The other day, I came across this video. It is a complication of clips from different financial news channels—beginning in 2006. From time into 2007, Mr. Schiff was saying that a “financial storm” was brewing and that sub-prime mortgages were going to present a big problem. Every time he said that, other guests on the show called him crazy. This made me wonder, why did he see the signs and no one else did? Check out the video and see for yourself.
Good morning, Embrownny.
Schiff is of the Austrian School of economics; they’ve always been cast out as kooks, goldbugs, and generally politically-incorrect. (Of course, never mind that they predicted the Great Depression, the ‘87 crash, and today’s crises. Google “F.A. Hayek” and “Ludwig von Mises” on this subject.)
Schiff is detested because his track record — and that of his Misesian colleagues — exposes 95% of other “economists” like Stephen Leeb (in the video), Paul Krugman (NYT fame), et al., as charlatans and generally flat-out wrong.
But please don’t take my word for it: check them out, and check out Schiff’s track record on investing, if you’re into that.
Be well!
By: detainthis on Tuesday, December 16, 2008
at 2:26 am
Thanks a lot for the additional info. It just reinforced for me that we have to use caution when watching those financial shows–I stopped watching them after the dot com bubble burst.
By: embrownny on Tuesday, December 16, 2008
at 10:37 am
Self-correction: My bad. Leeb is not in the above video: Art Laffer is. Leeb v. Schiff is here.
By: detainthis on Tuesday, December 16, 2008
at 5:20 am
Well I’m not too surprised from the idiots at FOX News not listening to logic. I would love to have this guy back on and show this clip to all of the people to ask them what they think now.
Make this guy Commerce Secretary or Fed Chairman.
By: Tim Valentine on Friday, December 19, 2008
at 9:18 am