Tags: Schiff | Democrats | profits | evil

Economist Schiff to Democrats: Corporations and Profits Aren't Evil

Wednesday, 12 Sep 2012 07:53 AM

Peter Schiff, CEO of Euro Pacific Capital, has a message for delegates at the Democratic convention who told him that corporate profits should be banned. That message: you’re wrong.

"Corporations are simply a group of people who come together and incorporate," Schiff tells Yahoo. "They are people."

That’s exactly the stance for which Republican presidential candidate Mitt Romney has been pilloried.

Editor's Note: The Final Turning Predicted for America. See Proof.

“You have this mentality in the Democratic Party that everybody is entitled to something from the government, and that the people who owe it to them are the rich,” Schiff says.

“Nothing embodies the rich more than corporations. When you say corporate profits to a Democrat, it’s kind of like holding up a cross to a vampire.”

What the Democrats don’t understand is that it’s the pursuit of profit that enables corporations to provide people with the goods and services they want and need, Schiff says.

"What do corporations do with profits? They reinvest the bulk of them … to provide even more jobs. Profits aren’t evil; they're virtuous. Profits are the most important part of a free market economy."

Profits are certainly important for stock market investors, many of whom are concerned that they have peaked.

“We were maybe a little bit spoiled by the profits we saw in the last 1.5 years,” Harm Bandholz, chief economist at UniCredit Group in New York, tells Bloomberg. “We may now see a normalization.”

Editor's Note: The Final Turning Predicted for America. See Proof.

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Wednesday, 12 Sep 2012 07:53 AM
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