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

Western Regional Mortgage Bankers Association meeting from November of 2006.

Peter Schiff tells over 1000 mortgage brokers they are about to be out of jobs. Watch how he completely nails the coming real estate/mortgage debacle before anyone else even realized it was coming.

http://www.europac.net

Category:

News & Politics

Tags:

• housing
• bailout
• bubble
• economic
• collapse
• dollar
• ron
• paul
• federal
• reserve
• money

[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.

[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.

[arion45]

Peter schiff was right

[100SCN]

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

[sybo59]

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

[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]

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.

[imigrantpunk]

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

[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.

[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.