Below is a set of clips of Peter Schiff predictions from 2006 and 2007 on FOX News (with his views being ridiculed). The juxtaposition of Wall Street promoters' delusional optimism and Peter's dire warnings is priceless.
My reaction:
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- *****What I have been afraid to blog about: THE ESF AND ITS HISTORY (Part 1-5)*****
- *****FRAUD: Federal Reserve Is Selling Put Options On Treasury Bonds To Drive Down Yields*****
- *****Government (not Wall Street) Financial Innovation Caused 2008 Financial Crisis*****
- *****WHY DEFICITS STOPPED MATTERING*****
- *******Gold Manipulation OFFICIALLY CONFIRMED*******
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Isn't this bone chilling. The way the idiots are laughing, I mean, how stupid, how blind can you be? Schiff is talking about numbers, correlating to previous bubbles, explaining the very basic, simplest stones of economy; and the morons are laughing, shaking their heads... it's like that movie of Jim Carrey "I don't know where you get your sssttastictics from"... bone chilling. and these morons are advisers, coaches, leaders of companies, policy deciders... no wonder everybody is stupified; look at the "best of the bunch" here... oxymorons! All we need is a couple of more Peter Schiffs, apparently...
It is bone chilling, but I have an idea of what Peter Schiffs must have felt like. In October of last year, as I was reading about bond insurers and rating agencies, I got very worried and started emailing my family/friends saying things like: "I would sell everything", "this is not a good time to buy ANY stocks", and "I think we heading for a second great depression". Initially some of them thought I was high on something. lol
What "really grinds my gears" is that Paulson today still downplayingly says "this is a financial crisis that hits once or twice in a century". himm, gee, we must have had a stock exchange and a full blown financial system for about 600 years for the head financial guru to proclaim statistical occurrence analysis of a financial melt down. hey Paulson, dude, wake up and smell the anger in the air. they are still acting like imbeciles. I feel like he is almost tempted to say "There is nothing wrong with the economy, it's the crisis' fault, it hit us when we least expected it. We shall wait until it moves on, then we shall pick up from where we left"