Peter Schiff Takes on Occupy Wall Street
by Justin Dove, Investment U Research
Thursday, October 27, 2011
This week Chief Global Strategist of Euro Pacific Capital and Euro Pacific Precious Metals Peter Schiff took to Zuccotti Park in Manhattan to exchange in some conversation with members of the Occupy Wall Street movement.
In this video, Schiff argues that he pays about half of his earnings in taxes and that faced with more taxes, he would consider shutting down his business and laying off his 150 employees.
Earlier this month, Investment U Executive Editor Garrett Baldwin interviewed Schiff. He discussed his concerns with government regulation and his outlook on the dollar and other currencies in the coming years. He also addressed the Occupy Wall Street movement.
Schiff’s Thoughts on Occupy Wall Street
In the video, Schiff converses with many of the protestors and shares some of their frustration. However he feels that the frustration is misguided towards Wall Street when they should be protesting Washington.
Schiff mirrored these sentiments in his interview earlier this month:
“Well, I think [Occupy Wall Street Protesters] are right to be frustrated. They are right to be protesting what’s happening, but they’re expressing their anger in the wrong direction.
“Wall Street is a symptom of what’s going on; the cause is Washington.
“They shouldn’t be occupying Wall Street. They should be occupying Washington. They should be on Pennsylvania Avenue protesting Congress, the White House, the Federal Reserve. That’s the problem, not Wall Street. Because if there was no government, there would have been no bailouts. You can’t blame Wall Street for asking for a bailout.
“After all, that’s what the March on Washington people want. They want the government to bail them out. But the problem isn’t that Wall Street asked for a bailout, the problem is that Washington gave it to them. Washington should have let the banks fail. That would have been capitalism. The irony of it is, the March on Washington movement is an anti-capitalist movement. They’re protesting capitalism, but what they’re really protesting is crony capitalism.
“If we had capitalism, none of the banks would have been bailed out. In fact, if we had capitalism, none of the problems that caused the banks to fail and need the bailouts would have existed in the first place. Capitalism would have prevented all this stuff from happening. [We have] a lack of capitalism. [What we have is] crony capitalism.
“It’s government interference and meddling in the economy that prevents capitalism from working. And that’s what has caused all the problems, and what the protestors are protesting.”