In These New Times

JClarkson’s Blog

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The audio clip from November 5th, 2008 is at the bottom of this post.  For those of you who do not know who Peter Schiff is and are curious, let me give you a little background from his Wikipedia page:

Peter D. Schiff is the president of Euro Pacific Capital Inc., a brokerage firm based in Darien, Connecticut.  He graduated from the University of California, Berkeley in 1987 with a degree in finance and accounting.  He was an economic adviser for the Ron Paul campaign in the 2008 Republican Party primaries.  In an August 2006 interview Schiff generated much controversy when he repeated his long-held investment thesis: “The United States economy is like the Titanic and I am here with the lifeboat trying to get people to leave the ship …I see a real financial crisis coming for the United States.” On May 16, 2006 in debate on Fox News, Schiff accurately had forecast that the U.S. housing market was a bubble that would soon come to bust.   On December 13, 2007 in a Bloomberg interview on the show Open Exchange, Schiff further added that he felt that the crisis would extend to the credit card lending industry.

Of course, here is the video from CNBC that aired on August 28, 2006where Peter Schiff accurately predicts the crisis that we are in now.  Art Laffer, who was former President Reagan’s Economic Advisor, bets him that his predictions are false and there will be no economic crash.  Oh, how I wish Mr. Laffer was right.

Maybe it’s just me, but a very intelligent economist foresees the economy crash because of the housing market and is now saying that we’re in for even more heartache over the next four years while Obama is President.  Hmmm.  I don’t know about you, but I’m going to listen closely and take heed to what he has to say from now on.  Judge for yourself.  The clip is ten minutes long from a radio show, but it’s very informative and worthwhile stuff.  I’d love to hear what some of you out there think about all of this.  Leave me a comment below or shoot me an email.