Peter Schiff Mortgage Bankers Speech Nov/13/06
April 3, 2010 by Editor
Filed under About Mortgages
My Mortgage Bankers Speech from Nov 13th 2006 is now in one video clip. I gave this presentation at the the Western Regional Mortgage Bankers Conference in Las Vegas. There were over 2000 mortgage bankers in attendance. I also made similar comments when I addressed this conference a year earlier in 2005 at the height of the real estate bubble. For those people who said no one saw it coming, this presentation is a real eye opener. Let’s see if we can get this clip to go viral. Thanks to a youtuber called “csabasand” here is a full transcript: www.csaba.se also check me out on www.facebook.com and twitter.com
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Can’t believe he was right.
Vote Peter Schiff for SENATE!
Schiff for Senate CT.
@shira100 i spose u are one of thoes anti gun liberals?
Spartan, you are the reason why our country is in such bad shape. It’s sad, please educate yourself.
When people aren’t saving, the banks can still make loans since they get deposit from the Fed. They can then lend out most of that deposit. We had years of no savings and still there were lots of loans – especially mortgages.
thanks for explaining .
Because banks loan to make money. They can’t make loans if noone is saving, and noone will save if there is no reward to. This is why 0.25% Fed fund rate is so bad for the economy and ultimately the Federal Reserve is responsible for all bubbles.
god we are so f*cked! please elect this man to the senate!
Peter often says “only when consumers start saving can business start investing and start hiring “?
Why does it follow that if people save,business’ will invest ? thx
as i side note schiff will be a regular on fast money twice a week tuesday and thursday from 5pm EST THIS IS GREAT NEWS;;;and my fast money is that ratrings on these shows will explode…it’s a smart move by CNBC and well deserved for Schiff. If only they had done it sooner!
Schiff for Senate
Uh… No. As a matter of fact, Schiff himself studied economics. It just depends on HOW YOU APPLY ECONOMICS. Apparently, subprime lenders/borrowers and the Feds did not know how to stick to the most fundamental principles of macroeconomics while Schiff did.
The genuis Mortgage banker association did not listen to schiff and purchased a massive commercial building to rent out and occupy as headquarters. That investment went south real quick and they short sold or got foreclosed on. Losers
@lisajason111 LOL
@mtb416 “I guess it’s true that the really good politicians, aren’t politicians.”
True for the most part with the exception of Ron Paul, Dennis Kucinich, and a very few others =D
Peter Schiff was and still is right on point. 80% of my friends spent like crazy with however much money they have on hand and when that’s gone, they turned to their credit cards. When the global financial crisis occurred and unemployment rose, most of them lost their jobs or had to take a paycut through reduced working hours. Needless to say, they were miserable when the credit card bills arrived. That didn’t happen to me because I SAVED and lived frugally.
If anyone listened to Peter to short the sub-prime market, they made a fortune.
Which economic theory are you referring to? If you are referring to Keynesianism then you’re 100% correct. Economics is the study of citizen and government bartering. I suggest you look into Austrian macro economic theory as taught by Ludwig Von Mises.
I hope Peter’s presentation of Austrian economics makes it easy for people to apply it to their own day-to-day lives and work. We have to fix it from the government end (raising interest rates, shrinking gov, etc) and from the personal end (tightening our wads, saving, building real productive and desirable skills, and getting off the consumption rollercoaster).
@myfletcher – hope your inability to keep up with the sub prime buyers helped you invest elsewhere. Thanks for your input.
01:06:05 Woooooooooooooow. It hurts seeing someone fall on their face that hard! Peter pwns
its amazing to see the resistance to peters advice, and i see the same today when hes on cnbs etc, people wont support what they dont want to hear…
get rid of affirmative action banking and reinstitute sound policy regulation
What part of this do Americans not understand? What part of what Peter is saying is so beyond comprehension?
And yet, politicians continue to prop up residential housing prices and voters continue to encourage them.
So is the establishment just set up to keep guys like Schiff from fixing things or offering their council?
I guess it’s true that the really good politicians, aren’t politicians.
At 39:30 he talks about sub prime borrowers deterining pricing on houses. That alone is so profoundly true.
I have been buying REOs for 20+ years. Back in the day, you had to have CASH to buy a lot of these bank owned homes. We paid cash and got a discount for it. When they started financing these deals the prices went through the roof. We cash buyers got priced out of the mkt by the idiots with sub prime morts.
Did this guy have a crystal ball or what????