1%’er Goes Down To Occupy Wall Street To Debate The 99%’ers

Peter Schiff takes on Occupy Wall Street and the outcome is…about what you’d expect from a well-educated, extremely successful businessman talking logic and policy with a bunch whiny college kids trying to foment revolution against corporate America on their corporate-built iPads.

These people think loud talking and bluster are the hallmarks of intellectualism, it seems.

My favorite part is below where Schiff argues against regulation pointing out that everyone wants lower prices only to have a Guy Fawkes-mask wearing protester tell him no, people really don’t want lower prices.

Spoken like someone still getting an allowance from mom and dad, I think.

His argument about the end, about Schiff being a fool for wanting to be rid of the Department of Education, etc., reminds me of my favorite Bastiat quote: “It is as if the socialists were to accuse us of not wanting persons to eat because we do not want the state to raise grain.”

The logic of the protester is that the Department of Education is good for education because it’s the Department of Education. For him, that the government has a department for education is inherently good, and he need not bother to ask whether or not the DoE is actually promoting sound education policy that facilitates the growth and intellectual nurturing of our children.

Just because the government can do it doesn’t meant he government should do it. And just because the government is doing something doesn’t mean they’re doing it well or improving the situation.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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  • robert108

    “These people think loud talking and bluster are the hallmarks of intellectualism, it seems.”

    Many here at SAB believe that, as well.

    • headward

      Says the guy who calls people names.

      • robert108

        I always try facts and logic first, unlike you.  Your total reliance on personal attack is noted.

        • http://pulse.yahoo.com/_XWI54NZMQMF47NXYB2EEQAFLKA Orville

          Really, Who knew?

  • igx

    I think I heard Thomas Sowell say that economics education needs to be totally revamped. Basically just have them read Henry Hazlet instead of all of the BS that clouds their minds. 

  • Jamermorrow

    The best part is where Schiff asks the protesters how many people they employee.

    • I H8 GOPers

      Ya! Let them eat cake!

      • Jamermorrow

        What do you pay your employees? What benefits do you give them?

        • I H8 GOPers

          Probably too much. Health and use of my business resources.

          • Hal176

            You don’t employ anyone.  You have made it very clear you don’t have the capacity to run a popcorn stand.

  • Davoarid

    God, that was ugly–I mean, physically, I feel dizzy after watching it. The camera was jumping all over the place.

    Can’t this guy hire someone to edit his videos? My God.

  • I H8 GOPers

    Schiff can’t be too sharp if he’s paying 50% of his income in taxes. I can’t believe the CPA didn’t call bull5hit.

    • Jamermorrow

      He is if you count Connecticut’s state income tax and SS tax. That does not include sales tax or property tax.

    • Hal106

      You aren’t too sharp, there are many people who pay more than 50% in total taxes because they haven’t had loopholes created for them by corrupt government officials.  What do you think we should do to correct the economic mess we are in?

  • Pinco Pallino

    This 1%er is a damn Fascist.
    Screw him….

  • Pinco Pallino

    The worse thing is that this article talks about a “well educated extremely successful” guy, Peter Schiff is a damn imbecile, I wonder where he was “well educated”,  with the tea baggers perhaps ?.
     If he really pays 50% in taxes he is not a 1% he is middle class or a poor.
    The 1%ers   pay 17% on average…

    • Jamermorrow

      You did not see the entire video. Schiff is on the protesters side. He was trying to see what the actual protests are about. Many Conservatives think it is just Socialist and Communists. Schiff was the economic adviser for Ron Paul in 2008. Some protesters sounded intelligent while others not so much. Rob used a video to suit his agenda. Go to Reaons TV and watch the whole video.

      • Pinco Pallino

        I actually went back to listen to the whole video, now I’m even more convinced that Schiff is a fascist, I wonder how much he pays his 150 employees ? Minimum wage like Wallmart ?

        • Jamermorrow

           What do you pay your employees?

          • Pinco Pallino

            Why, do you want come work for me ? I’ll pay you more than Wallmart…

          • Jamermorrow

            Wallmart does not force anybody to work there? I don’t shop at Wallmart do you? Blame consumers and not Wallmart. Wallmart is still providing many jobs to people. More jobs than you or just about anybody else. The American consumer is broke and Wallmart is going to suffer in the future because of it.

          • Hal176

            “I don’t shop at Wallmart do you?”  But I do see you at Target.

          • Jamermorrow

            No you don’t

          • Hal176

            Yep, on 32nd.

        • robert108

          So, you think he controls the means of production, like obama?  I don’t think you know the definition of fascism.  Your assumptions say more about you than they say about him.  You’re heavily prejudiced.

    • Jamermorrow

       He went to school at Berkley not exactly a teabagger college.

    • Jamermorrow

       He is in the top income bracket for taxes. That is 38% federal income tax. His state is Connecticut where he pays 7% income tax. He also pays SS tax, property tax, and sales tax. At least 50% of his income is taxed.

      • Pinco Pallino

        What do you think I was taxed for the last 20 years ? I paid my 50% in California, but I did not complain and I’m not a 1%er.
        I’d like to see  the 1%ers pay their fair share instead 17% or less.
        But they rather use the money to corrupt the politicians in their favor.

        • http://pulse.yahoo.com/_XWI54NZMQMF47NXYB2EEQAFLKA Orville

          Then this confirms you are a moron.

        • Hal106

          You better let GOPHater know that people really do pay 50% or more of their income in taxes, she must be one of the “takers” who don’t pay their fair share.  Maybe you should talk to Hanni to see how you can avoid paying your bills on time if your broke.

      • I H8 GOPers

        Wrong. The top tax bracket is 35%. NO ONE pays the top rate on all of their income. They pay:

        Tax Bracket
        Single
        Married Filing Jointly
        Head of Household

        10% Bracket
        $0 – $8,500
        $0 – $17,000
        $0 – $12,150

        15% Bracket
        $8,500 – $34,500
        $17,000 – $69,000
        $12,150 – $46,250

        25% Bracket
        $34,500 – $83,600
        $69,000 – $139,350
        $46,250 – $119,400

        28% Bracket
        $83,600 – $174,400
        $139,350 – $212,300
        $119,400 – $193,350

        33% Bracket
        $174,400 – $379,150
        $212,300 – $379,150
        $193,350 – $379,150

        35% Bracket
        $379,150+
        $379,150+
        $379,150+

        • Jamermorrow

          He is still right that half his money goes to taxes. I was off by 3% my bad.

          • I H8 GOPers

            No, you are wrong. He only pays 10% up to 12,150. Then he pays 15% on the next $34,100, …just like you.

            Of course, that is after deductions, of which he certainly has a few bucks worth. An extremely poor planner in California may pay 50% of his adjusted gross income, but NO ONE PAYS 50% of all their earnings.

          • Jamermorrow

            That is hardly any of his income. The majority of his income is taxed at 35%. 

          • Brent

            The majority of his income is in the form of his company’s profits, which means he pays 35% to the Feds and 7.5% to Connecticut on all income earned.  Then he pays 15% of what’s left to the Feds and another 6.5% to Connecticut.  

            Do the math.  It’s a lot.  And this does not include excise taxes, general sales taxes, property taxes, regulatory compliance taxes, etc.

          • http://proof-proofpositive.blogspot.com/ Proof

            Hater: You’re comparing apples and oranges. When Shiff talks about paying half his income on taxes, he’s not talking just about income tax. To paraphrase the Bard, “A tax is a tax is a tax.”

            When you factor in state, local and federal income taxes, sales taxes, gas taxes, property taxes, etc., 50% is not inconceivable. Unless you’re a leftist drone blinded by hate.

          • Jamermorrow

            Inflation is also a tax. So the number is even higher.

          • http://proof-proofpositive.blogspot.com/ Proof

            And if you really want to get into the weeds, there’s corporate taxation which is a hidden tax on the consumer, passed on along to the customer and paid through higher priced goods and services. 

          • Brent

            As noted above, he claims to pay 50% aside from “other taxes” and I think that’s probably pretty accurate.  His marginal rate on his company’s (Euro Pacific Capital) profits are taxed such that he keeps about $49,000 for every $100,000 earned.

          • I H8 GOPers

            It is inconceivable that someone with that wealth and income would pay 50%. Inconceivable.

          • http://proof-proofpositive.blogspot.com/ Proof

            There are plenty of things you cannot conceive, Hater. The rational people among us in society are hoping that one of them is “children”, so you don’t pass on your defective genes.

          • Hal176

            Then he pays state income tax, property tax, sales tax, vehicle registration tax and in some lib states a personal property tax as well.  When you add it all up, many not so wealthy pay more than 50% of their income in total taxes. Clearly you are using public assistance or you would understand this.

        • Pinco Pallino

          Top bracket was 39% before the Bush tax cuts, + CA state tax at 9.5% or more + Sale tax + property tax.. It was easy to get to 50%.

          • I H8 GOPers

            No, no it’s not.

    • http://pulse.yahoo.com/_XWI54NZMQMF47NXYB2EEQAFLKA Orville

      Pinco, You know nothing and understand even less.

  • Pinco Pallino

    To have a fair taxation system the tax brackets should be exponential with the top bracket at 90% or more like it was before Reagan screwed the system up.
    Clearly the curve should be lowered with an inflation index to eliminate automatic hikes on taxes.

    • robert108

      Your plan is a job and business killer.

      • Pinco Pallino

        We never had a problem of job creation like now, this is with the lowest tax brackets you ever had in this country.
        The fact that taxes kill jobs is the biggest lie told by the ones that don’t want to pay taxes.

      • I H8 GOPers

        No, no it’s not.

    • Dr.

      I don’t know who you are – but it’s pretty evident you’re an idiot. If you pay attention to facts – not complete utter “BS” – you’ll find (yes – look it up yourself) NO ONE paid those 70-90% taxes – as there were LOOPHOLES – so the tax (dah?) was never that high in REALITY – thus NEVER being paid. Wow, what a genius you are.

      • Pinco Pallino

        As far as idiots, listen who is talking. The loopholes were invented by the same 1%ers that paid off the politicians to let them evade and escape the taxes.
        The point is that the more money they have the more they cry about taxes.
        Wake up you moron…

      • I H8 GOPers

        And now with the top bracket a a whopping 35%, NO ONE PAYS THAT RATE because of loopholes…You must be an idjet to use that fact as a rationale to keep rates low.

    • I H8 GOPers

      Kennedy screwed up the system.

  • Guest

    My favorite part is below where Schiff argues against regulation pointing out that everyone wants lower prices only to have a Guy Fawkes-mask wearing protester tell him no, people really don’t want lower prices.

    Why is that your favorite part, because you can’t understand that position so you think it’s odd?  You’re a fool.

    There are millions of people who will not buy at Wal-Mart because of the damage it causes and the immorality of it’s style of business.  People DO choose to pay more for various reasons, I am one of them.

    • Hal106

      Please DO choose to pay your fair share of taxes on time since you constantly want us to pay more.  You are the fool and you prove it daily, little fella.

      • Guest

        So you can’t come up with a logical or intelligent reply to the fact that people do choose to pay more (or actually the same) by not shopping at Wal-Mart and hurting Americans in the process?

        And what are you talking about?  Are you saying if you can’t make your bicycle payment on time you aren’t paying it?  You have a funny way of trying to be logical, lil guy.
        You sound like the skipper on Gilligans Island.  What should I expect from a squid?

    • Jamermorrow

       Or they just hate the shopping experience at Wal-mart. The American consumer is a thing of the past. Businesses dependent on the American consumer are going to struggle. Wal-mart will be in the same boat.

      • Guest

        True, there are many reasons to avoid Wal-Mart.  Another reason to avoid it is the scam that you save money there, while paying the same prices for some things but the employees get less.  That’s a scam anyway you slice it.

      • http://proof-proofpositive.blogspot.com/ Proof

        I like to shop at Wal-Mart every now and then just to piss off people like Gusty.

        • Jamermorrow

          too big and terrible service. Wal-mart parking lots are the scariest places on earth.

  • Guest

    This class act of OWS individuals are going toe to toe with Schiff and in most cases winning.

    You could NEVER find tea party individuals this articulate and educated in one area.  NEVER.

    • Cherz1967

      That is because we are all working.

      • Guest

        Somebody has to serve me fries….get back in the kitchen.

    • Hal106

      If you think the OWSers were winning, you are more dim than previously thought, little fella.

      • Guest

        They crushed him, and that was before the editing, squid.

  • SP

    People who want to get rid of the Dept of Education should not be encouraged, looked at, engaged, talked with, etc.

    They are batsh*t crazy crazy fringe kooks. 

    If you think this is helping your cause, you are ass wrong.

    Abolish the dept of education!  You would all have us eating out of Chinko and Ruskie hands.  C*nts.

    • Jamermorrow

      Department of education has nothing to do with educating except for driving up prices. I can favor education without favoring the department of education. I like food and drugs but don’t like the FDA. I like self defense but hate having a big military. 

      • SP

        Do you favor crawling around on your knees?

        • Jamermorrow

          Um, no.

  • SigFan

    Gee, all these “highly educated and articulate” people apparently weren’t smart enough to figure out that a 4 year degree in social studies wouldn’t land them a job that could pay enough to manage $100K in student loan debt.  Guess their much touted intelligence isn’t quite as high as advertised.

    • Guest

      You’re a fool in the first order.  Perhaps what you meant to say is that pursuing a career in social studies couldn’t pay enough to manage a student loan, because there are millionaires who have lesser degree’s.  Why are you afraid of an educated population?

      • SigFan

        No Hanni – I meant what I said.  For supposedly educated people they couldn’t do the simple math and market research to reach the conclusion that their chosen field of study would not pay them enough to manage their debt.  I don’t fear educated people, I fear people who think their education entitles them to something the market will not support.  As to millionaires with lesser degrees, so what?  They were obviously smart enough and ambitious enough to earn big money.  Sort of like that little known Harvard drop-out, Bill Gates.

        • Guest

          “…their chosen field of study would not pay them enough to manage their debt.  I don’t fear educated people,”
          Well you are full of crap.  Student Counselors for special needs children make about 60k a year, at least in my state and they can pay their student loans, and that’s only speaking about those who stayed within their field.  Those who just sought the degree could apply it to get a job doing just about anything.

          Most companies only look for a degree to show that the student to tackle difficult tasks and succeed.  All degrees are not created equal, but degrees are not worthless.

          You’re a fool.

          • SigFan

            I never said degrees were worthless, I said that some degrees will never get you a job that will pay enough to afford the cost of the degree and that people should be smart enough to recognize that before they choose a field of study.  The fact that these people weren’t that smart is why one of the OWS “demands” is that their student loans be cancelled in full.

            The only fool I can detect in this exchange is the one who continually hides behind multiple sock-puppets and that lies on a continual basis.  Just for clarity, that would be you Hanni. 

          • Guest

            Either you believe people can only succeed with a valuable degree or you believe they can succeed based on their capability.

            Which is it?  If you believe some degrees will never get you a job that will pay enough to afford the cost of a the degree than you don’t believe in American exceptionalism thus, you don’t believe that people can do well in America unless they have a valuable degree.

            The truth is that you can have a degree that won’t guarantee you a high paying job in that field, but you can get a Masters and ensure you pay off that loan, or you can go into a different field and leverage the degree to obtain a higher paying job.

            Either way you are wrong, or you flat out don’t believe in capitalism or America.

            As stated earlier, you are a fool!

          • JustRuss

            blah blah blah, If the person can make enough money to pay off a worthless degree, then why get the degree in the first place. Surely they are exceptional enough to succeed without it?  Bill Gates, Steve Jobs, etc etc?

            The point is, you should go to college because it applies to the field you want to go in to. Those degrees that will not earn you enough to pay them off should cost less rather than one size fits all. But people don’t care about the cost anymore because they can get a loan for whatever amount and never have to pay it back in full. And now they are protesting even having to pay it back partially.

          • Guest

            “I said that some degrees will never get you a job that will pay enough
            to afford the cost of the degree and that people should be smart enough
            to recognize that before they choose a field of study” – SigFan

            Never is a pretty strong word, but more importantly you are full of shit.  That’s simply a lie.

            A degree in a particular field does not only narrow you to careers in that field. 

            You are a fool.

          • robert108

            Caveat emptor.

  • Guest

    Did anyone else notice that Schiff said it was government that created slavery?  

    Q: How could a guy like Schiff believe that government created such a profitable economy for America and then believe pure capitalism is the only way for our country to succeed?

    A: Because he does’t believe it, he was losing the argument and so he tried to squirm his way out of it and the truth slipped out.

    He’s a fool.

  • William Fine

    I love the woman who CLAIMED to be in the top 1% but said she paid a 10% tax bracket. That means she maked under 17,000 a year so definitely not 1%. So…… STUPID!

    http://taxes.about.com/od/Federal-Income-Taxes/qt/Tax-Rates-For-The-2013-Tax-Year.htm

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