Peter Schiff predicts crisis and is ridiculed in 2006 by FOX, CNBC hacks. (judgment, buy)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Good stuff, really good, makes you wonder how much $ make all those TV investment gurus (Ben Stein and Arthur Laffer in this case) for spewing "upbeat" BS.
And you just stumbled across this finally after 3 years?
Truth be known Schiff is every much the idiot of Stein and Laffer and pretty much everyone else on CNBC. He just got this one more right. The fact he couldn't profit from it other than writing books and doing speaking gigs speaks volumes about his true intelligence, imo.
Stein and everyone on the financial cable news shows and CNBC, they need to buy pom pom's and cheerleader outfits.
90% of the guys on tv talking about stocks, they got into stocks in the 80's and 90's when they were hot. Doesn't mean they know what they're talking about. They jumped aboard a moving train, but it doesnt mean they know what makes the train move or where the train is going.
Schiff is a good voice of reason among the idiots, but he isnt a god.
Jim Rogers has similar views. But some people see him as too China focused and commodity focused. The key is to come up with good information and draw your own conclusions.
The fact he couldn't profit from it other than writing books and doing speaking gigs speaks volumes about his true intelligence, imo.
He only got the very general theme "right", he got all the details of "it" wrong. He tried to profit on "it", but since his understanding of things was so poor he largely lost people money.
We've seen this story in other threads. For me, it proves that Ben Stein and other "experts" are totally bogus clowns. Stein sat their on this video (or another one?) and repeatedly said "sub-prime is a blip, don't worry about it" and/or other words to that effect. Some other massive idiot from Fox (what else is new) actually laughed and scoffed at Schiff while ON-CAMERA! Never have I seen such disrespect shown to someone on-air. Schiff did not deserve such ridicule and it only shows the total lameness of Fox.
__________________
- Please follow our TOS.
- Any Questions about City-Data? See the FAQ list.
- Want some detailed instructions on using the site? See The Guide for plain english explanation.
- Realtors are welcome here but do see our Realtor Advice to avoid infractions.
- Thank you and enjoy City-Data.
People can get things right and wrong all the time, say enough stuff and eventually you will get one thing right. No one is right 100% of the time. Always trust ones own judgment.
On the other hand, many people were saying it at this point. I pulled my money out of housing related funds about halfway through 2006 as well because it was obvious to me things were not right. The problem is people who just wanted to "spend spend spend" scoffed at it because then they couldn't do it anymore, and actually live in their means!
So what excuse does Laffer, and Stein and the others give for being so wrong on this issue? I mean they were really wrong! Do they just shrug there shoulders and say oops or do they pull a full politician of how they were left out of the loop, I was unaware, I don't recall, blah blah blah...
Seriously this is like a weatherman saying that the weekend will be sunny and dry, then your hit with a cat.1 hurricane.
Ben Stien cried when Nixon resigned,there are pictures of him in the audience,maybe even on youtube.Imagine that,Nixon,James Buchanan,Aaron Burr and W. are my fab four of american political scummers.Buehler,Buehler.....
CNBC and the US media are pump and dump shills for a ponzi-scheme false economy and when the next stage collapse happens, we will get to see Cramer screaming on Youtube again.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
