Joined Nov 11, 2007
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Mr. Schiff Returns to Washington

Peter Schiff, the investment seer and radio show host best known around here for engaging with Occupy Wall Street scenesters, got a chilly reception at a House hearing on Oversight of Federal Housing Administration’s Multifamily Insurance Programs the other day, and has posted a highlight reel at the Youtubes.

Schiff breaks out his plays of the day:

6:06 – My Opening Statement

11:16 – “I don’t know whether to go to Mr. Schiff or not, but I guess I will” – Judy Biggert (R)
I explain to Chairwoman Judy Biggert why federal involvement in home lending has created more problems than it has solved.

16:22 – “Despite all the sound and fury, there’s not a lot of details…” – Robert Hurt (R)
My proposals that old regulations be repealed, rather than new ones proposed, in order for the free market to come up with solutions are repeatedly lost on Congressman Robert Hurt.

25:16 – “Mr. Schiff, I just have one question…” – Emanuel Cleaver (D)
Congressman Emanuel Cleaver II unsuccessfully tries to ‘nail’ me. Instead, a spirited discussion ensues in which I remind the congressman of the moral hazard and economic costs of government subsidies.

30:38 – “Maybe that happens in an Ayn Rand novel…” – Dan Sherman (D)
Congressman Dan Sherman asserts that as a practical matter the federal government, in one way or another, insures all homes, and that only characters in an Ayn Rand novel would believe otherwise.

Correction: That’s not Dan Sherman but Rad Brad Sherman, the Sherman Oaks Democrat, occasional critic of Obama Administration policies and weather machine expert who I was interested to see seems to have a substantial lead over smart-money favorite Howard Berman in their squabble over a jerrymandered San Fernando Valley seat.

Sherman, who voted against the 2008 TARP bailout, is refreshingly post-ethical in his calls for taxpayers to support lifestyles and political structures he knows to be unsustainable. In 2009, when I asked about the wisdom of having the Federal Housing Administration continue to underwrite loans on million-dollar houses, Sherman replied, “The economy of Los Angeles would tank if prices fell another 50 percent.” The pattern holds here. His argument to Schiff is that government must subsidize insurance because to avoid doing so would subject Washington, DC to extortion during “front-page natural disasters.”


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  1. TJWP

    How can you watch this and honestly believe ANY of those people are or should be acting in your interests?

    Best line from the video – Fat Female Lobbyist – “There is demand for really low income housing that is key to an economic recovery that the private sector won’t support… so the government needs to set in and support these loans.”

    I mean, I’m not saying you should go to jail for saying things that stupid, but goddamn.

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    • Yogi and Boo Boo
      Yogi and Boo Boo

      I can’t watch. I also can’t believe Schiff EVER made a dime trading. Selling advice and testifying as a scary quote expert, sure. He ran for Senate here a while ago. I still don’t know what the hell he was talking about.

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  2. NoBull

    I liked the last part… “If you go uninsured, you still have insurance as it’s paid by the taxpayer.”

    Sweet.. Only proves my point that if you just want to survive (not be great, not be rich but be comfortable) you can do so easier now than 20 years ago.

    So I don’t really need insurance due to a natural disaster nor do I need medical insurance.

    Even if I choose to live in an area that is a flood zone and has flooded many times before.

    You nice working folks will pick that up for me.


    I do understand the need for big government money for infra-structure and such but it’s becoming more of a hand out society than where we all pitch in and help out.

    There’s a lot more takers than givers.

    Also called.. the shrinking middle class.

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