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I wonder how many of his fans are aware of the tragic losses his clients took in '08, from which they haven't come close to recovering.
I had one of his fans tell me that some were cherry picking his investment results, but the fact is that everyone who was with him in '08, no matter how long with him, lost tremendous amounts of money. The only exceptions I can think of might be people who were overweight on gold, but he was recommending against that.
I neglected to mention that those big stock losses featured in the video were magnified by his anti-dollar positions, so the losses were much more severe.
He is correct that Fannie and Freddie "printed" money by borrowing from Fed/Tsy at very low interest and then bought to hold mortgages.
This sort of printing is located directly at the interface of the imaginary economy of the Fed/Tsy where crediting takes place and the Real Economy where private business occurs.
However, did he compare this "printing" to that of the CDO/swaps/MBS instruments of mass destruction o the private domain of the real economy ???
no ...
Again a former Federal Reserve executive is out of paradigm.
Remember that the foreclosure market was only $250 billion and could have easily been solved without bailing out the banks if the banks were not involved in the CDO swap instruments. This is a fraction of swaps.
William Toole is like Peter Schiff - Toole is blaming and escape goating Fannie and Freddie, an imperfect organization, to hide the bailing out of the banks' actions which do nothing to the economy.
He is blaming this gov org so that he can appear pro-private enterprise ?
Finally, Toole uses the standard "... at the cost to the tax payers..." to seem like he is a consumer protectionist and an advocate of the tax payer.
If Fannie and Freddie were making profits like the Resolution Trust Company, but on regular & NEW mortgages, then Fannie and Freddie were creating ASSETS and reducing taxes.
The whole point is that Greenspan allowed this so that it was to pave the way for the lowering of taxes - the Ayn Rand and Libertarian dream of Greenspan and his spooky clandestine operations.
Wall Street, with its CDR's Derivatives, and high-frequency trading, has created weapons of mass-financial destruction that has destroyed the Global Economy.
Companies like Goldman Sachs and JP Morgan have done more damage to the United States than Bin Laden.
I will put my trust in people like Peter Schiff, Max Keiser, William Black, and Gerald Celente. The advice I got from these guys has saved my butt. They all warned well in advance that this reign of financial terror was on the horizon.
If I had listened to your ilk I would probably be broke.
The stock exchanges of the world are nothing but Financial Terrorism Hubs. They are a rigged casino where it is always payday for the Financial Terrorists.
Their game is nothing but a coin toss where the outcome is "Heads we win and tails you lose."
This is why Max Keiser coined the phrase "Casino Gulag Economy".
Don't even get me started about the FED. If the stock exchange is a financial terrorist hub then this criminal enterprise is Satan on Earth. The very idea of unaccountability and debt-based fiat currency is a crime against humanity.
Will you post this? Will you honestly debate this subject?
You've got to be kidding me?!?! Could you be any more desperate???? Comparing stock picks he gave right at the time of the crash (and shortly thereafter)!!!! Why don't you update the video to current values if you stayed with gold and miners?? LOL Scratch that...maybe just spend more time putting white-out on your teeth or using makeup to try to make your ski slope nose appear smaller. Or, be a man and post your picks at the time of the crash. But we know you won't do that right? IDIOT
How could any losses not have been recouped since he primarily invests in metals. Most of the picks in the video are metal related instruments (GLD, AU, GDX, etc) and have more than recovered.
Speaking of not coming close to recovering losses though, I pulled up this YouTube video: http://www.youtube.com/watch?v=2I0QN-FYkpw ...the one where Normo the Clown (at the 3:25 mark) in a disturbingly condescending fashion, dismisses sound reasoning and calls for a 10% increase in real estate for 2007 - exactly at the height of the bubble!!! The average guy on the street who listened to a guy like this are RUINED. Look at his face at 3:44 and tell me he is either: A) A thoughtful, responsible financial commentator and analyst that carefully considers all sides of an issue, or B) an asshole
You are still embarrassed from when you laughed at Schiff on national TV for calling the mortgage fraud that was part of this global act of Financial Terrorism.
He was right. You were wrong. Get over it.
Personally, I think that anyone who started and/or managed a hedge fund should be arrested and tried for crimes against humanity.
If it was provable that people who invested in these weapons of mass financial destruction knew of their toxicity on the global financial system then they too should be tried for fraudulent criminal activity.
12 comments:
I wonder how many of his fans are aware of the tragic losses his clients took in '08, from which they haven't come close to recovering.
I had one of his fans tell me that some were cherry picking his investment results, but the fact is that everyone who was with him in '08, no matter how long with him, lost tremendous amounts of money. The only exceptions I can think of might be people who were overweight on gold, but he was recommending against that.
He's still sticking by decoupling. lol
I neglected to mention that those big stock losses featured in the video were magnified by his anti-dollar positions, so the losses were much more severe.
If one of his clients had simply purchased 10 year treasury notes they would have killed it.
William Poole's op-ed in the NY Times is out of paradigm for a former Fed head.
http://www.nytimes.com/2010/08/12/opinion/12poole.html?_r=1
He is correct that Fannie and Freddie "printed" money by borrowing from Fed/Tsy at very low interest and then bought to hold mortgages.
This sort of printing is located directly at the interface of the imaginary economy of the Fed/Tsy where crediting takes place and the Real Economy where private business occurs.
However, did he compare this "printing" to that of the CDO/swaps/MBS instruments of mass destruction o the private domain of the real economy ???
no ...
Again a former Federal Reserve executive is out of paradigm.
Remember that the foreclosure market was only $250 billion and could have easily been solved without bailing out the banks if the banks were not involved in the CDO swap instruments. This is a fraction of swaps.
William Toole is like Peter Schiff - Toole is blaming and escape goating Fannie and Freddie, an imperfect organization, to hide the bailing out of the banks' actions which do nothing to the economy.
He is blaming this gov org so that he can appear pro-private enterprise ?
Finally, Toole uses the standard "... at the cost to the tax payers..." to seem like he is a consumer protectionist and an advocate of the tax payer.
If Fannie and Freddie were making profits like the Resolution Trust Company, but on regular & NEW mortgages, then Fannie and Freddie were creating ASSETS and reducing taxes.
The whole point is that Greenspan allowed this so that it was to pave the way for the lowering of taxes - the Ayn Rand and Libertarian dream of Greenspan and his spooky clandestine operations.
This is horrible.
Norman and Mosler for President !!
The USA is awash in Financial Terrorism.
Wall Street, with its CDR's Derivatives, and high-frequency trading, has created weapons of mass-financial destruction that has destroyed the Global Economy.
Companies like Goldman Sachs and JP Morgan have done more damage to the United States than Bin Laden.
I will put my trust in people like Peter Schiff, Max Keiser, William Black, and Gerald Celente. The advice I got from these guys has saved my butt. They all warned well in advance that this reign of financial terror was on the horizon.
If I had listened to your ilk I would probably be broke.
The stock exchanges of the world are nothing but Financial Terrorism Hubs. They are a rigged casino where it is always payday for the Financial Terrorists.
Their game is nothing but a coin toss where the outcome is "Heads we win and tails you lose."
This is why Max Keiser coined the phrase "Casino Gulag Economy".
Goldman Sachs are scum
Don't even get me started about the FED. If the stock exchange is a financial terrorist hub then this criminal enterprise is Satan on Earth. The very idea of unaccountability and debt-based fiat currency is a crime against humanity.
Will you post this? Will you honestly debate this subject?
I am not an economist and damn proud of it!
by the way here is some education for you:
Keiser Report №68: Markets! Finance! Scandal!
Jump to the 12:45 mark to see what William Black, the former prosecutor of the S&L Criminal Enterprise, has to say.
When done hopefully you are awake.
You've got to be kidding me?!?! Could you be any more desperate???? Comparing stock picks he gave right at the time of the crash (and shortly thereafter)!!!! Why don't you update the video to current values if you stayed with gold and miners?? LOL Scratch that...maybe just spend more time putting white-out on your teeth or using makeup to try to make your ski slope nose appear smaller. Or, be a man and post your picks at the time of the crash. But we know you won't do that right? IDIOT
John,
Anyone with him before and through the melotdown lost hugely and the losses haven't come close to being recovered.
Mike,
How could any losses not have been recouped since he primarily invests in metals. Most of the picks in the video are metal related instruments (GLD, AU, GDX, etc) and have more than recovered.
Speaking of not coming close to recovering losses though, I pulled up this YouTube video:
http://www.youtube.com/watch?v=2I0QN-FYkpw
...the one where Normo the Clown (at the 3:25 mark) in a disturbingly condescending fashion, dismisses sound reasoning and calls for a 10% increase in real estate for 2007 - exactly at the height of the bubble!!! The average guy on the street who listened to a guy like this are RUINED. Look at his face at 3:44 and tell me he is either: A) A thoughtful, responsible financial commentator and analyst that carefully considers all sides of an issue, or B) an asshole
Norman, taking shots at Schiff isn't going to recover your lost credibility. It actually makes you seem even more pathetic.
@ Mike Norman
You are still embarrassed from when you laughed at Schiff on national TV for calling the mortgage fraud that was part of this global act of Financial Terrorism.
He was right. You were wrong. Get over it.
Personally, I think that anyone who started and/or managed a hedge fund should be arrested and tried for crimes against humanity.
If it was provable that people who invested in these weapons of mass financial destruction knew of their toxicity on the global financial system then they too should be tried for fraudulent criminal activity.
So Peter Schiff is a total incompetent and he owns you... so what does that make you?
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