[Video] Peter Schiff Schools the 99% Into Oblivion

reply to post by ModernAcademia


i have to give this guy major credit. he schooled the protestors. and he was absolutely right in what he said. we are grouping the successful people who are rich because they worked their ass off with the corrupt people that are rich off tax payer money. he made it clear, or more so, the protestors made it clear that they are looking for handouts.

don't get me wrong i love this movement i love that people are trying to fight injustice, but change what needs to be changed and don't make blanket accusations. we need to find out exactly who is responsible for the mess we are in and burn em at the stake and leave them as a reminder to anyone that even thinks about doing this kind of stuff again.

reply to post by ModernAcademia


He's actually flat out lying in this video

Why? Because if you're an investor (and that's Schiff's main income), your main tax consists of capital gains...and guess what, the tax rate on that is 15%. Now, they're changing that, by (temporarily) upping it to 20%, but ONLY on long-term capital gains. So if you invest in stocks, and those stocks increase in price, and you cash out, you pay a fraction of what a person with a non-investment job pays.

Schiff has other income streams, and on those he has to pay more...but his main income consists of capital gains. So he's very misleading in this video. Sadly, not one of the protestors seemed to have that one figured out

Now ask yourself, how come people working in the investment industry only pay 15%, far below the national average. Well, it's not that hard to figure out

1) Investors > Wall Street
2) Wall Street wants lower taxes
3) Wall Street pays of politicians and infiltrates the government with "advisors"
4) Sock puppet politicians make sure WS and guys being investors as their main business pay less taxes

And round and round it goes...and people ask why OWS is pissed off

So all those guys saying "buhuuuu, I made $10m last year and now have to pay 50% or whatever" are simply bull#ting you if they're being an investor is their main source of income. In essence, as a %, they are paying as much taxes as a guy with a regular job making not more than $32k!!

Well that woman is an idiot and only reciting talking points, that's for sure.

That woman and most protesters don't even know (or want to know) that even if you were to tax everybody, you would only get a maximum (and probably less than that) of about 25% of GDP in taxes. That would mean 3.75 trillion in taxes. Taxing that much would reduce the GDP.

Considering the increase in medicare/medicaid/social security/social security coming up, even if you were to do that, there's no way all the promises the politicians made can be kept. No way.

Originally posted by Vitchilo
Well that woman is an idiot and only reciting talking points, that's for sure.

That woman and most protesters don't even know (or want to know) that even if you were to tax everybody, you would only get a maximum (and probably less than that) of about 25% of GDP in taxes. That would mean 3.75 trillion in taxes. Taxing that much would reduce the GDP.

Considering the increase in medicare/medicaid/social security/social security coming up, even if you were to do that, there's no way all the promises the politicians made can be kept. No way.

Especially if they also guarantee the massive losses WS companies incur through defaulting mortgages and risky derivatives investing...way way waaaaaaaaaaaay more costly than medicare and the other stuff. Just now, saving account holders and ultimately the tax payer are guaranteeing $75b of BoA's risky (as in: European) derivatives. BoA shifted it over to the retail bank because its investors got worried they wouldn't be able to pay them back if things go south...which is likely given how Europe's doing and the given that those investors were worried in the first place. No biggie though, the bank covers it by risking the savings of regular people and pay off politicians so obscure government agencies cover the banks' risk if things go wrong.

But hey, let's focus on sub trillion expenses and completely ignore the large chunks. Hell, the single largest contributor to the deficit are those Bush tax cuts. They cost more than medicare and created ZERO jobs!!! Straight to the bottom line of a tiny minority of the population...and now they're trying to enslave you by making it legal for banks to use YOUR SAVINGS as collateral for risky bets. Forget about taxes, they're after your savings!!

Wake up people

not one mention on reddits ows pages,haha Peter Schiff alone could bring this movement to a halt.he is 100% correct government is the problem.shift these guys attention to the real problem and the ows could actually do something memorable besides trashing parks.

Originally posted by modified device
not one mention on reddits ows pages,haha Peter Schiff alone could bring this movement to a halt.he is 100% correct government is the problem.shift these guys attention to the real problem and the ows could actually do something memorable besides trashing parks.

Wall Street IS the government for crying out loud They control the Fed for example...

And like I said, he was lying in this video by not mentioning that he only pays 15% on the main source of his income

reply to post by MrXYZ


wow shows how much you know......

No the FED controls everything.............what makes you think the people that PRINT THE MONEY are controlled by those who only use it?

Give me a break man......

This is exactly the problem.........you guys need to recognize who pulls the strings here, you cant make someone the demon just because you want redistribution of wealth.......

How bout this, how bout if you want the rich to pay so much more in taxes you do too......

How bout if they only get to keep half of the money THEY work for, you only get to keep half of yours......

You want fair, there is fair..........

God you OWS guys need to get a grip on what is and what ISNT

reply to post by ManBehindTheMask


Again, look up the CVs of those in power at the Fed...and then ask yourself WHY we they printed that money. They did so because they had to spend it on massive bailouts, the largest single-policy contributor to the deficit (Bush tax cuts), to create obscure government agencies that now cover the banks' losses, and so on.

Hell, who do you think created the bailout plan in the first place? It was a former Goldman employee, and NOT Bush or Obama. Why? Because without those bailouts, Goldman wouldn't be any longer.

And the situation just got worse. Bank of America has $75 trillion of risky derivatives investment (largely in European investment vehicles), and its investors were worried that they wouldn't be able to cover the potentially massive losses given the Euro crisis.

So now we have a law that allows those INVESTMENT banks to move those bad risky investments over to the retail banks, thereby covering their risky bets with the savings of ordinary people. And again, that amounts to $75 trillion (not a typo btw). Money the saving account holders and regular account holders are now liable for without ever investing into the investment subsidiary of BoA. Why was that possible? Because Wall Street IS the government for crying out loud, they WRITE THE LAWS. So if they need a law allowing them to screw regular account holders and ultimately the tax payer through obscure agencies, they simply put those laws into the fine print of some other law and get it passed. Nobody reads those damn things in detail anyway.

In short: Making a distinction between Wall Street and the Fed is beyond ridiculous

As for your silly little "they pay half and so will you...fair?" nonsense. They don't pay the same share!!! Why? Because if you're rich and not a fool you INVEST your money and only pay capital gains tax on returns! And guess how much that is? As much as someone earning no more than £32k

reply to post by stuncrazy
they all need to pack their tents and go to Washington to protest the root of the problem,and before they get there take a basic course in economics.

Originally posted by TWILITE22
reply to post by stuncrazy

 

they all need to pack their tents and go to Washington to protest the root of the problem,and before they get there take a basic course in economics.

Mhhhh, Washington IS Wall Street

You might wanna check the CVs of those advisors and people on top. Politicians are mere sock puppets nowadays. Well paid sock puppets...but ultimately still sock puppets of WS

In the beginning of that video a protester was saying "were not individuals, were not individuals were a collection." He also said "The common good is first, we need government to protect us" See this is why I don't like the OWS.

Originally posted by rebeldog

Originally posted by Arekoteya
I gotta say Peter Schiff definitely has some balls to go down in the crowd and debate with them.
He does have a good point and people need to stop protesting about taxing the rich, because like he said the rich do pay taxes. I mean if they made a $10,000,000 income for the year and paid 35% to taxes, that's 3.5mil... More then most people will make in a lifetime. Not including most rich Donate their own money to good causes.

Steer away from taxing the rich and focus on ending the Fed.

are those "donations" made to avoid paying tax?

meaning, do they "donate" money which would be taxed and gone anyway?

or do they donate money which would otherwise NOT have been taxed?

How about trying this one on for size. Does the money donated help more than money taxed? I mean money donated to worthy causes like red cross, salvation army, cancer, aids research, and to help Children in Africa I say is better than money taxed thats used to pay our corrupted officials, making bombs and funding a war on drugs and to build bigger prisons. Now if our schools were getting decent funding, our rights weren't being pushed to limits by government thugs(police) and money was going to infrastructure I might be inclined to cast my vote the other way.