Peter Schiff Mortgage Bankers Speech Nov/13/06
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- Опубликовано: 23 сен 2009
- 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 2,000 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 RUclipsr called "csabasand" here is a full transcript: www.csaba.se/2009/09/26/peter-...
also check me out on / peterschiff and / peterschiff
I was dying my hair back then, I stopped doing it
Did any of these guys ever apologise to you?
Hey Peter Schiff! You should go to the Ben Shapiro Show interview
Ha, now instead of dying your hair, you got a tan.
You look better the way you are now
Daniel Oh And a beard
This gives me chills knowing this is November of 06, Peter was constantly being blasted as a lunatic for being a permabear and he is shorting the bond market so far in advance of the crash, he looks like a king among fools here.
really crazy how close it is to today. Its crazy how expensive rent is right now that I almost want to buy a first home but things are just so crazy. I don't understand how all these people are affording this.
He makes such accurate calls in this.
One year after your comment and it only gets worse. US doubled down on raising housing values to meet millionaire status. Peter's detractor at 1:01:55 is pathetically wrong. He doesn't miss the point, he ignores it. He then goes on to qualify his argument with the exception of an atomic bomb hitting the America's largest cities. He boasts US at 8 Trillion... India is at 7 trillion and anticipates 25 trillion in 3 years due to GROWTH.
This video was made 2 years after I visited India in 2003 and 2004. 2003 cow dung ethanol for energy, 2004 fiber optic cables. How workers went from farming to doing things like cutting cubic zirconia for QVC. Where is this detractor now?
So ironic Peter responds with the analogy of a heroin addict. Now the world buddies up and it looks like we'll be the chubby kid on the bench. The globe is focused on nothing but de-dollaring, commodities and the technology they are prepared to advance. Eating the food they worked for. If you listen, you hear them say things like GDP. Words now defunct in our language.
This was the last year they invited Peter. They didn't invite him back when it came true.
They stop inviting him because he couldn’t accurately predict the next crash. Is like saying is going to rain tomorrow, but it never does till one day. But we all knew that! One day it will eventually rain. Just like one day we will have a recession. But the question is when and how can I profit from it!!
@@Eric345 nobody can't do that, it's not point of predicting it when, point is predicting it WHY...
Anton Kokić Well, if you know someone that is living beyond their means. You already know why. But the question is when will they run out of credit and cash and go bankrupt! Both great crashes were the results of over leveraging! Too much credit, not enough savings!
@@Eric345 i'm sure no one can give you that answer
@@Eric345 bond bubble
It's almost like he's explaining it after it happened
True hahaha
Peter is a cyborg from the future who traveled back in time to destroy the fed. Lol.
I had to go back and check the date just to make sure. This is unreal. how was no one listening?
@@mplonewolf11 incredibly unsuccessful lol. money printer continuing to brrrrr
The reason it seems that way is because it's all based on fundamentals. If you stick to the laws of economics, the end result will always be the same.
Who's here after the 2020 crash?
Yep 2020 - and going even deeper into debts.
The closing remark by Peters opponent did not age well. An atomic bomb DID drop on the economy, and in the specific areas that Peter mentioned.
@@mikebetts2046 if the guy took peter's advice and put his home on the market at the time he must be a very happy man now XD
It's not yet over. Shit is about to get real very soon.
@@jamessuarez7674 Party pooper alert!
This is Peter Schiff's greatest speech.
TheLegacyHero one of my favorites for sure
I agree. He was in prime form. I've been listening to his podcast for a while but this is the first time I've heard this speech
His greatest speech yet.
Amazing stuff!
“People used to buy a house because they could afford it. Now they buy it because they need the money.”
Damn. The dangers of speculative prices.
16 trillion to Banks and QE For Years
That peter schiff should get a nobel prize for economics. Hes sooo right ...
And he keeps on being right, yet those in power refuse to listen to him.
Soo true
Ola Nordmann
He keeps on being right? hahaahahaah........you must have some kind of extreme form of confirmation bias. Schiff has been wrong about everything for 6 years.
Mak Muk Name one.
Mak Muk
Oh really? What fucking world do you live in, where what he predicted did not come to pass?
What I got from the video...
Schiff: 1+1 = 2
Everybody else: Nuh UH!
👍 Amen to that!!! 😃
I love how he doesnt have any notes
That’s the definition of “knowing your shit.”
28:20 he looks att notes, No?
@@henrik1743 🤔🤔🤔 Gig is up @PeterSchiff
@@henrik1743 he has list of talking points to stay on track but no notes
He doesn’t even choose what he’s gunna speak about till like half n hour before his speech’s, mastered economics lol
This video is legendary. It shows you how difficult it is for a sane person to transmit some sense midst a public of fully brain washed people that don't want to hear things they don't like. It takes a lot of courage for an economist to counter the mainstream bullish narrative at the time, without fearing to sound like an idiot.
This is insane. Peter understood what was happening in detail. He got inflation wrong after QE, but only partly. Inflation went into assets when they handed printed dollars to bankers. Covid brought printed money for the masses and now food an fuel are rising with stocks.
Feel bad for Peter. To be right so many times, and never get credit... must be hard.
Peter North? Sounds like it...
Nah, he’s got the greatest setup ever, let the sheeple lose money and he can get it. Haha. Hopefully I can get a little of it this time around.
hes alright worth around 100 million im sure he sleeps great at night credit or not
He's still speaking the truth today.
Seems like he was spot on about the housing market but he was definitely way off about the US dollar. Dollar is still very strong compared to foreign currencies.
This should have 25 million views not 250k. This is a lesson in history and economics that every American should watch. Should be MANDATORY viewing for every student in HS and College to educate this generation so maybe it will not happen again. So many probably look at the video at over an hour long and say I don’t have time for that! If you google the other economist he is still working.
Definitely agree that it should have way more views. I've watched this several times myself and showed it to a few friends on long drives
I don't want more people knowing how things work. I just want their money.
The Views were adjusted for inflation.
Too logical needs more feelings
How right you were then and are today. Another bubble about to pop.
This is eerie to listen to in 2016.
I agree. You could pass this speech off as if it just happened and its 2017. Scary stuff.
Whats more eerie is what will happen next
I listen to it every year and it's 2018 lol
He’s predicting the next crash will be in 2020. The dollar will crash.
crazy to listen to in 2018
It is amazing how right one guy can be.. while it is equally amazing how wrong another guy can be.
+Wayne Jones yeah and since 2009 peter hasn't been right on about anything
+Kurt Mason He was right about QE2 and QE3. He was right about interest rates. The fed has been talking about raising rates for the past 4+ years, and Peter has consistently been right when he said they wouldn't do it. He's also been consistently right about the economy not improving. The fed releases all of these hockey stick projections where the economy is ready to explode next quarter, or the quarter after that, or the quarter after that, and it never comes. Home ownership is at a 4 decade low, labor participation is at a 4 decade low, labor participation among men is at an all time low, food stamps at record highs, child poverty at record highs. Peter will be proven wrong when the fed proves they can unwind QE, sell all of their US treasury holdings, and do it without imploding the economy. That sounds like an impossible goal to reach because it is. Peter is not psychic. He's pointing out the most obvious thing in the past century.
+Kurt Mason ...Peter hasn't been right about anything since 2009...yet! 2008 WAS the big crash...however, the more the Fed prints money, the more they can put off the final act of the crash. The Fed really IS done...they really don't have another card they can play...other than to continue to print money and stuff into the cracks they see fit. Crack that benefit them mind you! The rest of us are SOL.
+Wayne Jones yep....more precisely...it's amazing how wrong can the whole world be and how deaf they turn (even Harvard and the "top" economists) even when someoene (in this case, Peter Schiff) is telling them and showing them the truth
+Kurt Mason Economic forecasts are not precise regarding the exact moment when something will happen.
Peter forecasts all the QE's and their failures. Other forecasts that he did not yet occurred only because of QE's and FED intervention / manipulation of the markets, which are delaying and making the inevitable much worse!
However, the greater the deflationary force became(the government will not allow this crisis to end in deflation), the more the government will have to print money, until to have to appeal to the helicopter money; that's the end of the game; Crash, Hyperinflation and Gold on high.
It will be the enf of this fraudulent monetary system!
Who’s watching in 2021
27/02/2021 im stunned,its happening again 😞
I love how he tells them how hes shorting subprime lmao
Hilarious 🤣
Lovely
Peter Schiff is under appreciated. Guy is a LEGEND
Legend. I go back to this speech every year or two. When I saw this for the first time I was about 18 years old, and it started my path of reading Rothbard, Bastiat and others. These guys predicted every single problem in economy they had, and even worse as we are having right now.
Holy cow! Its like watching The Big Short in real life using a time machine.
Austrian economics: real economics.
Socialism: An Economic and Sociological Analysis is a good one to start with.
@@gm679 Thomas Sowell's Basic Economics is great. Ron Paul's End the Fed. Ayn Rand, Mises' Human Action, Hayek's Road to Serfdom.... That enough?
@@gm679 mises.org/ There is a lot of good info on here. PM if you like for a long list of literature.
Economics in one lesson by Henry Hazlitt and economics for real people by Gene Callahan
How an economy grows and why it crashes - Peter Schiff, by far the best book on economics ever made, simply because of how simple it is.
Man this is insane. Peter was so damn right and everyone else was so freaking blind. Incredible. It’s happening again in 2020
Anyone watching this needs to read about his dad. Absolutely a true patriot.
Watching this in 2022 is scary, so many parallels to the economy now
Anyone watching this in 2019?
Yep
@@paultaylor9273 Me too...
Yes
Right now while watching big short.
Camped here
My gosh he was 100% spot on. This sounds like the explanation speeches that were given years after the bubble burst. I’m sure Peter made quite the profit on his short positions, and after hearing his analysis, he deserves every penny he made. What a smart guy.
He wasn't spot on about the USD losing that much value in 10 years. I think he'll be right about the usd by 2030 though
@@thebryanhigh agreed imo the US dollar is on borrowed time, I think peter will ultimately be right on that as well.
@@thebryanhigh He will be right about it in 2023, He just wasnt counting on the stupidity of debt holders and their blind Worship of the Dollar. Eventually interest rates will rise and Interest payments wont be possible and defaulting on the national debt will be on the table. Or they print at eill and cause even greater inflation scaring debt holders even more. Either way, it wont be long until people realize the US dollar is a giant house of cards
Peter Schiff was right!!!
Hell yeah he was, let us hope he isnt about this 2020 socialist win.
Mindful Mack what’s his prediction for the 2020 election?
The depression hits and republicans get blamed and thrown out and socialists win
@@mrkenz7566 that's the problem. I think there is a great chance of Andrew Yang wins the election with his false capitalism
@@mrkenz7566 He was right again 😂
It's ridiculous that less than a quarter million people have watched this video - wake up sheeple.
gergenheimer No. I don’t want them to wake up! That’s how people like you and me. Who are well educated become rich. When we make money, someone has to be loosing it. We basically take their money!
Ones mans loss is another mans gain.
@@Eric345 fucking disgusting
@Blackstone
Thankyou lol
Im here from 2021
37:30 onward. Essentially the plot for the movie The Big Short
+gaguy1967 Recently Peter said in a podcast that the guy who started all that actually watched him in his 05 speech at this conference, and that's what started it all. He was the only one out of a couple thousand that came up after and had a discussion with Peter, which resulted in The Big Short.
+Jesse Lloyd which podcast?
@A E he was more publicly vocal that is correct but if you studied Austrian economics at all and understood the Business cycle theory then you potentially seen it coming.
Yeah, I came to the comment section when he starting mentioning the traunches and rating system to see if anyone else noticed he was discussing the Ryan Gosling pitch to the Morgan Stanley guys.
what the hell!!!! This guy is a LEGEND!!!!! knew EXACTLY what was happening in 2006, shorted the market, because he was certain it was going to zero.... And pretty much reading the plot of the Big Short....
Peter Schiff is like Mark Baum standing up at the convention and yelling "ZERRRRO"
Which moment? Please
@@MrAvaifutebolclube The Big Short - the movie that explains the 2008 crash perfectly for dummies.
@@AruSharma04 There is no diffrence between the movie and what happend in rl
Peter you deserve a LOT of credit for how strong you have been. Having people laugh at you and act like you are crazy is not easy!! Continue to be STRONG!!!
Gotta love the fact this speech is in Las Vegas.
Anyone watching this in 2020 ?
Yea, it's bizarre; especially because I was working in subprime mortgages and consumer finance at the time for AFSCI, then Citi, then HFC (HHLD Bank / HSBC) than managing a Broker Satellite Office. I said to coworkers, there's no way we can keep bastardizing our customer base like we were and then 6-8 months later we were getting messages from upper management like "Don't worry, we're going to make this work" - and I was like "what are you talking about"? Then weeks later they were closing branches, then shut down the entire subsidiary/company. It was a really surreal time then, and watching this video is almost even more surreal now.
This video brought me to the study of Austrian Economics around 2009. Everybody was saying they couldn't have predicted the financial crisis. There was this guy explaining it all from 2006.
He wasn't wrong, he was early.
This guy Barry Asmus PhD is the personification of total incompetence. He looks like someone who never had to run a real business. 😳
I like how he starts behind the podium and then gradually takes over the stage. Very energetic!
Over a decade old and people are even to day watching this ... amazing predictions. Peter schiff was right then too
I can’t be the only one watching this in 2021
You're not.
Michael Burry: "Shhh, you'll give the game away"
Peter Schiff should've been in "The Big Short" and he should've played himself.
This speech is blowing my mind in 2021 before the collapse
Peter Schiff knows why we subscribe to his channel ;)
SIMPLY AMAZING!! The fortitude and precision of Peter Schiff's comments on the economy covering all aspects including banking & lending (lending standards, Freddy & Fanny forecast failure, sub-prime), housing prices (will evaporate), the Dow Jones as well as his previous advice during the IT bubble that preceded is testament to the greatness of this man. In my opinion, Peter Schiff is the best economic mind and speaker of the times. Absolutely, mind blowing!! #mancrush #legend
#subprime #subprimelending #subprimemortgages #financialcrisis #financialcrisis2008 #freddymac #fanny #gfc
It is astounding how they attacked you after your well thought out and presented information. Anyone who questions Peter's analytical capabilities should see this as exhibit A. Well done sir!
My parents were those people that bought a home in 2006. I told them it would be a bad idea... but nope. No one likes to listen to me.
Explicit Tech my father who is worth about seven million, a product of the depression as a kid, and earned a upper middle class then to lower high class income during his life instinctively stayed away from speculating. he put his money in the bank, always bought a used car and paid cash when possible. he built a house on st. Simons Island Georgia in 1976 for a total of $42,000. it is now worth a million. he invested in stocks that pay dividends and if there was a bargain on a piece of land he would buy it. the sad part is that the Crux of his method which is to put your money in the bank and earn interest is gone. not sure what I'm saying but the whole system has turned upside down
What did you say?
@@FenderGreg This is in essence what Schiff is saying: with low interest rates the government punishes savers. At the same time lower rates decreases the debt burden for those who take out loans. They do so, so that there is more inflow of money in the economy and the economy "looks and feels good " when in reality the party keeps going using borrowed money and it is only a matter of time for the lender to knocks on the door. Prices of real estate and stock market keep going up because of this irresponsible lending and many people make money on rising prices in the process (wealth and income gap widens). The flip side of this would be stock market and house prices crashing and interest rates shoot through the stars. This would only happen though when countries fear about the value of their own currencies so they try to protect it when capital flights occur. Then people would be unable to pay their mortgages, the value of stocks and real estate would go down and foreclosures would ensue. People will have no jobs no value on their real estate or stocks, will protest and become fanatical joining either the far left or the far right and probably blame the migrants for taking their jobs. Then they will vote for another hitler in power surrender all their freedoms for food and maybe lead the world in a third world war. That being said maybe it's better to keep our eyes shut and dream!
Same. My first real paycheck two years ago I bought an ounce of gold and told my dad. He thought I was stupid and like doing childish prepper stuff. Family always sees you as a kid.
socialismo52 ... 😄.. not so stupid now! 👍
Stunningly prescient - this might have as well been given after the crisis as an explanation of what happened. Schiff is one of the true geniuses of economics.
The man that screams, 'Bubble!" during a bubble..........will never be heard.
16 trillion to Banks and QE for years
still listening to this 2017.......next crisis is gonna be huge
2020 no crisis. I wonder when
@@endoplasmic7995 2023
XRPerfect XRPerfect what do you think is going on rn
@@endoplasmic7995 - Hahahahahahah
@@ethanmaxwell4424 IKR
Why aren't there more economists and officials saying what this man has been saying? Fast forward 20 years and nothing has changed.
Peter, I couldn't appreciate your more. Watching your old videos only added to that. Thank you.
The balls on you Peter, to stand there and be laughed at by the "bankers" for all of the entirety of that session to only be proud of your work & self, to have stood your ground and stand by your beliefs to laugh at them now for entirety. Bravo.
One of my favorite Peter Schiff videos! Great job on that London Real video interview with Allesio Rastani as well! Great stuff! :)
I'm just surprised at how beneficial it was to listen to this even several years after. I always love his discourse.
Classic attack on Peter: "he is only saying these things to sell oil and gold"
and they were fantastic purchases at the time too. Oil more than doubled and gold more than tripled
That guy's argument was blatantly hypocritical. Is that guy not also promoting real estate which he is invested in an can benefit from as well? Most of his arguments seemed nonsensical, and he just nitpicked random positive facts that could be found in any industry that are unsubstantial for the claims he is making. His arguments reminded me of a high schooler in debate class.
I never got that argument. Why wouldn’t your business model and investments follow your fundamental viewpoints?
You explain things SO well Peter! Thank you!
Dear Mr. Schiff, thank you so much for educating some us who cares to invest time and learn from you. I have already watched over a dozen of your videos. You are opening our eyes on what's really happening and how we've got here. God bless You! I can't listen to any other economist on RUclips after listening to your speeches - nobody explains these subjects as well as you do; nobody says the bitter truth about the global and domestic economies better than you do. I'm so grateful to you. Thank you very much for what you do!
Wow, this is devastating for the "experts". Peter gives logical reasoning and everyone else just appeals to authority -- at least to those authorities who say what they want to hear. Years later, Peter's explanation is profoundly instructive while the opposition just looks like bumbling fools.
this guy is a legend, peter shiff president 2020 ;)
Ronsonson_Ron i want him to be governor of pueto rico
Listened to the whole thing👌
What a smart dude, too bad nobody listens, i feel we have to stop jannet yellin and warn people.
We could stop her nomination but there is no shortage of Keynesians who would be happy to replace her.
Lmao
Good ole Janet is back. Maybe her hearing aid wasn't on.
lol 2006. They will learn their lesson very soon
The 1hr 8min mark is the best. The crowd laughs after Peter Schiff tells the mortgage broker to get rid of his 4 properties
Yeah, he joked about selling or slitting his wrists...
"You can get 5% in a government bond" - will we ever hear that again?
yes. it will happen. Tis inevitable. can't say when though. it's in our future. most def
@@JaMoond patiently waiting for that bond collapse. Lol that would be the a life changing trade. Its coming real soon. Lol
2023 and we're in the 4.25% range on the 10 year. . .it's coming.
@@life_of_riley88 Its here, there will be a financial collapse by the end of 2023
@@imhopelesslyaddictedtofent4266 In so many ways, I hope you're right. We desperately need a forest fire in the dead growth of bad debt.
Like how peter can just talk and explain without notes
Thank you Peter, for keeping educating us all the time!
This is one of my favorite videos of all time. Like ear candy.
I'm watching this as a recommendation from Peter's book - The Real Crash. This guy is a modern genius. I watch all of the interviews of you.
Fascinating to watch this in 2021
Absolutely incredible..
Nice speech, Peter. I wish I watched this video many years ago.
Great speech
Q&A, Schiff on the left answering questions off-the-cuff. Barry reading from a book, then attacking Schiff's motives rather than his technical arguments. Pathetic.
No idea why RUclips recommended this to me, but it was brilliant.
AWESOME!!
I saw this back in 2006! Wow, Truth is Truth!
Great job Peter!
did you get the swaps?
This is great. Love it.
I think I've seen this video four times now - every time I still can't believe how accurate his words were then! Amazing how now people still aren't giving him enough credit!
Here we go again. Thank you for sharing it Mr Schiff.
Ryan Gosling’s fictitious character should have been adapted to Peter Schiff. He essentially laid down the exact argument in real life what “Jarret” did in “Mark’s” office. This is in 2006 so this presentation is 1 year before the timing of that scene.
I really wonder if the people who laughed at Peter when he made this speech are still laughing?
Very poignant observation! Yes, they're still laughing at him. The Fed came in with even more money than ever before in history and has been reflating the bubble still... Not everything he said needed to happen to clear the excess was allowed to happen and is only being kept higher by insane amount of Fed stimulus... watch his 2015 Jackson Hole speach, very insightful!
So Peter Schiff's speech in 2006 (starting around the 35 minute mark approximately) was the screenplay for "The Big Short." His speech was literally what they said and showed in the movie, lol.
Congratulations and thanks to Peter for sharing his views back then and now
Watching this again after a few years; its still great
This is just unbelievably brilliant.
Peter, you are a genius. Thank you and please don't stop. If you need breaks and or vacations, take them, but you open people's eyes and for that you are enormously valuable. You may have just changed my life fundamentally. Btw, I found out about you when I was bored on youtube. I wanted to type something into the search bar - anything... My own thought that college is a scam popped in my head. I searched it and found your radio show about why tuition is so high. I'm telling everyone about you.
Literally my favourite video, cheers for posting bro
"It'll take an atomic bomb..."
Oh, shit! A wild Pandemic appeared...
Pretty much having the same effect but it's an invisible virus as opposed to invisible radioactive isotopes
lol
This is my fourth time watching this speech. I first watched in in 2008. It was the first time I had ever heard Peter or his economic theory. It was like I had been awakened from a deep sleep. At the time, I had recently purchased a home, at the peak of the market no less. Everything this man said just made sense.
36:59 The way he casually says, after slipping some water, that he's shorting the subprime market they were all making tons of money on... They must have been thinking about their business for two seconds there.
Peter, this is the best speech I have seen you give.
Thanks for coming from the future to help us Peter
23:55 My God, he literally showed what would happen in 2 years. Watch this part when he says "Where are we now?". He was so right...eerie
I wish they had another discussion 3 years later.
This is amazing.. as close as it comes to fortune telling. Peter is as good as they come.
This is a wonderful video of the logic and pragmatism and complete understanding of economics Peter has. He is an American hero, just like his father.
Peter you explain this all so a kid can understand it. Economic literacy should be as important as math and reading in education.
Peter is a real life Gordon Gekko! This speech is just as entertaining as the "Greed is Good" speech, and far more relevant...
This is amazing. I had only been listening to Peter's podcast, but he led me over here and I subscribed to the channel. Cool to see that his economic fundamentals are the same then as now. And that he spoke the truth and, although made fun of at that time, had his redemption!
Awesome Peter, I have been in the industry 20 years and agree with you totally! Consumerism isn't building wealth. Money put to use creates assets, creates jobs, which creates wealth.
This is one of the best speeches ever done.
You are down the road again : Internet, Real estate and now cryptos... it may be tedious to be right every time when others never get the point. Thanks Peter!
Mr.Schiff , thanks for your videos and podcasts . I really enjoy your points of view and opinions.
This man is the greatest man I know. He is my biggest teacher in life!