Tuesday, June 12, 2012

Iron Man vs. Idiocracy?

The above video of Peter Schiff's recent testimony before congress reminds me a bit of this:


The reaction of congress to Schiff reminds me more of this...


not to mention this...


Observing congress is like seeing a video of a toddler who has grabbed the car keys, started the engine, and is driving an automobile to a certain wreck.  America's Funniest Videos it isn't.

I especially find the one congressman's intended condescending remark about "an Ayn Rand novel" to be especially illustrative - as he doesn't even know how to pronounce "Ayn Rand."  If they don't even read their own bills, maybe it's unreasonable to expect anything more than The Cat And The Hat out of these guys.  One of the valid criticisms of Ayn Rand is her one-dimensional characters that are just too cut-and-dried.  The problem is, when I watch this video, I see members of congress just as economically clueless and full of themselves as any bloodless villain in an Ayn Rand story.

Anyway, below is Peter Schiff's announcement of this video including a few key points marked and linked.  It is worth clicking on his excerpts.

Dear Friends,

On Friday, I sent you a link to  the video of my June 7th Congressional testimony regarding the Federal Housing Authority loan policy. Given that the exchanges I had with the Congressmen so clearly illuminate the flawed legislative process and the ignorance that many have about the workings of the free market, I wanted to take this opportunity to resend this important video.

If you share my opinion on economic issues, please help me make this video go viral. For those of you who haven't had the chance to watch the full 33 minutes, I have compiled a guide to the juiciest highlights below.

Investors' Daily Digest  

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  • My proposals that old regulations be repealed, rather than new ones proposed, in order for the free market to come up with solutions are repeatedly lost on Congressman Robert Hurt.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 II (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..." - Brad Sherman (D)  
  • Congressman Brad 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.  
Peter Schiff
CEO and Chief Global Strategist
Euro Pacific Capital

No comments: