have really impeded their life i don't think that's that article that's only used for the group peter schiff because they do pay high taxes i expect they're not like these wall to wall street executives because they carry interest over all their bonuses and they don't have access to this kind of window there are too big to fail so i don't think i can further think andrew peterson and i'm going to take a slightly his burial conspiratorial stance and say that this article was just show that one percenters actually pay a lot of taxes and have a problem with their lives hell and he's lying when you hear the president calling for higher taxes on people that make that much money that's all we have time for thank you so much for tuning and you can feel free to follow me on twitter at more unless there give us feedback at youtube dot com slash capital account and from everyone here thanks so much for watching and have a date me. you know sometimes you see a story and it seems so for sleep you think you understand it and then you glimpse something else and you hear or see some other part of it and re

now to talk more about the rising power of the bracks peter schiff president of the capital joins us now welcome peter so. have to us about the significance of this summit well it's only significant if they come to any significant decisions or conclusions on what to do about some of their common problems i think the biggest common problems problem for the bric nations is how to deal with the united states and more specifically the u.s. dollar and all these bric countries are accumulating at enormous dollar reserves the dollar is going to lose a lot of value and so that means these brics nations are going to lose a lot in the real value of those reserves a lot of these bric nations are running trade surpluses with the united states but of course the united states is not in a position to actually pay for these products so they're pretty traditional trading and vendor financing and these are real problems and the world needs to wean itself off of this vendor financing scheme and needs to find a way to get out from under the dollar as the reserve currency and now they're expected to sign

a climate of greed to talk about whether or not ethics are going down the drain on wall street peter schiff joins me now nice to see you creators so how would you describe goldman sachs. oh it was first of all you know there's nothing wrong with making a profit and we're all working to make a profit i mean you're not working for russia today for free there you're collecting a paycheck so we all want to make money and i think when it comes to the brokerage industry because i am a broker we manage money we have a broker dealer i think in the long run the way i make the most money for myself is by doing a good job for my clients i think if you put your client's interests first that's the best way to make the most money for yourself but i do believe that sometimes and certainly in our industry and brokerage industry you could make more money in the short run if you're very short sighted by sometimes compromising your customer's interest and putting your own interests ahead in the short run and i think that's not the best way to go about it because maybe you make a little bit money in the short

well that was peter schiff president of euro pacific capital. well it seems the mass media has officially given up on one republican presidential candidate ron paul who has consistently attracted a very passionate and dedicated following reportedly has only had one embedded reporter throughout the entire campaign but now he has apparently none because of this n.b.c. poll be sold as bad off the bus now when you see video of paul he's usually swarmed with a very at our giants fan base yet he hasn't won a single caucus yet and this has the candidate raising suspicion. as we hear people like these i'm sick of the polling believe it we will wind up with the talk . of our supporters are very suspicious that. the strawberries have been very good i mean you read the paper on the me. you just learned that it was never read the you never read it just right that was the piece that really wrote what they were so it's a case that has been suspicious. so the candidate getting a fair shot in the race to be the next public and presidential candidate well to dig

. >> what's your sense -- i don't know if peter schiff is still in the audience, but peter, is he here? are you here, peter? i'm going to ask a question he would have asked. larry lindsey said this is probably -- and i don't know how he figured this out -- but he felt this audience might be center of left audience. but you certainly didn't come from the center left, and yet you are a strong regulator. you believed in more regulation and however you want to coat it, you're still talking about things that are a good amount of regulation for the banking system. how do you square that with a world that is talking about less regulation for financial services? we are in a world s messed thi loosen the reigns to allow these banks to make some you need sto reagan -- i'm a republican.ubli philosophies. reagan once said the role of government is not to protect us from ourselves, it's to protect there's a difference between free markets and free for all markets. if you don't have common sense rules that are enforced, innocent people will get hurt and innocent people got hurt in this crisis and go

i was talking to peter schiff and other people out of the room who were basically ones who see bernanke as a villain as opposed to a hero. they see bernanke as a villain for keeping interest rates so low that either inflation or other bubbles are being created. and so if you were fed chairman today, would you have inflation rate -- the fed rate where bernanke does? >> i'm not there so i don't have to make that great judgment. and i have a regular practice of refraining. >> we just wanted to see if you had given up that practice. >> when i saw that bernanke is a hero, bernanke is a villain, it's out there in public, it reminded me even today i occasionally in the streets, somebody comes up to me and says, you're the s.o.b. that presented my poor mother and father from buying a house in the early 1980s because interest rates were 15%. then i go on a block or two and somebody else says, oh, you're paul volcker. thank you. my father bought government securities at 15% which put me through college. thank you very much. >> david bradley got his house. that's good. let me provoke you for a mom

. >> peter schiff? >> the microphone is in on. >> the lost confident person to share the federal research but here's my question and it's a very simple one. you mentioned in your speech that use all of the biggest problems we have as a nation and i agree with you is that we borrow too much and spent too much coming yet then he went on to praise congress and the fed for the stimulus when the specific goal of the stimulus is to get us to borrow and spend even more if the problem is too much borrowing and spending how is the solution that we borrow and spend even more? >> thank you. stat sometimes there is a word for this but i can't remember sometimes you have to take a little medicine to make it better. in a sense of this kind of a binding in the time. >> i appreciate you asking that we have to continue. >> it could make it worse, but the time being the units for the economy and i think it would be worse without. >> let me push a little bit on this issue. another analogy is used a few turning to the skif

difficult to maintain the lifestyle that wall street workers expect people like andrew shift and peter schiff who were interviewed before about how much they pay in income tax are upset about it take a listen. i know i you know i make a decent salary and i get taxed close to fifty percent of what i make what percent of your income taxes ten percent i would you like to pay fifty percent like me i would really so andrew shift and a lot of others really quickly but we don't have a lot of time but they were saying that the cuts to their pay the cuts to their bonuses on wall street have really impeded their lives i don't think that's from that article that's only used for the group leadership because they do pay high taxes i expect they're not like these wall to wall street executives who get the carried interest over all their bonuses and they don't have access to this kind of window that are too big to fail so i don't think that's a very good thing andrew peterson and i'm going to take a slightly conspiratorial stance and say that this article was to show that one percenters actually pay a lot o

i'll see you tonight for "fast money," talk to you about peter schiff. the halftime report gets under way right now. >>> four hours to go until the close. here's where we stand. the major averages, rally mode on wall street today. the dow industrials over 13,200, a gain of 1%. as is the gain in the s&p 500. nasdaq strong, 1.25%. gold and oil as well as we track the commodity space, crude oil giving a fraction back today, but gold certainly isn't. up 1.33%. let's get to our fast five stories. it looked like the fed chief was turning on us, but clearly equity traders, bernanke's got your back. what are the best trades of his dovish comments? gold trade is back on big-time today. and dennis gartman coming on on whether it's time to reload. insatiable hunger for "the hunger games," the talk of tinsel town and trading, lionsgate stock. >>> nasdaq headed for the best quarter since 2009. not just apple. old-tech in a names like microsoft taking the reins. and kate kelly with the latest on new speculators coming into oil. the biggest influx of this sort we've se

. >> peter schiff? the microphone is not on. >> maybe that's better. [laughter] [applause] >> it is an honor to last a -- is on tour as the last, but in person to chair the federal you mentioned in your speech that is soft -- you thought were the biggest problems we have as a nation is we bar to much and spending too much. you then went on to praise congress and the fed for the stimulus when the specific goal of the stimulus is to get us to borrow and spend even more if the problem is too much borrowing and spending, how is the solution that we borrow and spend even more? >> there is a word for this but i cannot remember it. it is a medical ward. sometimes you have detailed madison of the disease -- sometimes you have to take a me littledecine -- sometimes you medecine ke a me littledecinlie to help cure the disease. at the time, we needed a band- aid for the economy and i think a reasonable judgment was that it would be hard to recover from. >> another analogy is if the s urlkidding u-turn and to this kid. after the 1997 economic crisis in east asia,

. >> peter schiff. that microphone is not on. >> at this is much better.ir the federal reserve. you mentioned, in your speech that you saw one of the biggest problems we have as a nation is that we borrowed too much and spend too much. then you went on to praise congress and the fed for the stimulus with the specific goal of the stimulus is to get us to borrow and spend anymore. if the problem is too much borrowing and spending, how is the solution that we borrow and spend even more? thank you,. >> sometimes you have to take a little madison -- medicine to make the medicine better. >> the problem is worth it with go deeper into debt -- >> i have to let him answer the question. >> we it would've been harder without an order to recover from. >>

action forum, kevin keller, certified financial planner, anette nazareth, governor edward rendell, peter schiff, president, euro pacific capital, and sherle schwenninger are, director of economic growth at the new american foundation. the name of this panel is the no-nonsense prescription for a jump start economic growth panel. we hold ourselves to a higher standard of no-nonsense. on the subject of nonsense, but sides seem we need -- seem to agree we need tax reform. when you seem to get republicans and democrats sitting in the same room, given a deadline, they come up with a plan that seems to always have three variables. one is lower rates, two is reduced tax expenditures, and three is to raise revenues slightly. barack obama released a tax plan that does not lower rates. who is right, obama, romney, or democrats and republicans in the same room? >> this is washington, so i am right. [laughter] you have to recognize a couple of realities. we have had the income tax for almost 100 years, and you can count the reforms in less than one hand. we should not expect it. number 2, mr. romney and pre