Deflation Would Be a "Good Thing": Peter Schiff's Plan to Help Struggling American
Posted Jul 23, 2010 07:30am EDT by Aaron Task in Investing, Recession
'The idea deflation would be a "good thing" certainly puts Schiff at odds with most mainstream economists. Then again, that's where he's most comfortable.
And given his view the dollar is a "bottomless pit," it's not surprising Schiff believes inflation is a much greater threat than deflation.
"The real evidence of inflation is that the Fed is creating too much money," he says. "Interest rates are at zero, the Fed's balance sheet ballooned and now they're talking about cranking up the purchases [of mortgage-backed securities and agency debt] again. That's more monetization -- more money printing. That is the very definition of inflation."
As a result, Schiff believes Americans are soon going to be paying more - much more - for food, clothing, energy, healthcare and even consumer electronics. But prices of financial assets and real estate? They're not going anywhere but down in real (i.e. inflation-adjusted) terms, according to Schiff.'
Deflation Would Be a "Good Thing": Peter Schiff's Plan to Help Struggling Americans
Monday, July 26, 2010
Interesting statistics from Michael Snyder, "The Business Insider"
The Middle Class in America Is Radically Shrinking. Here Are the Stats to Prove it
http://finance.yahoo.com/tech-ticker/the-u.s.-middle-class-is-being-wiped-out-here's-the-stats-to-prove-it-520657.html
Posted Jul 15, 2010 02:25pm EDT by Michael Snyder
From The Business Insider
Editor's note: Michael Snyder is editor of theeconomiccollapseblog.com
• 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
• 61 percent of Americans "always or usually" live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
• 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.
• 36 percent of Americans say that they don't contribute anything to retirement savings.
• A staggering 43 percent of Americans have less than $10,000 saved up for retirement.
• 24 percent of American workers say that they have postponed their planned retirement age in the past year.
• Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.
• Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
• For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.
• In 1950, the ratio of the average executive's paycheck to the average worker's paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.
• As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.
• The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
• Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.
• In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.
• The top 1 percent of U.S. households own nearly twice as much of America's corporate wealth as they did just 15 years ago.
• In America today, the average time needed to find a job has risen to a record 35.2 weeks.
• More than 40 percent of Americans who actually are employed are now working in service jobs, which are often very low paying.
• or the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.
• This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.
• Approximately 21 percent of all children in the United States are living below the poverty line in 2010 - the highest rate in 20 years.
• Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
• The top 10 percent of Americans now earn around 50 percent of our national income.
http://finance.yahoo.com/tech-ticker/the-u.s.-middle-class-is-being-wiped-out-here's-the-stats-to-prove-it-520657.html
Posted Jul 15, 2010 02:25pm EDT by Michael Snyder
From The Business Insider
Editor's note: Michael Snyder is editor of theeconomiccollapseblog.com
• 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
• 61 percent of Americans "always or usually" live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
• 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.
• 36 percent of Americans say that they don't contribute anything to retirement savings.
• A staggering 43 percent of Americans have less than $10,000 saved up for retirement.
• 24 percent of American workers say that they have postponed their planned retirement age in the past year.
• Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.
• Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
• For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.
• In 1950, the ratio of the average executive's paycheck to the average worker's paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.
• As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.
• The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
• Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.
• In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.
• The top 1 percent of U.S. households own nearly twice as much of America's corporate wealth as they did just 15 years ago.
• In America today, the average time needed to find a job has risen to a record 35.2 weeks.
• More than 40 percent of Americans who actually are employed are now working in service jobs, which are often very low paying.
• or the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.
• This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.
• Approximately 21 percent of all children in the United States are living below the poverty line in 2010 - the highest rate in 20 years.
• Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
• The top 10 percent of Americans now earn around 50 percent of our national income.
Friday, July 23, 2010
Continuing Housing Crisis
Housing is still unaffordable for most of the population. The Crisis will not be over until people can pay 25% of their income for housing. Now they are paying as much as 70% just for housing. How can the economy improve if people don't have money for anything else except their housing?
See following interview:
http://finance.yahoo.com/tech-ticker/hope-you-enjoyed-the-housing-recovery-...-because-it%27s-history-says-suttmeier-482467.html?tickers=FNM,FRE,XLF,XHB%20,HD,LOW,WFC
See following interview:
http://finance.yahoo.com/tech-ticker/hope-you-enjoyed-the-housing-recovery-...-because-it%27s-history-says-suttmeier-482467.html?tickers=FNM,FRE,XLF,XHB%20,HD,LOW,WFC
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