Peter Schiff Predicted the Housing and Financial Crises
When you’re right, you’re right. So many pundits got it wrong. Schiff’s comments were laughed at then, but not now. This video has been seen by nearly 2 million viewers.
Palm Coast, FL – November 17, 2010 – With today’s technology, it’s pretty hard to claim that your comments were taken out of context. Every public utterance, including this one, will be around forever; no escaping them. When you were right, those who vilified you look stupid. On the other hand, if you were wrong, you can’t escape the fact.
I remember posting former Federal Reserve Chairman Alan Greenspan’s assessment of the housing market in November ’06. He said, "The economy is obviously going through a significant slowing period, which as best I can tell is more than likely temporary." But even then, Peter Schiff had it right, even though most pundits laughed at him at the time. he nailed both the housing and financial crises. If we had only listened. Who’s laughing now?
The following video has been seen by nearly 2 million viewers:
Video: Peter Schiff was right
But still, he scared voters
Schiff tried to parlay his predictive powers into votes in the CT Republican primary for Senate. Apparently he was better at guessing the future of the economy than the sentiment of Tea Party voters. He was soundly beaten by pro wrestling czarina Linda McMahon, most famously known for kicking one of her husband’s employees in the groin (caught on tape), and Rob Simmons, a gentle soul who wouldn’t kick a can or an opponent. Schiff’s radical ideas, apparently, even scared the Tea Party, which we know is pretty hard to do.
Peter Schiff’s 2006-7 Prediction
I moved fro Fla to California in the early 70s.
What I saw then (and shared by other street people) was an evitable real estate recession on the horizon.
How could anyone accept a simple fact that housing prices could sustain the rising rate?
Good grief, it didn’t/doesn’t take a Phd to figure the outcome – and all I have is a BA Ed!
Nearly everyone there, and eventuall here, climbed on the ‘greed bandwagon’ and rode it till they fell off.