2006 Peter Schiff Was Right on Economy and Recession

[Docfeelgood]

"Video from August, 2006 and 2007. Hear Ben Stein call the subprime market a "tiny, tiny blip," and make wildly inaccurate predictions, among others. Could have titled this one "Fun With Crystal Balls."

All the free-market, screw-the-middle-class Republican blowhards routinely laughed at him as he tried to bring some reality to their petty world. Things were terrible and nothing their cheerleading could do would change any of it ... as we've seen."

http://www.liveleak.com/view?i=39f_1227647247

[Dinner]

Awesome video.

[Thue]

I think the characteristic reply was the guy who chose to just answer Peter by laughing smugly in his face.

Obviously the people "debating" Peter no longer feel they have to actually understand stuff, but think they can just repeat groupthink.

[OneFootInTheGrave]

Ehhhh... it just show that not everyone is a total idiot, but 9 out of 10 are... and due to those 90% we are where we are at now. When Wall Street is full of blind as bat apparatchiks, what else is there to expect...

this guy is brilliant, and despite of being laughed at (on prime time TV?!?) he stood his ground... rare case indeed... best part is the earliest one in Aug 2006 - when everything seemed so rosy still... and it took a while from that point for the fall to happen...

The adjustment really should have been completed after .com bust in 2000, but it did not happen on fundamental level... in UK there was some hope in 2005 for the bubble to deflate again, but a lot of cheap money pushed the bubble ever higher, until last year... ever is better than never so... sit and enjoy watching as long as you have a job...