PETER SCHIFF - 6 YEARS AGO -- "...and they will panic" - PT1

Inaugural Peter Schiff interview from May 2002 where he lays out the truth and predicts with incredible accuracy the current financial boondoggle.

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[mandatum]

Peter was never really good with timing. His global analysis was correct. But all of the predictions he made in this interview were off. His prediction that the DOW would fall to 2000 has yet to be proven true. He was also wrong about the dollar collapse and rising interest rates.

[jvittetoe]

you know the game ain't over.

[denzilla171]

I like Peter and respect his opinion, but he totally mis-called the bull market run from 2003-2007. And thus far, his prediction for interest rates to go through the roof have been just the opposite.

Perhaps he will be correct in the near future. But to those who are touting him as accurately predicting the current mess - I say clean the wax out of your ears...

[jvittetoe]

Nobody is perfect, nor can they predict the financial market with any certainty. Bottom line though, Peter has been far above the rest in calling the housing bubble and the coming credit card collapse years ago. The thing is, with our current Keynesian policies, the booms and busts are predictable and inherent. There are thousands of Austrians Economists who have been calling this for years. Economics is a hard science, just as physics and chemistry. 03-07 wasnt a bull market, it was a bubble.

[TheGreekMobsterr]

"Their feeding you propoganda" Its been SEVEN fucking years and this guy is still saying the same shit hes been saying for the last SEVEN fucking years...can you say consistent?! Ron paul for President/Peter schiff for Treasury secretary

[GOPSpinMachineInOD]

Peter Schiff is a genius

[ddstar]

@denzilla171 Interest rates are being suppressed by the Fed purchasing bonds. When they have to reset interest rates will spike.

Get a clue.

[ddstar]

@mandatum Dude. No body can predict exactly what the price is going to be. You have to give him credit for a lot of his drops.

May 2002 DOW: 10000

Low of 2002 DOW: 7500

Financial Crisis: 14,000 to 6600.

Those are some pretty big fucking drops and liquidations. The next one will be bigger. That is how the game works.

Why don't you stop being so biased and use your brain?

[bykashka75]

the water was hidden behind the vase!!!!!!!!!!!

[westy44cal]

@jvittetoe I agree. He was withing 6 months calling that housing bubble burst while everyone was still laughing at him. He also navigated away from the dot com bubble. He's also been buying gold for over a decade. Not saying he did better than a few that did buy and hold say and Apple or Amazon but as far as common sense economic goes he's been pretty close. The high interest rates are the last thing he speaks of that hasn't happened but I'm worried it could. THAT is when homes will collapse

[s0beit]

@emerson24 Uh, everyone thought that. QE was easily predictable and isn't really a wild card. More like as predictable as snow, in winter, in Russia.

[Avidcomp]

@mandatum My maths probably don't add up, however given the insane amount of money that has been printed it's worth allowing for the fact that the DOW is based on US Dollars which have devalued. So 11,000+ is meaningless if it's based on near worthless or soon to be US Dollars. We're still kicking the can down the road and I don't know how much longer this is possible.

[Avidcomp]

Even Schiff couldn't have imagined how incompetently the government would react

[elvin20ny]

We are done. We will get alot pain.

[emerson24]

@mandatum The problem with making predictions is that they never really pan out. As for the economy, who would have thought the FED would print out as much money they did to keep the dollar afloat?  Had that not happen, things would have already tanked. There are certain wild cards that just can't be predicted.

[SevereTstormFan]

@mandatum: But I would also keep in mind Peter probably didn't think the Bush administration and the Fed would stimulate the economy in the early 00s. I think Peter predicted DOW 2000 based off himself assuming no easy lending standards and no low interest rates. The DOW should have fell as far as he said if we had true free markets in my opinion.