Peter Schiff Mortgage Bankers Speech Nov/13/06
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- Опубліковано 7 лют 2025
- 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 UA-camr called "csabasand" here is a full transcript: www.csaba.se/20...
also check me out on / peterschiff and / peterschiff
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?
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.
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!!
@@GuestUA-camUser 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!
@@GuestUA-camUser i'm sure no one can give you that answer
@@GuestUA-camUser bond bubble
“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
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.
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.
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 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!
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
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!
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.
What I got from the video...
Schiff: 1+1 = 2
Everybody else: Nuh UH!
👍 Amen to that!!! 😃
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.
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
Anyone watching this needs to read about his dad. Absolutely a true patriot.
It is amazing how right one guy can be.. while it is equally amazing how wrong another guy can be.
+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!
+Wayne Jones He predicted STEP BY STEP, the crisis events!! AMAZING!!
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
Man this is insane. Peter was so damn right and everyone else was so freaking blind. Incredible. It’s happening again in 2020
Holy cow! Its like watching The Big Short in real life using a time machine.
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.
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!!!
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.
I like how he starts behind the podium and then gradually takes over the stage. Very energetic!
Peters logic has been spot on with his calls on the GFC, inflation and QE. He will be proven right about the return to the gold standard soon.
Over a decade old and people are even to day watching this ... amazing predictions. Peter schiff was right then too
Peter, I couldn't appreciate your more. Watching your old videos only added to that. Thank you.
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.
@@GuestUA-camUser fucking disgusting
@Blackstone
Thankyou lol
Im here from 2021
I love how he tells them how hes shorting subprime lmao
Hilarious 🤣
Lovely
Peter Schiff is under appreciated. Guy is a LEGEND
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!
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 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.
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.
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
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
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 UA-cam 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!
One of my favorite Peter Schiff videos! Great job on that London Real video interview with Allesio Rastani as well! Great stuff! :)
This is one of my favorite videos of all time. Like ear candy.
Brilliant man. This speech has aged very well.
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.
Nice speech, Peter. I wish I watched this video many years ago.
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 Schiff knows why we subscribe to his channel ;)
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 😂
I'm just surprised at how beneficial it was to listen to this even several years after. I always love his discourse.
AWESOME!!
I saw this back in 2006! Wow, Truth is Truth!
Great job Peter!
did you get the swaps?
Well Peter , people didn’t listen then , you’d think that maybe, just maybe they’ll listen now.. thanks for all your podcasts .. thanks Peter and if there’s any consolation,.. I’m taking it all in!
This guy Barry Asmus PhD is the personification of total incompetence. He looks like someone who never had to run a real business. 😳
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
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....
This is very insightful and I think we are still into it with a way to go.
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 man is the greatest man I know. He is my biggest teacher in life!
You explain things SO well Peter! Thank you!
Thanks for coming from the future to help us Peter
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
Thank you Peter, for keeping educating us all the time!
Anyone watching this in 2019?
Yep
@@paultaylor9273 Me too...
Yes
Right now while watching big short.
Camped here
This should be shown in high schools and colleges. It's brilliant.
Watching this in 2022 is scary, so many parallels to the economy now
So unbelievably eloquent and easy to listen to!!!!!!!!!!!!! Plus excellent use of body language.
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?
@@CapstoneTider 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! 👍
Absolutely incredible..
Fascinating to watch this in 2021
Who’s watching in 2021
27/02/2021 im stunned,its happening again 😞
This is amazing.. as close as it comes to fortune telling. Peter is as good as they come.
Wow this is insane! Just watching it for first time. That crystal ball was working overtime.
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.
March 2020... EVERYTHING HAS COME TO PASS... Spot on Peter.. 👍
The man that screams, 'Bubble!" during a bubble..........will never be heard.
16 trillion to Banks and QE for years
Yeah, that's why peiple make fun of Peter for accusing the Bitcoin bubble.
Peter you are a sage & prophet, even at Sep 2019.
Wouldn't go as far as calling Peter a sage and prophet. I would say Peter is a knowledgable and insightful man with a lot of guts to go against hysterical trends.
Peter is a real life Gordon Gekko! This speech is just as entertaining as the "Greed is Good" speech, and far more relevant...
Why does not everybody listen to Peter Schiff now?! Spot on then, probably so today as well
I would love to hear from anyone who was in the audience at the time and what their opinion was of this speech
Peter make it happen
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.
Congratulations and thanks to Peter for sharing his views back then and now
Michael Burry: "Shhh, you'll give the game away"
Peter Schiff should've been in "The Big Short" and he should've played himself.
Gotta love the fact this speech is in Las Vegas.
This is just unbelievably brilliant.
Don't forget that Schiff gives all these talks without any sort of notes, teleprompter, etc. Completely off the cuff. One of the best thinkers out there today, yet so underappreciated.
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!
This was the best speech ever... there is a lot to learn about it.... thanks Peter for this approach in economics
Listened to the whole thing👌
Watching this again after a few years; its still great
Peter you explain this all so a kid can understand it. Economic literacy should be as important as math and reading in education.
Peter, this is the best speech I have seen you give.
this guy is a legend, peter shiff president 2020 ;)
Ronsonson_Ron i want him to be governor of pueto rico
Peter is the best. Plain and simple!
This guy is so bloody right it's amazing!!!
2019👍👍
I just like listening to Peter talk. There is nothing like listening to someone who not only knows what he saying, but also believes in what he saying.
You are a legend Peter Schiff! Keep it up!
Peter's "keeping it up" is an issue between him and his wife. Don't comment on another man's erectile function.
No idea why UA-cam recommended this to me, but it was brilliant.
This vídeo make me love Peter!!, “In Peter we trust”
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!
whos is listening to this Masterclass in Dec 2024?
Literally my favourite video, cheers for posting bro
This is the most awesome and legendary finance video on the internet. Peter is a giant of our age and uses Austrian economics to explain to the clueless sheeple how things actually are.
Unbelievably prescient! Peter, you're a star
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.
Peter, you really are a brilliant man. I only can hope people start to listen. I fear it may be a bit too late now. Sigh.