Peter Schiff 11/13/06 - WRMBA meeting [Part 8]

[arion45]

Peter schiff was right

[100SCN]

It's mind blowing to have watched this in 2011.

[jmwargo]

I wonder of Schiff ever took Assmus (extras "s" on purpose) up on his offer to come back in a few years and see who was right. I'm guessing ASSmus wouldn't have the balls to show up and face the same very people who now know what a fool he is. Schiff's prognostication is eerie for is accuracy. He is obviously a brilliant man for standing up and making such bold predictions to an audience of realtors.

[sybo59]

@jmwargo That was really clever what you did with that name there.

[Strzempek83]

buahaha! Who is this Dr. Idiot?? All those thieves wining and dining at Mirage and shit. Makes me sick!!

[gizmo2084]

Barry Asmus reminds me of used car salesman.

[ronaldvanbell]

how this guys ridiculed peter, calling his business "earo pacific somthing". disgusting

[Panpiper]

Barry Asmus, the name of the guy who said it would take an atomic bomb. I wonder if he is even aware of how much egg is on his face now that the bomb has dropped, with every bit as much calamity as Peter Schiff predicted?

[eteezie]

Schiff has balls the size of coconuts. I just wish I had known of him before I bought my fucking townhome. I'm an idiot.

[imigrantpunk]

if the price is lower than your mortgage just stop paying. they will either foreclose your townhouse (which will give you about a year of free rent) or renegotiate the loan slashing it significantly. if you can get some money out of it you should sell it - we have not bottomed yet. the housing value (might be not in nominal terms) will fall much more in the next two years.

[eteezie]

Agreed. At this point, I am not TOO far upside down. Not at the point that I am ready to bail out. For now, myself and my wife are employed and making the payment is no problem. However, if I had to do it over again, I would be a happy renter sitting back and watching this mess unfold.

[TheGurusGuru]

I wonder if Barry Asmus is apologetic to all the people who took him at his word. what an idiot. It all goes to show that a rational man of experience is worth a hundred deluded academics.

[delatroy]

Doesn't speak like an academic, he's just a tit.. Taleb & Roubini are academics and both correctly predicted this.

[sonic4duck7]

If internet still exists and is affordable to the masses in 50 years, this video series will be watched by economics classes as proof that Austrian theory is correct. This is priceless. Schiff had real cojones to stand firm in the face of laughter.

[Piscivorus]

Most of the people in that audience knew that Schiff was right. And when the lecture finally ended they leaped out of their seats and raced out the doors as if there had been a bomb scare. In fact this very lecture may have been the pin that burst the housing bubble.

[prac2]

i think they were running to lunch

[imigrantpunk]

i think they remained delusional for the most part. its hard to see the facts through all the greens they been making :)

[wolfboy747]

I would love to see Peter get the chance to talk with each of these guys like Barry "Ass"mus and see what they have to say now. In my eyes Peter's credibility has shot through the roof and and shit for brains economists like Assmus and Laffer just had their over inflated credibility bubble burst.

[Jaycephus01]

Great series of videos, thanks to Mr. Peter Schiff.

I wonder if any of the guys in the crowd who laughed at Peter ever watch this now.

Do homeless shelters have internet?

[jsffive]

Peter Schiff was standing in a room full of mortgage lenders, telling them that the housing industry was getting ready to bust, and Barry Asmus was standing in the same room, telling them that everything was OK, and he has the nerve to accuse Mr. Schiff of "selling to the book"?

I think it's pretty obvious that Mr. Asmus was "selling to the crowd", and doing them a great disservice, by selling those folks a rosy picture.

How many of those folks are now out of business, because of his bullshit?

[delatroy]

Well said. He's arguments were weak, drawn out and confrontational/defensive. At the same time, back then it was probably very hard for them to believe Peter as all they saw were prices going higher.

[tecmason]

non-peter got OWND

[LohGr0r0r]

I facepalmed at the atom bomb comment.

[insightpx]

It's almost sad watching these "economists" who were soooo wrong. I'd like to watch a show where Peter gets to meet all the pundits who have laughed at him over the last few years.

Sadly I'm sure most of them don't remember how wrong they were and would no doubt still be disagreeing with Mr. Schiff's economics.

[Sinisterene]

They would rather keep sucking their own dicks (and staring at their own navels at that) than admit that they were wrong and Schiff was right