Mr. Schiff Returns to Washington

hi everybody it's Peter Schiff I'm recording this on Thursday evening June 7th 2012 well earlier today I was back up on Capitol Hill for an encore from my first congressional testimony now to be honest with you after my first testimony I really didn't think they'd invite me back for a second try in fact if you haven't seen my first testimony there is a link to it on this video so give it a look and you'll know what I mean but they invited me back again and once again I didn't pull any punches so I'm not really sure how the oddsmakers would handicap my chances of making it a hat trick but you never know just watch the following clips on your own and decide for yourself whether or not Peter Schiff is gonna make it back to Capitol Hill for a third time but before you do let me set it up a little bit for you I'm testifying before a congressional Subcommittee on whether or not the government should extend loan guarantees to securitizations for multi-family homes in other words do the same thing for the multifamily market what Fannie and Freddie did for the single-family market just repeat the mistakes that helped create the housing crisis clearly the exact wrong thing to do but the interesting thing about the testimony and this is shows you how Washington works there were eight witnesses that testified six of the eight were basically lobbyists they were all there representing the very special interests that specifically benefit from these guarantees because it helps them make a lot more money than they would make absent these guarantees what is really frustrating is that the congressmen treat these guys as if they're impartial economists actually recommending things for the good of the country they don't care about the country they're recommending what's good for their own special interests in fact at one point congressman green who's a Democrat from Texas asked for a show of hands of how many people believe we need the country needs the FHA and six hands went up of course mine didn't but the six people who raised their hands those are the people who need the FHA for their own reasons for their own special interests the country didn't need it they needed it and the congressmen don't seem to know the difference I was the only guy there really advocating on behalf of the American taxpayer who normally doesn't have a seat at that table because there's no special interest there's no reason for me to be there other than to provide the counterbalance they were all there saying that all these special benefits had no cost to the taxpayer I was there to remind them of the great cost not just to the taxpayer but to the economy you know also congressman green you'll see at one point he goes off on his own revisionist view of American history in which he proclaims that before the government had an FHA the lower-income people even maybe some middle income people couldn't even get houses that there was no there was no market and basically maybe everybody was living in shanty towns or tents I don't know what he was saying but somehow he credits the government for saving everybody and supplying housing as if the free market couldn't do it but you know even the Republicans had a hard time understanding my message there was one congressman hurt a Republican from Virginia who was somewhat sympathetic with what I had to say but he asked me he said Peter you know we hear you talking but you don't have any solutions when are we gonna hear solutions from you and I think the reason he didn't hear solutions is because he didn't know what to listen for see he was listening for a new government program I was trying to tell him that capitalism was the solution that getting rid of government programs was gonna save us not creating new ones they still have a hard time seeing the government as the problem and my desire to simply remove these government programs as being the solution but anyway it was a two-hour hearing unfortunately you know I didn't get to speak as often as I would have liked to but I did manage to get a few words in edgewise I had to try to be somewhat more respectful that I might have liked because I had to make sure they didn't throw me out so there are a lot of times that I really wanted to speak and maybe you could see me squirming but I had to control that Impulse anyway watch for yourself and don't forget share this with your friends I think it's important that we circulate this material so people can see what's going on in Washington DC and how their interests are totally being misrepresented and how legislation is being made by the special interests for the special interests enjoy [Music] when this administration took office the economy was on the brink in the face of this turmoil this administration took dramatic steps to prevent a complete financial meltdown only 40 percent [Music] increasing the supply of rental housing that is affordable to extremely low income households must is part of the solution but there is no evidence that the private market is willing to invest in this housing on its own despite the huge demand I'm here this morning representing the Mortgage Bankers Association [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] the housing it's a waste of money here as long as you want and answer all the questions you have on existing [Music] does FHA multifamily publish or publicly release historic historical delinquency rates and claim rates thank you for that question chairman bigger let me assure you that we are committed to transparency in publishing our data we there any other ways that we can provide data or information to you that you might need about our programs so the answer is no you don't publish those we do publish some information on our website but not not the delinquency rates and the claim rates no ma'am we have no College those could you provide those to us yes we could provide them would you please it's it because it seems like it kind of suggests a lack of transparency and ability for the public and the Congress to access assess whether the multifamily programs are being operated in a in a safe and prudent prudent manners I don't know whether to go to mr. shift or not but I guess I will you believe that the FHA should leave the multifamily mortgage market altogether well it should leave the single-family market as well well we're focusing on the multifamily well yeah [Music] [Music] [Music] [Music] [Music] [Music] [Music] would the securitization of FHA and h-f a risk [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] somebody rents the house or buys the house [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] these contingency liabilities will be realized that are enormous they [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] [Music] the fact is that we if you go uninsured you have still insurance but it's paid for by the taxpayer because as a practical matter [Music] I forget what their country means by just reading the land of the free and history books and they get to be men they forget even more liberties too precious a thing to be buried in books liberties too precious a thing to be buried be buried in books in the summers you

Channel: Peter Schiff

Views: 151,919

Rating: 4.9405837 out of 5

Keywords: peter, schiff, economy, crisis, economic, ron, paul, congress, testimony, testify, testifies, hearing, insurance, housing, mutli, family, Freedom, Reserve, liberty, Ron Paul (U.S. Congressperson), Mr., Smith, Goes, to, Washington, Collapse, United, States, Congress, America, Dollar, Gold, Bank, Government, Market, Financial, Fed, Fox, News, talk, commentary, analysis, before

Id: UvMGHzB37lo

Length: 33min 55sec (2035 seconds)

Published: Fri Jun 08 2012

Reddit Comments

[u/ProdigaI]

Keep fighting the good fight Peter!

[u/Deergoose]

That was a damn good watch.

[u/Evil_Speculator]

Amazing, the solution is less government programs appears to make these congress peoples' minds explode.

[u/kvd171]

Damn. Always wondered what it would look like to see one man single-handedly beat a room full of people like they stole something for a full half-hour. He was taking no prisoners.

I wish they would just let him go at it more. I bet if they put no time limit on the discussion it would end up like Lord of the Flies with them all begging to keep their jobs or be re-assigned to DHS.

[u/ZeeHanzenShwanz]

Link to full 2 hour hearing

[u/[deleted]]

That was simultaneously hard and wonderful to watch.

[u/gatorsrule]

I agree with Peter 100% in his testimony, but, I just don't agree with the manner in which he is doing it. I know that there is absolutely no method of communication that would convince these politicians otherwise, but the audience is much much wider than the people in that room that will be listening to him. He says he's representing the tax payer but I don't think the "in your face" approach he usually takes is the effective way to persuade people to consider "his" ideas.