Peter Schiff 10-1-08 Part 1 of 6

Peter Schiff 10-1-08

Category:

News & Politics

Tags:

• commentary
• analysis

[gnubieorg]

Schiff has been one of the most clear and consistent messengers about our economic crisis. Its unfortunate that so few people bother to take his warnings to heart.

[jillduncan2008]

Of course, do we listen to the people who predicted this? No we let the people who created the problem "fix it".

[elieb001]

His conditions for hyperinflation were bunk to begin with; the fact that he'd even think the U.S. would be unable to raise any capital if need be, by selling bonds, shows exactly how daft he is in the first place. It's fringe lunatic garbage.

Also, he has claimed for nearly 2 years now that the dollar would lose 50% of its value; WRONG. He claimed bond rates would skyrocket back to early 80's levels (low teens). He has been WRONG. He claimed for years that gold prices would skyrocket; WRONG.

[elieb001]

People have been talking about the decline of the housing market since 2004. I can link you to several economists saying it was due for collapse in 06 (e.g. Krugman).

What matters here is what Schiff SPECIFICALLY predicted; no mention of CDS, CDO, or other exotic financial instruments that led to the collapse; instead, he spouted off factually incorrect Austrian-based ideas about inflation, why profits weren't "real", why the savings rate is negative (without understanding what it is), etc.

[fluff125]

He got it right perfectly. To the letter. He didn't just say "oh the economy is going to go down" and finally he was right. He made specific predictions. The housing market. The credit market. Even Freddie and Fannie.

He has not yet gotten Hyperinflation right because the conditions have not been met. He said hyperinflation would come once the foreigners stopped buying US bonds. Since foreigners are still foolishly buying our bonds, hyperinflation hasn't come.

[fluff125]

Everything he has said has happened

[rosewood223]

i love peter and his conspiracy theories.

[thugminican]

also, CNBC's and that other Bitch Ali Belshi are the most un-informed incompetents I have ever seen OR they are reading programmed scripts and responses. Basically CNBC money shows are state sponsored TV. I can't even watch that channel without getting upset

[thugminican]

Robert T Kiyosaki has been saying the exact same thing but his books came out in 1998 starting with

Rich Dad Poor Dad &

The Greatest Stock Market Crash Coming.

These books agressively attacked unsound financial intelligence which leads to these bust & Booms as well as wack Fed Policy.

[elieb001]

That second to last sentence should read: "He has been talking about a recession for 6 years and finally got it right".

[elieb001]

That's probably because he's been wrong on the dollar falling, the price of gold, bond interest rates and, well, just about everything. He has been talking about a recession for 6 years and finally got it wrong. Except he got it right for the wrong reasons.

[patriotsundergod]

Buy precious metals, and lead!