We just finished participating in the taping of the SBS (Special Broadcast System) TV show “Insight” which will air Tuesday October 21st at 7:30 PM. The subject was the role of greed in the financial crisis, which is a hot topic down under. By way of background, SBS is one of five “free to air” (broadcast) channels, and like ABC (Australian Broadcast Corporation) has a high proportion of educational and issues oriented programming.
The host is Jenny Brockie and other speakers included Federal Finance Minister Lindsay Tanner, leading Australian economist Saul Eslake, and Peter Schiff, CEO Pacific Capital, as well as some Australians citizens whose personal stories were relevant.
Hope you can check it out!
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Sure will. I’m an Aussie and I think this site is excellent!
What can Peter Schiff bring to the table….he is down 55% over the last few months…and says dont sell because all you will get is worthless dollars. I would rather hear from Andre Lahde.
Ditto, Yves. Another Aussie fan …
Its not that complicated. We got to where we are because real estate prices have fallen about 25%. That would be a yawner, except for the fact that real estate, even with a 20% down payment, is levered at 4 to 1. Schiff advocates renting. That would solve the whole problem. Shiff should get from plugs for that recedo.
And another :)
SBS is like the US PBS (I think?). Insight had an interesting one called “Insight in America” on Sept 23 (one week after AIG rescue so the landscape (US and global) had changed considerably. Here’s the link if you can be bothered – it was a good insight (no pun intended) of a fairly wide spectum of American’s views on McCain vs Obama:
http://news.sbs.com.au/insight/episode/index/id/44
Good to see other Aussies popping up.
As Paul “Crocodile Dundee” Hogan would say of Yves blog “Now that’s a Blog” [referring to famous knife quote]
or:
Richard Mason: New York City, Mr. Dundee. Home to seven million people.
Michael J. “Crocodile” Dundee: That’s incredible. Imagine seven million people all wanting to live together. Yeah, New York must be the friendliest place on earth.
ps I’m impressed they found you Yves. Researchers must be good at SBS!
Does Pete Schiff live in America. Euro Pacific, the name of his cumpany, implys he lives in Europa or Guam. If he is in America, he shouldn’t trash and nitpick at everything king Henry and Ben Bernanke do. They are doing the best they can and I am confident that the mkt will recover of the next year. I project he dow jones will be at 12000 by next June.
Schiff can bend over and take a bull run
Thanks Yves for the heads-up,
will be great to see you on SBS!
–Q
Anon @ 12:52 here again;
For those outside the time zone, the show can either be viewed online after screening, via podcast or transcript posted on:
http://news.sbs.com.au/insight/index
Here is a question. Petter Shiff been screaming about foreign markets as safe havens and being bull on them, prior to colapse, not that he lost a lot of money, what does he say?
Thanks!
I did think the SBS researchers are good, they found some really quite amazing case studies. They also included an academic, Fiona Allon, who has written on Australia’s obsession with real estate. They had her as a featured member of the audience, and she had some insightful comments.
Peter Schiff lives in Connecticut, believe it or not.
SBS is a lot like the US PBS. I was quite impressed with the quality of SBS and ABC programming, both what they generated and what they chose from overseas.
Art,
We didn’t talk about that directly on the show, and some will get edited out (recorded about 50% more than the show’s length). But I suspect this bit from Peter will survive. He is an uber bull on China. Thinks RMB will rise by 5x.
Now the British pound did fall by 80% after sterling lost its reserve currency status. But that took a really really long time, whereas with Peter, it sounds as if he sees the revaluation as happening relatively quickly.
Here’s one more from Oz that will be watching. BTW “SBS” really stands for Special Broadcasting Service.
Whoops! Will fix the post… Thanks!
Schiff as the contrarian view presents all sides. I’m sure he can handle it.
Financial Armageddon should result in a (reserve) currency rising from the ashes. The extent of damage of Countries’ banking systems and economies is yet unknown. They used to move debt around, now they are just hiding it. The rug has a big bump under it, the consumer is going to trip on it and fall into a depression.
Mr Schiff has a weekly show for his customers. Right now, they are bailing, as his crashproof portfolio is invested in Australian mining stocks. The Australian dollar has fallen 35% recently, and the mining stock have fallen more. Also, he reco’d AU on the Bob Pisner show, or maybe I am mistaken and it was fox channel….watch out he is kinda aggressive.
Donnie Osmond,
You are correct, and “kinda” is putting it mildly. He made it hard to get a word in, when I am no shrinking violet and Jenny Brockie is a pretty forceful moderator.
Yes, you are pretty assertive, so I am sure you will be able to hold your own. What gets me about a guy like Schiff, is that he is way to cocky, given that his picks are one or two ticks above abysmal. And he always says to check out his videos on U Tube…well this video show him predicting Naz 500 in May of 2002 and that the next bull mkt in America would start around 2007. http://www.youtube.com/watch?v=emvMqjtcO7o
He is a broken clock and he was finally correct on the US markets getting clocked. I just wish people saw his record going back 5 to 10 yrs ago.
Donnie
In Australia, I think the topic of the role in greed is just a distraction to the real issues affecting our economy. Real estate is a big topic here because we invested so much have the belief that we will never have a price crash because ‘our situation is different from everyone elses’ i.e. immigration and housing shortage. I have an April 97 ABN Amro UK report called ‘Home Truths’ that detailed that this same sentiment prevailed in the UK during their boom but when compared to fundamentals, this argument did not stack up – cheap credit was the culprit, and look where they are now. (BTW – Australia had a net loss of 76 000 immigrants last FY.) Anyway, with interest rates falling, spending increasing, the current account will blow out and with the dollar down, the cost of international borrowings will sky rocket leaving us well and truly stuffed.
http://www.smh.com.au/news/opinion/paul-sheehan/paul-sheehan-on-one–mans-warning/2008/10/19/1224351052160.html
Congrats on your international TV debut Yves.
Bet you didn’t see that coming when you started Naked Capitalism.
This is turning into quite an adventure, huh?
Richard,
Thank you! Yes this is fun and educational too. And I’ve always had good luck with Australia (except with certain parts of the bureaucracy….).
SBS now produces pretty much the most respected news and current affairs in Australia. Insight on of the best out there when it comes to our TV media.
Unlike the US and to some extent Europe the Australian television market is still dominated by free programming and NOT cable tv. SBS is alot different from the american PBS.
Yves, watched Insight.
Was great – as you said, well put together. You did well- standing up for your (eminently sensible!!!) opinions, particularly in the face of Schiff.
A purely cosmetic comment- Jenny Brockie’s dress was atrocious! Glad to see you went with a smart suit (? We only see your top half) Looked good. Great camera performance – saw you on the webcam (can’t remember the site) the other week, and none of the glances etc this time! Was great.
For those that missed it its now available online (I assume they don’t do silly country restrictions, but am in Australia, so can’t tell).
http://news.sbs.com.au/insight/episode/index/id/48#watchonline
–Q