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Peter Schiff to Democrats: Let's ban, limit corporate profits

Peter Schiff, CEO of Euro Pacific Capital and bestselling author, went undercover this week at the Democratic National Convention. There he promoted the idea of banning or limiting corporate profit and many people he spoke with agreed with the measure.

Peter Schiff
Peter Schiff/Reason/YouTube

Over the past year, Occupy Wall Street marched around the globe protesting against corporations and the one percent. The general sentiment was that corporations should pay their fair share, pay workers more money and stop making so much money.

A member of the one percent, Peter Schiff, an investment guru who has railed against big government, corporatism and bailing out banks, spoke with the 99 percent and promoted the ideas of free markets and capitalism. His stunt made the news and generated a lot of discussion between himself and the protesters.

This time, Schiff, a former Republican senate candidate in the state of Connecticut, traveled to the Democratic National Convention in Charlotte, North Carolina and went undercover. His disguise was an “anti-business crusader” and a person wanting to ban or place a cap on corporate profits. As he iterated this stance, he wanted to see how many people supported this move, which was actually quite a few.

The video titled "Democrats: Let's Ban Profits!" starts off with Schiff attempting to speak with Anthony Van Jones, but he claimed he didn’t have any time to speak with the bestselling author of “Crash Proof” and “The Real Crash.” It continued onto Schiff standing inside the DNC where he noted that there weren’t a lot of people, “maybe they’re all out looking for work. Actually, wait a minute, this is the Democratic Convention, they don’t want to work.”

Some of the responses that Schiff received were quite receptive to the idea of having a federal law that bans corporate profits. Many claimed a corporation making a lot of profit is quite “unfair” and the United States should actually mandate “corporate losses,” which would force companies to lose money.

He went onto speak to another presumptive Democratic voter and Schiff said he wants to ban corporate profits so workers can have higher wages and consumers can get lower prices. The gentleman responded, “That is obviously something I would be in favor of.”

Later, speaking with a voter covered in American flag apparel, she said profits that corporations have keep getting “bigger and bigger.” Schiff interjected and said corporations “squeeze the people, exploit their customers, they gauge them with high prices.” The lady concurred.

Next up was a labour union worker, who said corporations cannot fire people to make bigger profits and the practice should be federally regulated.

Near the end of the video, Schiff spoke to a lady who said she couldn’t make a decision because she would have to learn more about it. This prompted Schiff to ask, “What if Obama wanted to do it? Would you support him?”

“I will support anything my president wants to do,” responded the lady.

The entire video continues with person after person saying there needs to be a limit or a complete ban on profit. It is unclear as to how many people Schiff interviewed and how many people disagreed with the proposal.

We Are Change caught up with Schiff during the Republican National Convention. He was asked if he was indeed endorsing the GOP presidential candidate Mitt Romney. Schiff confirmed his support for the former Massachusetts governor, but noted that he originally supported Texas Congressman Ron Paul and would have voted for him if he was the party’s nominee.

In 2008, Schiff served as Dr. Paul’s economic adviser. He now hosts The Peter Schiff Show weekdays from 10 a.m. to noon EST on the Radio America network Internet broadcast. Stefan Molyneux and Thomas Woods are occasional guest hosts.


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