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Peter Schiff was wrong about everything for a long time

Posted May 11th 2009 5:20PM by Zac Bissonnette (RSS feed)
Filed under: Forecasts

Peter Schiff has gained a tremendous amount of good publicity for his prescient predictions of a crash in housing and the stock market. This YouTube video featuring clips of Schiff bashing the real estate and stock markets on various news shows in 2006 and 2007 has garnered 1.3 million views.

The video below has only received a little over 11,000 views, but it provides important context for the other videos. He predicted that the NASDAQ would fall to 500 and predicted and predicted that the Dow Jones Industrial Average would fall to "between 2,000 and 4,000, but it might go below 2,000."

Continue reading Peter Schiff was wrong about everything for a long time

Amazing video of Peter Schiff precisely calling the market

Posted Mar 4th 2009 5:00PM by Sheldon Liber (RSS feed)
Filed under: International markets, Forecasts, Other issues, Bad news, Management, Rants and raves, Market matters, Economic data, Videos, Recession, Financial Crisis

There are times when I have been behind the times but not like the investment gurus that laughed at Peter Schiff over the past few years as he called it like he saw it, and he happened to be spot on with his facts and his conclusions. For those that follow the blabbing of Arthur Laffer -- he in particular never looked more laughable than he does in this compilation video of his business show appearances, that has been floating around the web for a while.

Continue reading Amazing video of Peter Schiff precisely calling the market

Peter Schiff says consumers need to spend less not more

Posted Jan 20th 2009 4:45PM by Zac Bissonnette (RSS feed)
Filed under: Politics

The economist Peter Schiff -- who was blasted by pretty much everyone when he was correctly predicting an end to the housing bubble -- is now banging the drum on why TARP and economic stimulus measures offer a solution worse than the disease.

Schiff contends that the problem is that consumers have spent too much and that while a stimulus plan can increase consumption temporarily it cannot drive economic growth in a longer-term way. Similarly, plans aimed at creating jobs are not economically sound. Schiff blasts the idea of investing in infrastructure on the grounds that we don't have the money right now to make highways prettier. According to Schiff, "The government is interfering with a more efficient allocation of all our resources."

That's all pretty controversial, but hard to argue with in any logical way. One point Schiff makes that I think few people would dispute: There are far too many people with jobs in the financial markets.

Watch the interview below.

They laughed at Peter Schiff ... but he was right!

Posted Dec 9th 2008 1:00PM by Zac Bissonnette (RSS feed)
Filed under: Housing

Throughout 2006 and 2007, economist Peter Schiff went on every show that would have him on to warn the world about the real estate bubble, lax lending standards and artificially low interest rates.

And everyone argued with him: Ben Stein, Art Laffer and others called the subprime problem a "tiny problem" and said that it was a tremendous opportunity in the financials. Watch a "Peter Schiff's Greatest Hits" compilation below.

Symbol Lookup
IndexesChangePrice
DJIA+30.6910,464.40
NASDAQ+6.872,176.05
S&P 500+4.981,110.63

Last updated: November 27, 2009: 08:30 AM

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