On his radio show, “Wall Street unspun”, Peter talks to a caller about why a person who invested their own cash on a bubble area are basically screwed. Caveat: this caller’s story is suspect as he’s called before and made racist remarks. But, Peter’s advice is still sound and worth noting!
Interesting topic. Giving the borrower the incentive to stay in the house by putting their own money into it in exchange for a larger write off is a good idea, although it’s not a win win for all.
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BE SMART DONT BUY NOW.If you buy now, you will find a house like the one you bought for $100K or more less than what you paid. You effectively will be catching a falling knife and become instantly underwater on your mortgage! Imagine going to the bank and asking, “I’d like to open an account for minus (-)$100K”. After years of deposits adding up to $100K you will have $0 in the account. Silly isn’t it? Well that is exactly what you will be doing if you bought a house right now.
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This guy “Ken from San Francisco” is a Jokester on Peter Schiff’s internet show. He referred to the fat black guy on the Fox show as a “Monkey”. He also claimed to have a broker to encourage him to buy a Cadillac Escalade and buy a huge stake in General Motors. He’s a pain in the ass.
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Pretty strong accusation. Peter archives his radio programs. Date of call-in mentioning this? I would like to verify your claim.
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Peter should lead the populist takeover of the fed.
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Accusation? It’s on the Europac website. Go to Peter Schiff’s radio archives. Ken (or whatever his real name is) is the very first caller on his show: “Ken From San Francisco”. He starts off talking about the housing bubble, then he dives off to shit. He stated big black monkey. After you hear this show, delete this video from your video playlist. It’s the Archived Radio Broadcast from September 5, 2007. For all those who don’t know where to find it, it is under EuroPac dot net.
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Just as a note, the guy ArchaivRevivalx2012 is correct about this guy being a serial caller. This caller made up phony information on the show. HOWEVER, Peter’s advice is noteworthy and I’ve decided to keep the video with that caveat. For what it’s worth!
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Peter called this mess years ago. I bet a lot of people wished they payed attention to what he predicted.
He’s also dead-on correct about Dave Ramsey not understanding anything about money or inflation. 50% of the advice that Dave gives people is foolish.
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Are you a client with Peter Schiff? People have to put their money where their mouths are.
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Peter has my money. Wish I gave it to him a long time ago.
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With regards to ArchaicRevivalx2012 and julebuggy I also am tired of this guy,he is blocking so many good callers in Peters show,maybe that is his intention?
And does he not use some kind of a voice changing devise every time he calls?
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peter, you the man.. i have followed you for the past 8 months and wished i had known 2 years ago. you are right, the rest have their head in their bum.
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Why does this retard ask the same question 10 times?
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the caller is a fucktard. peter is the man.
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It must be hard for him to fully grasp the situation to save for 20 years to put money down on a house that he now cant sell and he is losing equity, but he took the wrong advice and he is not the only one just good to see that he is now seeing the light that peter is talking about. The world will have to awake to the fact that peter is right and it take a person at a time.
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youre giving the caller too much credit, lol
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Awesome, but what lender is going to do this? Even when things make sense, as we all know, it lands on deaf ears.
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This caller is the epitome of the real estate sucker.
And now my tax dollars are going to back his mortgage?
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I don’t think you are getting what was said here.
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