How could these guys be so wrong? Maybe Obama needs to be looking at Schiff.
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#58 Yes. He learned his economic philosophy from his father and helped write some of his books.
It seems he missed that “gold at $1000 an ounce” prediction.
Just because he was right on the cause in 2006 doesn’t mean he knows the solution. Have you read what his solutions are for the current economic crisis? He wants less regulation. Less regulation is what got us here.
#53, Malcolm,
With all due respect, this is how Stein makes a living. If he wasn’t a public figure then he would be just another jerk that once held a very junior position in Nixon’s White House. With the notoriety comes name recognition and people will listen to someone they have heard of, right or wrong, before they listen to an unknown.
This is a very good example of a general rule===every idiot has an opinion, the important thing is “WHY” they hold the opinion they do.
To that end, Mr Schiff’s analysis also appears pretty close to what happened. As with all things, the crash was not that hard to predict if you have no axe to grind and look at the right factors.
THIS CRASH was almost designed on purpose. Take away the controls put in place to prevent the 1029 crash and its no surprise you get the 2008 crash==all mostly for the same reasons notwithstanding today we have computers.
And, let me be the first to predict ((AND to give the REASONS))–the next crash will be right after the second Republican Presidents term–ie the first fraudster will weaken the protections put in place and the second one will throw them away. We can all be surprised again.
This is a very good example of a general rule===every idiot has an opinion, the important thing is “WHY” they hold the opinion they do.
To that end, Mr Schiff’s analysis also appears pretty close to what happened. As with all things, the crash was not that hard to predict if you have no axe to grind and look at the right factors.
THIS CRASH was almost designed on purpose. Take away the controls put in place to prevent the 1029 crash and its no surprise you get the 2008 crash==all mostly for the same reasons notwithstanding today we have computers.
And, let me be the first to predict ((AND to give the REASONS))–the next crash will be right after the second Republican Presidents term–ie the first fraudster will weaken the protections put in place and the second one will throw them away. We can all be surprised again.
This is a very good example of a general rule===every idiot has an opinion, the important thing is “WHY” they hold the opinion they do.
To that end, Mr Schiff’s analysis also appears pretty close to what happened. As with all things, the crash was not that hard to predict if you have no axe to grind and look at the right factors.
THIS CRASH was almost designed on purpose. Take away the controls put in place to prevent the 1029 crash and its no surprise you get the 2008 crash==all mostly for the same reasons notwithstanding today we have computers.
And, let me be the first to predict ((AND to give the REASONS))–the next crash will be right after the second Republican Presidents term–ie the first fraudster will weaken the protections put in place and the second one will throw them away. We can all be surprised again.
Whoa!! Never seen a triple entry before==my anti-script program burped. Sorry.
“anti-script program”? Christ, Bobbolina, you take EVERYTHING simple and make it complex.
#25 nonStatist – I believe it is more a commentary on the party line parrots that were not only disagreeing with him but doing it with snarky arrogance.
#60, The pols in power during the 90s didn’t save the economy. They created a housing bubble. Bubbles always look good on paper.
And when they couldn’t agree on how to control it in the early 00s, we have what we have today.
It wasn’t the “other” party that caused this mess. It was both of them.
AFA Asia – you should read up on their actual history. Things starting going to shit for them once they got their own central bank.
This guy did nothing more than stick his fingers in the cracks.
#61, It seems he missed that “gold at $1000 an ounce” prediction.
Um. It did hit $1000/oz earlier this year and approached it twice more.
OT: Everyone see the Fed is spending ANOTHER $800B to buy some mortgages? When is this lunacy going to stop?
http://tinyurl.com/5dh4rp
Some of you think you can win against the casino. Some guy missed gold at sucha price or oil at sucha price or some stock at sucha price. You (we) would all be much $$$ healthier in the long run if you paid attention to the economy – the real economy – and the stock market is not the economy. Even you JohnD. (I love ya John – been reading you since 1987?)
Not picking on you, #16 Jim. You just gave me an opening I can’t pass up. You said, “inflation has supposedly been tame… but only because of production efficiency and cost reductions”
The cost reductions came because manufacturing was moved overseas. . . . “The tech world has been doing this for years.” Yes, by manufacturing overseas.
“However, the consumer is not likely to push the envelope for the next year or two, which will tank most of their profit margins and roi.” Yes, and for the same reason. No manufacturing jobs here. Stop worrying about corporate profits and worry about . . see below.
Now that the unregulated financial markets have brought down the economies of the entire world, and grownups are being listened to again, the subject is finally jobs – where the emphasis should be. Not corporate profits based on quicksand and BS
It is not healthy when a few designers and engineers invent products that are then manufactured abroad, as is the case with the entire electronics industry, for example. Most of the profit goes to Apple, and the Chinese know it.
What will happen when the Chinese start designing their own, so they can keep the lion’s share? (Like Sony and Panasonic)
All the BS reasons about why the present situation is good for us will disappear, just like the BS reasons that sold us this financial mess.
Continually buying products from other countries and depending upon non-wealth creating service jobs is unsustainable.
A strong sustainable economy is dependent upon how much wealth we can create for most of our citizens. It is weakened by concentrating wealth in the hands of a few, at the expense of most. Not one recession or depression has been caused by the manufacturing sector. Not one! Every one has been caused by the service sectors, especially the financial sector, putting artificial values on artificial creations until the bubble bursts.
#70–Stu==good post. You say: “Not one recession or depression has been caused by the manufacturing sector. Not one!”==As if that “means” something? What point are you trying to make?
And isn’t it all definitional? Didn’t Standard Oil “cause” the current depression by forming its cartel and driving out (sic) mass transportation in favor of the internal combustion engine?
Doesn’t manufacturing poison local environments making the people, animals, land no good for anything else-ie, won’t even support a depression? Chernobyl, Love Canal, Ohio River on Fire etc.
Again, its all definitional.
Ben Stein is giving me financial predictions? Next we’ll have Carrottop on with car-care tips and Paula Deen with advice for the lonely hearts.
Another great site for information on the problem is http://www.poptech.com/juanenriquez/. Juan Enriquez has observed similar problems in many other countries (e.g., Argentina, Mexico, Japan, Indonesia, etc.) and no one ever thought it could happen here. Well, it has, and he insists that the only way we can get out of it is by doing the same thing those other countries did, which is essentially the same thing Peter Schiff advises us to do: cut spending drastically, live within our means, pay off our debts and build up our savings, reduce the size of government to levels that are sustainable in the long term, bring our military back home to do the job it was intended to do, dramatically re-structure Social Security and Medicare, etc.
#73. Please take your logical argument elsewhere, it’s not wanted here.
It has nothing to do with prediction.
“the peanut butter in the jar will be gone if i keep gouging it out with the spoon” that’s not prediction, that’s factual. these guys along with Schiff were watchful and according to there common sense were warded away from the rampant ghastly participation because of it. i’m sure those who suffer now are well deserving of what their greed has wrought. i know they were ridin’ some serious snobbish clouds. bastards
Deep Thoughts by Jack Handy:
For the money the Fed has spent so far, they could have started a new stock market..