Market sell off, bogus GDP, Japan downgrade, credit cards

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Schiff Report video blog Jan 28th 2011
http://www.schiffradio.com/

Comments

Dziaji says:

@independence4wales not really. I just thought you were trying to troll. no hard feelings.

independence4wales says:

@Dziaji Sounds like I touched a nerve, apologies for that.

Dziaji says:

@wunderbeast Yeah I think that is a great move, and yes you have to pay income tax on top of the penalty. I already liquidated my 401K to do the exact same thing. I think of it this way: even if the income tax and penalty total a 40% hit on your 401k, you were probably matched 100% on your contributions anyway by your employer. So really, the taxes and penalties equate to the free money contributed by your employer that you wouldn't have gotten if you didn't put your money in the 401k.

John Wu says:

@Dziaji i absolutely agree with you about the credit card rate. let me ask you this then: what about dipping into my retirement account? yes, i realize there's a 10% penalty and it's for when i get old…but i don't turn 60 for another 30 years and who knows what the dollar will be worth then, or if it'll even exist at that time? then again, i just read that on top of the 10% penalty for early withdrawal, i have to pay income tax on that too. such bs if that's true.

Dziaji says:

@wunderbeast don't listen to independence4wales. There is no guarantee how fast silver will appreciate and credit card rates are so high that it is too risky of a move. If you have SAVINGS, then silver is an excellent buy. This kind of carry trade play is only a good idea with a really low interest rate, not a 30% credit card interest rate.

Dziaji says:

@independence4wales I was actually talking to wunderbeast about this because he was asking if it was a good idea. Go back to trolling Justin Bieber videos.

independence4wales says:

@Dziaji The only person talking about not paying the credit card company back is you. The only person talking about taking out a loan with no intention of paying it back is you.

Dziaji says:

@independence4wales Try getting a decent apartment with delinquent credit. If you were buddy buddy with the fed like goldman sachs then yeah, go into debt expecting a bailout. You can't just advise people into bankruptcy.

I am guessing you maxed out your credit cards with no intent to pay them off. If not, what are you waiting for. Might as well try to get a home loan and strip the copper wire out of the house and ditch on the mortgage too. Or sell a rental car to a chop shop. it's all FRAUD.

independence4wales says:

@Dziaji Using credit to gamble on the movements of commodities is for the lower class? If you had bought silver 12months ago you would be up 100% now. I don't think even Madoff was giving that kind of return. If that is the bottom of the heap what kind of returns do you get? You must be putting Citi, Bank of America, Goldman at the bottom of the heap as well, because they have done the same thing, maxed out their credit. How do you class the taxpayers who paid for the mistakes of Citi, Goldman

Dziaji says:

@independence4wales Only for the lower class. If you wanna be on the bottom of the heap, by all means, go ahead and max out your credit cards.

ytgv3fc7 says:

@theUSER101 I think you've been told a lot of times & you're bitter about it.
My degree is COMPUTER SCIENCE and I'm using it to BEAT ALL THE MARKETS.
You are a little boy looking to argue in the playground. This is the big boys' room, go back to your mommy.
Celente is ALWAYS right, has been CONSISTENTLY. 2000 predictions all matched up 100%.

ytgv3fc7 says:

@theUSER101 end of 2009 did begin the greatest recession & all the signs are showing. You're blind but no one else is. Celente was 100% right and on schedule. I saw the Realnews Schiff interview & I agree Schiff was pwned. I have a billion times more education than you do, son, so you don't tell me to get an education. I have a science degree, I bet you didn't graduate high school.

John Wu says:

@independence4wales you think so? i would try it but the credit card rates are probably insane. if i purchased 100 ounces of silver every billing month and only paid the minimum, i can't imagine what the next bill would say on top of the principal ($3,200 or so). even if silver went up to $250 eventually, imagine the interest i would accumulate by then (then being who knows, 2014, 2015)?

independence4wales says:

@wunderbeast Debt free is good but you have to think will a dollar today buy anything in 5 years time and is it better just making the most of what you can get now? I mean the way the price of Silver is increasing you can use your credit card (or personal loan if you want to more conservative) to buy bars and the appreciation of the silver will easily service the debt and also allow you to pay back the credit card company if and when you do decide to pay them back.

independence4wales says:

@Dziaji There will be so many people with delinquent credit it won't mean anything anymore. It will be a social norm. A remnant from a different time.

independence4wales says:

I didn't watch Peter's videos for a while and was just reading the main stream press. I was slowly being propagandised into thinking the politicians know what they are doing and that it’s all going to be okay. Then I watched this video and I remember how absurd the papers and the TV are. How can they get away with peddling such nonsense/lies without criticism from other sources in the mainstream media?? Japan will ask for its trillion dollars back before it defaults – Another nugget from The Man

Dziaji says:

@wunderbeast Well, it can be hard to get a decent apartment, get a car loan, or get bills in your name like electricity or cell phones without paying a deposit if you have delinquent credit. But no matter how bad it gets, you can always file for bankruptcy and after a few years it's almost like the whole thing never happened (unless you have student loans which can't be cleared by bankruptcy)

John Wu says:

@Dziaji thanks for the reply. how much harm can a delinquent credit rating do if and when there's an economic or currency collapse? i have about 250 ounces of silver in counting, isn't that more important? anyway, i'm just playing devil's advocate. i'm still going to strive to be debt free.

Dziaji says:

@wunderbeast I think it's a better idea to get out of debt then to just say "F*** it" and bankrupt yourself. A delinquent credit rating can make a lot of things harder. On the other hand, if bankruptcy is inevitable, you might as well stop paying and max it out.

Toronto TO says:

Peter is the man…….

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