How could these guys be so wrong? Maybe Obama needs to be looking at Schiff.
Support the Blog — Buy This Book!
For Kindle and with free ePub version. Only $9.49 Great reading.
Here is what Gary Shapiro CEO of the Consumer Electronics Association (CEA) said: Dvorak's writing sings with insight and clarity. Whether or not you agree with John's views, he will get you thinking and is never boring. These essays are worth the read!
Put this ad on your blog!
Syndicate
Subscribe to Main Blog feed here:
Subscribe to Comments too (below):
Junk Email Filter
#27, What experience does he bring to the table other than bailing out companies in trouble due to some of his policy actions?
Here is Ben Stein begging for the government to bail him out of his underwater stock positions:
http://finance.yahoo.com/expert/article/yourlife/122582
It’s simple. People don’t buy stocks or portfolios from people saying the Market is going to crash.
If you watch the nay sayers, they all seem drunk on the ever upward growing Market.
I’ll save my coal for the bad kids, not these assholes.
“How could these guys be so wrong?” Well, John, the first clue would be the Fox News logo in the lower left corner. This is akin to saying “How could Rush Limbaugh be so wrong?” Fox invited Schiff on so that they could make fun of him and gang up on him not for unbiased news reporting. Shame on you John, you’re a smart guy, you should know that!
Ben $tein knows what he’s doing… he’s trying to enrich himself and his friends by preying on ignorance. Here we saw him pushing shitty stocks… and then you’ve got his movie, Expelled, which preys on the ignorance of the Christian right.
Good video, McCullough.
This guy is on a lot nowadays. His predictions for what is about to happen is worse than ever. He a a perpetual bear and gold bug. Anyone can get lucky with these predictions. He failed to predict the collapse of oil and still sees it heading to 200.
#6
you must be one of them ‘real americans’
“… bet against the US…”
you are even dumber than the people in the clip ridiculing Peter Schiff. you already know he is right and still you ridicule him by making him look like he’s anti-american for buying gold.
# 36 John C Dvorak said, “He failed to predict the collapse of oil and still sees it heading to 200.”
Well, if we keep printing $ at the current rate that will happen…
Please note that the people who are laughably wrong throughout the Fox segments of that video were the right-wing “common sense” analysts that constitutes most of Fox News’s stable.
Does the right wing ever get tired of being wrong about the economy? Ever?
Check out Ben Stein apologizing to Schiff in the New York Times:
“Next, here’s a lesson I learned in a 12-step program and should have learned better: avoid contempt prior to investigation. When the financial stock meltdown started, I was on a television show with Peter Schiff of Euro Pacific Capital, who warned that Merrill Lynch could be in very bad shape. I glibly said that I thought that its problems were limited and that the stock was a buy. Mr. Schiff was completely right and I was wrong. I had no idea that Mother Merrill, where I have been a happy stockholder for years, had been turned into a such a wild house of high-stakes gambling. I apologize to Mr. Schiff for my dismissal of his views, which turned out to be far superior to mine in this area. (I could do without his acolytes sending me endless hate mail, though.)”
They weren’t wrong they were lying through their teeth and being pissed at Schiffer for spoiling the game. For every winner on wall street there are 100 losers. They have to pull in the suckers any way they can. There are realtors all over the country right now saying the worst is over and prices are going up. They are lying, just like everybody else you know, whether they are a banker or politician or not.
His long term outlook is that next crisis will be a run on the US dollar followed by complete collapse of the US economy (he calls it a phony economy).
The result will be long years of job losses, companies going under, and slow restructuring of the economy towards manufacturing and saving. He thinks commodity prices have fallen because everyone is selling everything they have to pay off margin debt. After that they will rise again.
Enjoy.
He thinks commodity prices have fallen because everyone is selling everything they have to pay off margin debt. After that they will rise again.
He’s not the only one. I know a few gold bugs and that is exactly what they are doing — keeping the cash flowing while the dollar is high.
As soon as that starts dropping . . .
#43 I also think the US dollar is rising due to the bailout borrowing. You can’t be converting foreign borrowed billions into US dollars everyday without pushing the ceiling.
I heard many of these financial pundits say subprime problems were isolated, a tiny portion of the market. Then they said the Alt-A mortages were experiencing a hiccup, nothing to worry about. Then some said there was no housing bubble. Then they said the mortage crisis was just froth in the market, no problem. Then they said there was a problem, but it is isolated to housing and won’t infect the rest of the economy. As late as this past spring, many were still denying the US economy was in a recession.
In a perfect world, they could not appear on TV without the streaming ticker at the bottom of the screen proclaiming how many calls they got right or wrong, and if wrong, how badly they got it wrong.
What is odd is that the others are overtly making fun of him. They are not even being civil. I have not seen that from professionals in such a public manor
I have thought about this a lot and, mark my words like Schiff, I believe the economy is going to recover. Check back with me every 3 years.
RBG
Peter Schiff is a crackpot just like his jailed felon dad Irwin Schiff – a long time Federal Income Tax denier
http://www.paynoincometax.com/
Peter Schiff is just the flavor of the week for the libertarians that think the world is better without any regulations.
Laffer must really feel silly. If the Repubs want to regain some respect they need to elevate Ron Paul to be their lynchpin… not Palin.
If Schiff is right, St. Obama will need to take responsibility for the economy and be dropped just as McCain was on behalf of the past Republican presidential watch.
RBG
Okay so the guy is most likely dead right.
People still aren’t going to listen to him.
Bush didn’t, Congress didn’t/isn’t and Obama isn’t.
Of course there isn’t much reason to think any of these people saw the problem coming much less have a clue about how to fix it.
that clip is awesome
Ben Stein is a mental midget who has been masquerading as a real human being for years when he’s nothing but a programed robot for the Republican party. Whatever he says, do the opposite. This idiot needs to drop into obscurity. What more proof do you need?
John said:
“This guy is on a lot nowadays. His predictions for what is about to happen is worse than ever. He a a perpetual bear and gold bug. Anyone can get lucky with these predictions. He failed to predict the collapse of oil and still sees it heading to 200.”
I say: Wise up, John. This guy is a lot smarter than you with a MUCH better track record. Shouldn’t you LISTEN for a change instead of yaping about your “feelings”?
Have YOUR predictions been better, or even close to being right? No, they haven’t.
Your track record is horrible – or is it just “bad luck”? HAR!
We’re seeing a confidence crisis. Once these sort of crises start they can only be stopped by people accepting that not everyone is lying to them all of the time.
The government is trying to give the banks confidence again to lend, but the banks screwed things up so badly that the government may end up having to underwrite all major banking and investment — not a pleasant prospect for any future government spending.
Effectively they are pushing the ‘confidence’ into government bonds. So the markets and credit issuers have to at some point accept that the government will cover the bonds and start lending money again.
People keep forgetting that all of the credit and investment markets are completely built on individual trust. Once you lose it, you have to fully rebuild it step by step. It’s not a two day process, and I expect us to be dealing with this for at least a year until most of the bankruptcies are dealt with.
#37
jeroen
I think you missed my point. He was right and that was the time to bet against the U.S. hindsight has proven this. When we are so off base the markets don’t deserve investors money just gamblers money.
For some ODD reason,
there is a MENTALITY out there that SAYS…
“AS LONG AS I BELIEVE ITS TRUE, SMALL, and EVERYONE ELSE believes it…I CAN BLOW THIS BALLOON UP and it will NEVER POP..”
A group DYNAMIC that has a BIG flaw in it..
I will say it this way…
MONEY at the TOP, has to GET to the bottom, and WORK its way to the top.
Think of the REVERSE of an hour glass..
NOW, this does something interesting…
IF things are working WELL, at the top. the MONEY keeps going ROUND AND ROUND..PERFECT.
When you have to DECIDE WHICH offer/product/goods/FOOD/FUEL you want..this SHOWS favoritism towards the BETTER product/company/car/homes/…
IF something ISNT selling, you drop the prices until they DO..Early adopters, GET the BEST first/and the WORST first and BECOME the BETA testers for CRAP.
Those BEHIND them, decide on the PROBLEMS of those that BOUGHT FIRST..
THEn come the LATE purchasers, that had to MAKE/SAVE money to GET the product, who get to SEE all the problems and BUy the BEST products WHEN the prices START to fall..
On, and ON and ON..
WHAt happens if the CORP isnt SPENDING its money and getting it TO THE BOTTOM..
It MAKES a BUBBLE on the TOP. it CLOSES the NUMBEr of purchasers.. If the PRICE dont drop enough, you WONT get the LATER purchasers, If you DONT FIX your errors with the FIRST PURCHASERS…Later WONT BUY IT..
If you AIm your products at the RICH…Its a CLOSED market..
I wonder WHY many of those CLOTHING markets have 3 layers of STORES..
RICH
MIDDLE CLASS
POOR..
what dont sell at the TOP,
Sells in the MIDDLE, and IF not in the MIDDLE,
You SELL at the BOTTOM..
What does this SAY about the COST and RESALE price of GOODS..
WHO remembers HOW most of the OLD rich GUYS GOT RICH?? THEY didnt PAY FULL RETAIL..and they TAUGHT their KIDS the same.
Im NOT paying $1 for a handkerchief, IF’I can find a LINEN wHOLE SELLER that will sell me a GROSS at $12-20..ANd yes they have them, look up RESTAURANT SUPPLY..Look for those Table Napkins…ALLOT better then those $1 EACH ones..
When Products CHANGE OVER FAST..Like video cards.. PRICES have to DROP fast to sell the OLDEr stock. 1-1.5 years and you get a REASONABLE priced card.. ALSO, KNOW the TECH..
There are features THAT SHOULD be on the cards, that is OLD tech, that ISNT. If they AINT doing the JOB, WAIT…FORCE them to MAKE a change..
# 48 So what? Guilt by association much? Why else would you bring up his father?
#53 Agree. Ben Stein is just another Republican shill with the typical idiotic bluster.
Here is his Stein’s view on Obama’s “100% wrong” economic plans. Naturally, the guy is goof.
http://www.conservativepunk.com/articles/153/
These GOP loons are mentally bankrupt, have no good ideas and are pathetically partisan. They must DIE
#31 – LL
>>What experience does he bring to the table
>>other than bailing out companies in trouble
>>due to some of his policy actions?
Both Geithner and Summers (picked to head the National Economic Council) were key players during the Clinton administration (you know, back when the economy was in good shape, the budget was balanced, and we were beginning to pay of US debt???). They showed that they knew how to deal with crises, including the Mexican peso devaluation, the Asian financial meltdown, the Russian bond default and the Long Term Capital Management hedge fund debacle.
Much as the naysayers and the anti-Obama one-trick-ponies would love it to be untrue, Obama gives every indication of getting off to a strong start, of surrounding himself with capable and intelligent advisors (regardless of political ideology), and of being able to reign in the monsters that 8 years of imbecilic “governance” have released.
Go Obama! ¡Si se puede!