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2007 article..Schiff talks about housing bubble and US economy.
He was spot on then when everyone else said it was "localized".
By everyone do you mean media shills? Anybody that was not drinking kool-aid knew there was going to be a recession and that housing would collapse in the bubble markets. The real economists tend not to go on Fox news in a panel with real estate shills, ya know?
He stated a few general things that were true, but they were rather obviously true. He got almost every detail wrong. If someone followed his investment advice they would've lost a lot of money. The guy was not even sophisticated enough to know how to actually profit from the collapse in housing (I don't think to this day, he has a real understanding of the underlying securities).
Schiff is a one trick pony. He always has been.
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Originally Posted by HappyTexan
In 2006 it was Roubini giving the warning. In 2007 it was Schiff giving the warning.
Big different between the two. Roubini was actually right about many of the details, Schiff was wrong on the vast majority of the details. From an investment point of view those that listened to Roubini would've made out good, those that listened to Schiff would've lost a lot.
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Originally Posted by HappyTexan
So, user_id, think what you want about Schiff.
Yep, I will. He is an idiot that appears to not even have a basic understanding of economics. That is why he got so much wrong. A coin flip would've done you better. Schiff advice was not to "get out of the market" by the way. He does not profit from that!
I will say I listened to both Roubini and Schiff and got out of the market in 2007.
My 401K was preserved, unlike many who listened to the big heads talking about "buy low, and hold".
So, user_id, think what you want about Schiff.
I agree with Happy Texan. Schiff is spot on and he made a lot of people look stupid. There are plenty of Youtube videos that prove this. I listened to him back in 07 as well and agreed with what he was saying.
A lot of people are jealous and try to find anything they can wrong with the guy. Very few people called the housing market bust like he did. He stuck to his guns even though everyone disagreed with him.
If you watch that video I posted and think anything he is saying is wrong, then I feel sorry for you. He is 100% spot on.
I agree with Happy Texan. Schiff is spot on and he made a lot of people look stupid.
A monkey can make real estate shills on Fox news look stupid. Schiff was not spot on...I really don't understand how anybody can say this. Other than two obvious predictions (The recession, the collapse of the housing bubble), what else was he right about? Nothing at all. He got every single detail wrong! The guy was so stupid he did not even know how to actually make money off the collapse of the housing bubble, rather he just stuck with his ideology ("The US sucks").
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Originally Posted by ufcrules1
A lot of people are jealous and try to find anything they can wrong with the guy.
Jealous of what? The people that were suckered by him lost a lot of money. His investment advice would've lost you around 50% in 2-3 years.
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Originally Posted by ufcrules1
Very few people called the housing market bust like he did. He stuck to his guns even though everyone disagreed with him.
Ugh. Most economists were worried about the housing bubble before Schiff was babbling. But, they just were not on Fox news. So I guess they don't exist.
Its rather amazing how people only notice the guy who yells the most.
Quote:
Originally Posted by ufcrules1
....he is saying is wrong, then I feel sorry for you. He is 100% spot on.
Why? By not listening to his gibberish I have made gains while his clients have lost most of their money.
Anybody that was not drinking kool-aid knew there was going to be a recession and that housing would collapse in the bubble markets. The real economists tend not to go on Fox news in a panel with real estate shills, ya know?
Anyone that wasn't drinking the kool-aid huh? Most people were drinking the Kool-aid. Everyone around me was during the housing boom. I had friends, family, co-workers, etc. all telling me I was crazy not to buy. Not one of them saw my point of view. Not one of them thought we were in a bubble. Why is our economy on the verge of a depression right now? I think I know the answer to that.. the MAJORITY were drinking the kool-aid and buying homes they could not afford.
Quote:
Originally Posted by user_id
The guy was not even sophisticated enough to know how to actually profit from the collapse in housing (I don't think to this day, he has a real understanding of the underlying securities).
I have a feeling you are wrong about that. I'm sure he did profit off the housing bust as vocal as he was about it. Although neither of us really know for sure.
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Originally Posted by user_id
He stated a few general things that were true, but they were rather obviously true.
I completely disagree. They were not obviously true, go back and look at the videos, everyone disagreed with him and even laughed at him etc. Was it obvious he was right to you and I? Yes. But believe me, we were the minority.
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Originally Posted by user_id
If someone followed his investment advice they would've lost a lot of money.
Who didn't lose a lot of money? Warren Buffet even lost a lot of money. The man who is supposed to be a genius when it comes to the stock market remember? I took Schiff's advice that the housing market was going to bust and the stock market was going to tank. I saved a ton of money. Meanwhile people like Buffet and many other investment guru's were saying to buy buy buy! Financials are a solid investment, oil is a solid investment, etc. etc.
Quote:
Originally Posted by user_id
Yep, I will. He is an idiot that appears to not even have a basic understanding of economics.
I respectfully disagree with you on that. Its clear to me that he understands economics very well.
Other than two obvious predictions (The recession, the collapse of the housing bubble)
Listen to what you just said. The recession and the collapse of housing. Those are 2 HUGE things. HUGE.
Quote:
Originally Posted by user_id
Ugh. Most economists were worried about the housing bubble before Schiff was babbling. But, they just were not on Fox news. So I guess they don't exist.
Why do you keep brining up fox news? Do you have a hard on for fox news or something? Please, leave all political crap out of this thread. There were plenty of Republicans & Democrats, economists, EXPERTS in WHATERVER that disagreed with him. It wouldn't matter if he was on CNN, ABC, CBS, or FOX.
Quote:
Originally Posted by user_id
Its rather amazing how people only notice the guy who yells the most.
Actually he was not yelling at all. People were yelling at him, he calmly tried to get his point across while people laughed and scoffed at him. Now when you look back they ALL look stupid.
Quote:
Originally Posted by user_id
Why? By not listening to his gibberish I have made
gains while his clients have lost most of their money.
Wow.. you made gains while 90% of everyone else lost money. I'm impressed. Maybe you can give me some good stock picks? How much do you charge?
Here you go..Peter Schiff in 2006.
Why our own government didn't own up to "recession" until it was too obvious not to.
And everyone claims "they never saw it coming" now.
Obvious to who user_id ? Not to the masses.
When I got out of stocks in 2007 and went ultra conservative in my 401K most of my peers at work laughed at me and said I was going overboard with the fear. Only one other person did the same as me after he asked me why and I pointed him to Roubini and Schiff. Fast forward to summer of 2008 and those peers that laughed at me had lost upwards of 40% of their 401k's..some even more.
Listen to what you just said. The recession and the collapse of housing. Those are 2 HUGE things. HUGE.
They were both pretty obvious and were being discussed by real economists before Schiff. Despite predicting the collapse of housing Schiff was still too stupid to actually profit from it. He did not understand it, still does not.
Seriously, you think he was 100% correct. Where's the money? Why did his clients lose so much?
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Originally Posted by ufcrules1
Why do you keep brining up fox news? Do you have a hard on for fox news or something? Please, leave all political crap out of this thread.
My mention of fox news has nothing to do with politics, that is where the monkey man made most of his appearances.
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Originally Posted by ufcrules1
Actually he was not yelling at all. People were yelling at him, he calmly tried to get his point across while people laughed and scoffed at him. Now when you look back they ALL look stupid.
He gets hot and bothered all the time. But more importantly he is a face on TV that the masses can understand (They can understand it because its such low-brow drivel). The real economists on the other hand speak in terms that the masses don't understand, by and large they are not on TV.
And just who did Schiff make look stupid? Real estate shills. Gee, that's hard. Its like a guy claiming to be tough after he beat-up a kid with down's syndrome.
Quote:
Originally Posted by ufcrules1
Anyone that wasn't drinking the kool-aid huh? Most people were drinking the Kool-aid. Everyone around me was during the housing boom. I had friends, family, co-workers, etc. all telling me I was crazy not to buy.
I'm talking about economics here, not what the uninformed masses think.
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Originally Posted by ufcrules1
I have a feeling you are wrong about that. I'm sure he did profit off the housing bust as vocal as he was about it.
Okay, so he profited from it but did not 1.) Tell anybody about how he did it, 2.) Suggested a different strategy to his clients and lost them money.
Yeah, that sure sounds believable. How people actually profitted from the collapse in housing Schiff never mentioned once. For good reason, it involved sophisticated plays on exotic securites that he knew nothing about.
Quote:
Originally Posted by ufcrules1
I completely disagree. They were not obviously true, go back and look at the videos, everyone disagreed with him and even laughed at him etc.
Here we go again. Just who is "everyone"...oh yeah. Real estate shills he was put on panels with.
Quote:
Originally Posted by ufcrules1
Who didn't lose a lot of money? Warren Buffet even lost a lot of money. The man who is supposed to be a genius when it comes to the stock market remember?
This anti-government stuff gets old. A recession has a particular definition, they only call it when the definition is satisfied, not when its likely to be satisfied in the future. That would be speculation.
Quote:
Originally Posted by HappyTexan
When I got out of stocks in 2007 and went ultra conservative in my 401K most of my peers at work laughed at me...
Schiff did not recommend you simply get out of the market. In fact he argued by doing so you'll get killed by "hyperinflation". He needed to buy his poison to do well! Is that not how all sales people operate?
If you had followed Schiffs advice you would've lost around 40~70% of your investment. What you did was more along the lines of Roubini, a man that actually got a number of the details right.
I don't know what user_id is smoking but a LOT of people were in denial there was even a recession, then there were people who denied that the recession would last long, and then there were a TON of reporters who said everything was okay until the everything tanked... I even had tons of people at work and friends who said everything was great up to the point that they lost 50% of their savings... even when things were getting worse, they said it would get better... I don't think they realize that a decade of savings were wiped out.... its like saying lets start over except you are STILL a decade older... people don't get it, they think they live forever.... they don't get it then and they certainly still have not gotten it now...
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