Peter Schiff Was Wrong About the US Stock Market

pathtofreedom said:
Why does anyone listen to Peter Schiff. He predicted a few bubbles and crashes but so did other economists such as Lyndon Larouche and Webster Tarpl. Anyone can predict a crash or bubble. Crashes and bubbles are engineered. The government owns 70% of stock in publicly traded companies so the game is rigged. Peter Schiff has been predicting for years the collapse of the dollar but it hasn't happened and isn't going to happen.
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probably has something to do with Ben Stein and his minions yukking it up making fun of Peter, telling people to invest and that he's ridiculous - meanwhile a few months later Peter is proven right, and the crash happened.
 
All I know is that the day I put money back in the stock market is the day it will tank. So, I'm staying out! :p
 
pathtofreedom said:
Why does anyone listen to Peter Schiff. He predicted a few bubbles and crashes but so did other economists such as Lyndon Larouche and Webster Tarpl. Anyone can predict a crash or bubble. Crashes and bubbles are engineered. The government owns 70% of stock in publicly traded companies so the game is rigged. Peter Schiff has been predicting for years the collapse of the dollar but it hasn't happened and isn't going to happen.
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Could you please provide a source to support the highlighted claim? As of December 2010, the market value of all publically traded companies in the US was $17 trillion (higher today). https://www.cia.gov/library/publications/the-world-factbook/rankorder/2200rank.html 70% would be $12 trillion. I believe that GM is the only company the US currently holds shares in.
 
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Zippyjuan said:
Could you please provide a source to support the highlighted claim? As of December 2010, the market value of all publically traded companies in the US was $17 trillion (higher today). https://www.cia.gov/library/publications/the-world-factbook/rankorder/2200rank.html 70% would be $12 trillion. I believe that GM is the only company the US currently holds shares in.
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Well it is just a rough estimate. But the government holds trillions of dollars worth of stock in various corporations through investments, pensions, and GSE's. The government is literally swimming in money. Mind you this is state and local governments I am not sure about the Federal government. I know on a federal level trillions of dollars worth of gold are held in the Treasury and FED.
http://cafr1.com
 
During my search for info I had one article which indicated that all pension and mutual funds (private and government combined) owned at most 40% of all stocks and bonds.
 
A well diversified portfolio does everyone well. Yadda, yadda, non-correlated risk premiums.

A little bit of equity, debt, and maybe some alternatives like real estate, gold, and fine art is a solid way to diversify. We should be talking more about the importance of diversification. But yeah, Peter Schiff is still a tool.
 
Some here like him which is fine and up to them. I am free to not invest with him or follow his suggestions as are anybody else but my own opinion of him is that he just uses fear to push his products like a lot of marketers- gold websites are the worst in my opinion. "There is going to be a major collapse and the only way to avoid it is to buy what I am selling!" Fox does give him a lot of free publicity.
 
toathis said:
So missing 8,000 points on the DOW then saying stocks will go higher makes him right? If you think I am wrong prove it. Find one interview or youtube of him from 2008-2012 saying stocks are going higher.
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I don't need to prove anything, anyone who listens to Schiff talk on a regular basis will be able to confirm it. He says it ALL the time.

He always says the Dow is going higher in nominal terms. A lady called in to his show last week and said she was scared to buy in to US stocks because it could crash and he told her its probably going to go up so she shouldn't wait to buy, even US stocks, so don't hold cash and to buy stocks as well as gold.

Ever since the Fed has been inflating Peter's position is that stocks (even US stocks) are going higher.

You obviously don't listen to him very closely.

OP is a huge fail.
 
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I never said pensions had 70% of stock I said government did. Stock is also held in investments and other assets.
 
oyarde said:
You think the paper dollar can survive another decade within the current climate ?
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Oh honey boo boo, da' paper dollar, make ya' holla!

The politicians are useless, don't you know that they used us
And the bankers refused us while the media schooled us
The authorities knew this was happening to us
Cause they make more money every time that they screw us

"I Want My Bailout Money", Mike Adams
 
pathtofreedom said:
I never said pensions had 70% of stock I said government did.
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And you would be wrong. Between federal, state, and local retirement funds, state and local governments, and government sponsored enterprises government owns 9% of the $25.2 trillion corporate equity market.

Zippyjuan said:
Could you please provide a source to support the highlighted claim?
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He can't but I can. My source is Merrill Lynch.

http://www.ronpaulforums.com/showthread.php?412952-A-Picture-Guide-to-Financial-Markets-Since-1800
 
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pathtofreedom said:
I never said pensions had 70% of stock I said government did. Stock is also held in investments and other assets.
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OK so toss out pensions. You said earlier that they were included and where the government was holding shares.

Well it is just a rough estimate. But the government holds trillions of dollars worth of stock in various corporations through investments, pensions, and GSE's. The government is literally swimming in money. Mind you this is state and local governments I am not sure about the Federal government. I know on a federal level trillions of dollars worth of gold are held in the Treasury and FED.
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But fine. That leaves the government stock ownership to only General Motors. As of April, that comes to 225 million shares. They don't own any other stocks and GM is not 100% of all publicly traded companies (and they don't even have 70% of GM).
http://www.mlive.com/auto/index.ssf/2013/04/gm_stock_update_government_sol.html

DETROIT (AP) — The government has sold another piece of its stake in General Motors Co.

The Treasury Department said in its March report to Congress that it sold $621 million worth of GM common stock last month.

The report dated Wednesday says the government has recovered about $30.4 billion of the $49.5 billion bailout it gave the Detroit automaker. That means taxpayers are still $19.1 billion in the hole.

The Treasury says the price per share will be revealed at a later date.

GM stock sold in a range of $26.75 to $29.30 in March. At the midpoint of $28, the government would have sold roughly 22.2 million shares.

That would leave it with about 255 million shares. Those would have to sell for around $75 each for the government to break even, more than double the current trading price. GM shares closed up 84 cents, or 3 percent, at $28.37 amid a broad market rally on Wednesday.
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They do not own 70% of all stocks. As for that gold, it is owned by the Treaury- not the Fed. The Fed stores it but does not own any of it. And it is not worth trillions either. The US has about 8,100 tonnes of gold and at $1500 an ounce their stash is worth $390 billion. http://en.wikipedia.org/wiki/Gold_reserve
 
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pathtofreedom said:
The dollar is rock solid. The government has many trillions of dollars in assets. The US will never go bankrupt. IF the FRN loses value simply adopt another currency.
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Yes with all those assets it's a good thing we aren't in debt.
 
Jordan said:
A well diversified portfolio does everyone well. Yadda, yadda, non-correlated risk premiums.

A little bit of equity, debt, and maybe some alternatives like real estate, gold, and fine art is a solid way to diversify. We should be talking more about the importance of diversification. But yeah, Peter Schiff is still a tool.
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Why would Ron Paul pick a 'tool' as his economic adviser?

Peter Schiff actually has an incredible understanding of economics and is able to explain it better than anybody else I've ever heard. If that's your definition of a "tool" then I suppose I agree with you, Peter Schiff is a tool, like a CNC Machine or something.
 
dannno said:
Why would Ron Paul pick a 'tool' as his economic adviser?

Peter Schiff actually has an incredible understanding of economics and is able to explain it better than anybody else I've ever heard. If that's your definition of a "tool" then I suppose I agree with you, Peter Schiff is a tool, like a CNC Machine or something.
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Talk to the people who are invested in his funds.
 
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