Peter Schiff – Now they take notice!

Isn’t it great whe one man can stick to his guns, even when other experts laugh at him and put him down.

From Wikipedia: Peter David Schiff (born 1964) is an American economic commentator, author and licensed stock broker who currently serves as president of Euro Pacific Capital Inc., a fully accredited brokerage firm based in Darien, Connecticut.

Schiff is best known for his bearish views on the United States economy and for predicting the economic crisis of 2008. He has risen to media prominence following the publication of his book Crash Proof: How to Profit From the Coming Economic Collapse. Published in early 2007 and written over the previous two years, Crash Proof correctly predicted the subsequent collapse of the US housing bubble and the consequent financial crisis, including the failure of Fannie Mae and Freddie Mac and the obliteration of the US based financial sector.

Peter, Schiff, United States Economy

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About Peter J Ricci

Peter Ricci is the Director of Agentpoint.com.au, Business2.com.au, Ginga.com.au and ZooProperty.com and has been involved in designing and developing real estate systems and websites since 1997. In July 2001 Peter founded Business2.com.au to help real estate agents better understand the power of the Internet and the real estate landscape in Australia and New Zealand. Since then he has penned over 300 articles on a variety of subjects in the real estate technology industry. Business2.com.au is now the leading real estate technology site in Australasia.

7 Responses to Peter Schiff – Now they take notice!

  1. Greg Vincent January 29, 2009 at 1:14 pm #

    Great Post Peter…Imagine yourself in Peter

  2. Trevor January 29, 2009 at 2:42 pm #

    How do you reckon Arthur Laffler is feeling watching this today? If President Obama doesn’t try to get Peter Schiff to come and work for him, he mad!

  3. Robert Simeon January 29, 2009 at 3:33 pm #

    Loved the comment “subprime is just a tiny tiny blimp”. Just imagine if he had called the Lehman Brothers collapse. A very smart man indeed.

  4. Matt January 30, 2009 at 2:07 am #

    Play the same tune for long enough and one day you’ll be right.
    7 years ago he predicted the downturn and the market rose for 6 years. So he’s been wrong for 6 years and right for 1 year. Hey i bet one day the market will rebound. If I spruke the market will go up everyday until it goes up and then I too will become a genius.

  5. snoop January 30, 2009 at 11:16 am #

    sub prime a tiny blimp!!!
    More like the Hindenburg.

  6. Peter Ricci January 30, 2009 at 7:36 pm #

    Matt, I think he was a little more precise than that. I am going back through all records I can find and he had been saying the same thing for a number of years but I can’t see it going back to 2001.

    I think the video speaks for itself, he was laughed off on nearly every front and proved quite correct on nearly all counts.

    Its amazing the opinions people have – especially when their livelihoods depend on a certain opinion.

  7. Kieran Ricci June 6, 2009 at 1:23 am #

    This video is a favorite of mine. It’s simple for economists like Schiff to predict the future as they have a firm understanding of the Austrian theory of the business cycle.

    Trevor, unfortunately the US Government doesn’t want to know about economists who predicted the crisis. Obama’s economists have advised that they try to re-inflate the bubble which is why you see massive bailouts and government stimulus. Obviously it’s not working as about 520,000 jobs were just axed in May. Plus the whole idea that you can create wealth with a printing press is a ridiculous notion in itself.

    An interesting grassroots bill in congress right now is HR 1207 which calls for the Government Accountability Office (GAO) to do a full Audit of the Federal Reserve bank.

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