they wanted to put in me in oil funds and Asian equities. 

We know how that went.

Time is more important than price, Peter.

Tue, 05/04/2010 - 23:17 | 331960 tmosley
tmosley's picture

Right, up nine out of ten years just isn't good enough.  There can never be such a thing as a correction if you have the right thesis.

Tue, 05/04/2010 - 20:12 | 331792 The Axe
The Axe's picture

AAPL, CMI, IR, NAV, INTC, MSFT  and many more---America does have a real economy----the banks and other parts of the economy are weak and supported only by taxpayers and the government.. But please max===

Tue, 05/04/2010 - 20:50 | 331823 TheGoodDoctor
TheGoodDoctor's picture

It's good entertainment at least. I enjoy both Schiff and Mad Max.

Tue, 05/04/2010 - 21:40 | 331869 Frank Owen
Frank Owen's picture

Max: Two days ago, I saw a vehicle that would haul that gold. You want to get out of here? You talk to me.

Tue, 05/04/2010 - 21:11 | 331842 WSMassiv
WSMassiv's picture

Schiff is one of the best possible candidates for office in the senate period.  He does have personality quirks and at times has a nice size ego to boot.  With that said, his fundamental policies are our best bet if we wish to take the country back.  This is also part of the "problem" with his investment techniques.  He uses common sense in combination with market fundamentals.  This clearly would get you killed if you are trading in this environment.  Now comes the second part:  He made his calls YEARS before the crash actually happened...  He is making his future investing calls way ahead of time, which means he is a long term investor, NOT trader.

Wed, 05/05/2010 - 05:26 | 332119 boiow
boiow's picture

too true. his predictions are long term and i think everything he say's about us economy will happen in the fullness of time.

schiff is a constitutionalist and that is what the us needs right now along with his knowledge of austrian economics. his father is also in prison as a tax protester.

i can't think of anyone better to run for senate.

Tue, 05/04/2010 - 22:15 | 331854 Temporalist
Temporalist's picture

As a Peter Schiff fan I can see how people might not like him but the way haters feel compelled to immediately speak up smells to me.

If the first comment that pops up in your head is "yea look how good Europac did in this time frame" but ignore something Max said like how he's a wealthy man for Peter putting him in gold 8 years ago, you are just being difficult and I'd guess it's because you're either jealous or disappointed you weren't the first one to realize gold is going to keep going up with the global governments spending as they are.  You didn't even have to invest with him to listen to his advice, he has stated he personally is 50% in gold, putting his money where is mouth is, and yet people want to bitch.  You didn't even have to buy a book.

Yes Schiff repeats his prognositcations that were accurate and not those that were inaccurate.  I'm shocked.   I mean if I were in his shoes, trying to gain popularity, and making sure people who don't know me and what I represent, I would do the exact same thing.  He has to do this now; he has to present himself as if it's the first time you are hearing him not the 100th.  But that is a difficult concept.

And if Ron Paul and Max Keiser are indicative of the company he keeps I admire him.

How about that he is out there putting his name and career on the line to do what he thinks is right for the U.S.?  Do any of you haters risk your personal fortunes to challenge the system, or write a book that predicted anything about a dynamic organism like the U.S. and global economy?

I am a fan but I chose to listen to his advice and I still listen without investing with him directly except for donating to his campagin; although I'm not a CT resident.

If nothing else but that he was right and they laughed at him yet still the government won't even discuss his positions and how he came to his conclusions. That is the only "change" that I've see anywhere near this hydra-headed corporatocracy; besides Ron Paul.

But, to address Mako directly, only becuse he is right to point out the macro flaws, I believe it is not because his thoughts are wrong but he thinks the U.S. is worse in comparison because they are a consumer economy that is tapped out and the other examples, especially asia, are not necessarily.  Europe has been around a much longer time than the U.S. so believe they will maintain I assume is the thinking there but I am not sure.  I have heard him say get out of U.S. equities and go either Asia or Europe but since I don't believe in any of them, well his advice has been just fine for me.

So, in summary, I like him for his guts, integrity, single voice against the laughter, putting it on the line, the company he keeps, for giving free advice to do with as you see fit, predictions, and so you don't all get sick by this any longer I'll finish with Patriotism.  He has said and is saying what nobody else was even in the face of laughter, criticism and derision and has still come out on top so far. 

If he's arrogant I can see what you see but I don't know many smart people that think they are right and aren't arrogant.  And if he's stubborn, well the same applies.  I don't think it will be his downfall.

I'd have dinner with Max or Peter any time.

Tue, 05/04/2010 - 22:37 | 331925 potatomafia
potatomafia's picture

+1000 ounces of gold


I am a Schiffhead, and I am proud of it.

Wed, 05/05/2010 - 03:56 | 332093 i.knoknot
i.knoknot's picture

schiff was well in front of the housing deal. well in front of it... in fact, too far in front of it for most folks to 'see' it.

do any of you schiff critics honestly think the dollar is healthy and/or moving that way?

being the farthest from death does not imply health.

you could argue that one will eventually be right if he predicts something long enough, but this system moves a lot slower than my MTV/ADD brain does - and even knowing that, i still get it wrong. i will smile when/if mr schiff is vindicated, but i may be a lot older. betting against the fed seems to be a recipe for failure in the short-term.

FWIW i feel the same way about gold. for the short-term traders, it's a fools game - in 10-15 years let's see how many fiat papers we can get for the stuff.

as for tomorrow, it's 50/50 on gold - BRIC vs CRIMEX. i'd say the dollar is 70/30, in favor of the USD. subject to change without notice - trust me on that.

Tue, 05/04/2010 - 21:32 | 331862 Frank Owen
Frank Owen's picture

kinda off topic but.... Max talking about "The Cantor Exchange":

"The only difference between the new box office futures contracts being manipulated and blowing up," he says, "and stocks in companies like Lehman Brothers being manipulated and blowing up, is that people losing their money can imagine getting screwed by Scarlett Johansson instead of Dick Fuld."

Tue, 05/04/2010 - 21:42 | 331871 Temporalist
Temporalist's picture

Yes and no...he was the Hollywood Stock Exchange (HSX) creator:

Tue, 05/04/2010 - 22:02 | 331891 Roy Bush
Roy Bush's picture

Max, is that what the US economy is really all about....Fraud, Guns, and Doughnuts (DONUTS)?

I must say, you always make me crack up!

Tue, 05/04/2010 - 23:53 | 331988 Burnbright
Burnbright's picture

I think a lot of you guys take Schiff out of context. He doesn't do short term or medium term trades. Secondly he has stated many times that the "crash" he was writing about hasn't happened yet.

He doesn't really predict short term market moves, he always chases dividend yields and ways of preserving wealth, not how to "make" money day trading.

If you want to comment on his forecasts look at the predictions he made 5-8 years ago about the housing crash. He may not understand when something will happen, but he certainly understand the fundamentals. And if you want a better short term to medium term predictor just follow Marc Faber, he is a fucking genius.

Wed, 05/05/2010 - 02:09 | 332066 3leggedportfolio
3leggedportfolio's picture

Actually Mr Mezvinsky is in 3G Capital

Wed, 05/05/2010 - 07:23 | 332173 Fred C Dobbs
Fred C Dobbs's picture

I am thinking of opening an account with Peter Schiff's company Euro Pacific Capital.  Does anyone here have an account and care to comment?

Wed, 05/05/2010 - 07:47 | 332175 Fred C Dobbs
Fred C Dobbs's picture

double post

Wed, 05/05/2010 - 09:12 | 332303 Willzyx
Willzyx's picture

If Peter Schiff forecasted the housing bubble, I guess this means he wasn't able to get Goldman to help him bet against a CDO deal like John Paulson

Wed, 05/05/2010 - 16:15 | 333185 Temporalist
Temporalist's picture

I believe he profited, and some of his clients as well, shorting sub-prime but the heavy hitters were given exclusive access because they could drop the biggest nut on the deal.

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