Sorbet for the Mind

“If they really want a bright future for this country, it’s capitalism that will provide it, not government.”

That’s what Peter Schiff told Princeton University Professor Cornell West last night in a heated debate on CNN’s Anderson Cooper 360. They were discussing Schiff’s recent appearance, in which he engaged protestors at Occupy Wall Street with a sign that read, “I Am the 1%, Let’s Talk.” Air Date: October 27, 2011.

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3 Responses to Sorbet for the Mind

  1. CJ FREEDOM says:

    Schiff keeps plowing along….but some people can’t be educated.

  2. TP109 says:

    Imagine Anderson Cooper saying “aren’t people responsible for their own behavior”…oh yeah when he can pick those who are responsible…Banks and Wall Street and Capitalism. OWS…Fannie and Freddie,Barney Frank, Chris Dodd, Big Gov.? oh no, they get a pass….

  3. Dana Pearson says:

    Don’t really like Schiff or West — but I have to admit that Schiff made a couple of excellent points in this “debate”. One was the role of the FDIC in this housing bubble mess. 30 some years ago my college Economics textbooks noted that the FDIC was the most cost effective government ever — it did not cost much and it gave stability to the banking system.

    Being the contrarian that I am, I immediately knew that the FDIC was a terrible program that would eventually cost a lot. As Schiff notes in this debate, the FDIC eliminates the need for savers to look into the safety of their banks before putting deposits in them. It incents risk taking on the governments guaranteed dime. It leads to terrible misallocations of capital. Almost nobody, other that Peter Schiff, makes this point.

    By the way, if a bank has FDIC insurance, it SHOULD be regulated out the wazoo. A good start would be to force all bank holding companies to spin-off their broker-dealer and insurance operations. Increasing capital requirements would be another good move. The OWS crowd does have one thing right — the commercial bank crony capitalism (commercial banks and government in bed with each other) did lead to our current financial mess.

    The TARP program and the recent fed easing will end up prolonging this recession for many years. Also, any presidential candidate who supported TARP should be crossed off the list of fiscally sound contenders.