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.

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7 Comments

  • Greg Vincent
    Posted January 29, 2009 at 1:14 pm 0Likes

    Great Post Peter…Imagine yourself in Peter

  • Trevor
    Posted January 29, 2009 at 2:42 pm 0Likes

    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!

  • Robert Simeon
    Posted January 29, 2009 at 3:33 pm 0Likes

    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.

  • Matt
    Posted January 30, 2009 at 2:07 am 0Likes

    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.

  • snoop
    Posted January 30, 2009 at 11:16 am 0Likes

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

  • Peter Ricci
    Posted January 30, 2009 at 7:36 pm 0Likes

    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.

  • Kieran Ricci
    Posted June 6, 2009 at 1:23 am 0Likes

    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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