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# Schiff is the man

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Current Student
Joined: 09 Apr 2008
Posts: 197
Schools: Chicago Booth '11

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14 Nov 2008, 12:38

SVP
Joined: 11 Mar 2008
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Location: Southern California
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Re: Schiff is the man [#permalink]

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14 Nov 2008, 13:00
Here's another prediction for everyone to get their arms around

http://www.infowars.com/?p=5938
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Director
Joined: 02 Jan 2008
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Re: Schiff is the man [#permalink]

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14 Nov 2008, 13:20
Man, that is a harrowing prediction...
Manager
Joined: 25 Jul 2007
Posts: 59
Re: Schiff is the man [#permalink]

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14 Nov 2008, 13:25
His past predictions were about happenings that could have been predicted. Considering his logic of people's minds being corrupted because of drugs (medicines), it seems to me this is the first time he will be wrong.
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Joined: 28 Feb 2008
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Re: Schiff is the man [#permalink]

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14 Nov 2008, 15:07
What he said at the beginning was pretty scary about the fact that once people see their wealth evaporate they'll stop spending and start saving.

We might be in for a looooooong recession.

RF
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Re: Schiff is the man [#permalink]

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14 Nov 2008, 16:01
I just read Crash Proof by Schiff. I thought it was pretty interesting to see so much of what he had been blasted for saying has happened.
Senior Manager
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Re: Schiff is the man [#permalink]

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14 Nov 2008, 16:15
Here is another one from Schiff:
"10/28/08 Peter Schiff predicts doomed economy under Obama"

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Joined: 14 Sep 2007
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Re: Schiff is the man [#permalink]

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14 Nov 2008, 16:15
It's less he's the man than the others are d-bags.

And what's up with Ben Stein acting like he's an expert on everything?
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Re: Schiff is the man [#permalink]

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14 Nov 2008, 16:29
Schiff is right - the problem is credit is about liquidity AND trust. As long as the world trusts that the US wants to protect its economy, they will continue buying US treasuries,bonds and assets. It doesn't mean everything will be OK, but the world will have to learn to live within their means.

I wish Schiff would communicate a little better - he knows his stuff cold, but the regular person needs to understand where he is coming from.

There was a video - search for "Mortgage Bankers meeting" - everyone laughed at him when he predicted the housing collapse. This guy should be Secretary of the Treasury. Austrian Free Market Economics is not all pure gold, but its time has come.
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Re: Schiff is the man [#permalink]

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14 Nov 2008, 22:34
Here is something interesting http://fbc.binghamton.edu/commentr.htm

I think that US is in for a very serious problem ahead, with Obama in the office, I am afraid an Obama failure will drastically impact the trust people have in their government, and once trust erodes from the government bascially our federation will break up..much like the way the soviet union did. So yes TRUST is a very slippery road, but once the gene is out of the bottle its pretty much over.
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Re: Schiff is the man [#permalink]

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15 Nov 2008, 01:03
Schiff is THE man!! I'm sure Dr. Doom has made a lot of Haas grads proud
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Re: Schiff is the man [#permalink]

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15 Nov 2008, 14:45
How could he predict the housing market ?? How could he see something NO one else could see ??

This man Peter Schiff is AMAZING !!
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Senior Manager
Joined: 05 Feb 2008
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Re: Schiff is the man [#permalink]

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28 Nov 2008, 12:16
The others laughing at Peter were completely off base. No matter how good you thought you were and knew your stuff, laughing at the other guy while he is talking is ridiculously rude.
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Re: Schiff is the man [#permalink]

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28 Nov 2008, 18:13
You guys should go more here:
126

Schiller and as trader said Jim Sinclair also had been calling all this mess for years...

Too much for confidence bias.
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Re: Schiff is the man [#permalink]

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28 Nov 2008, 18:20
incognito1 wrote:
Schiff is THE man!! I'm sure Dr. Doom has made a lot of Haas grads proud

The Austrian School of Economics principles are very similar to those of The Chicago School, the first just "don't rely" on models.

It's even funny now to see some of the guys laughing at him, but hey, the way this mess is now is not a good thing for us, so I wish he was wrong, though his prediction about FX market hasn't quite been right, yet.
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Re: Schiff is the man [#permalink]

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29 Nov 2008, 16:07
kwam wrote:
incognito1 wrote:
Schiff is THE man!! I'm sure Dr. Doom has made a lot of Haas grads proud

The Austrian School of Economics principles are very similar to those of The Chicago School, the first just "don't rely" on models.

It's even funny now to see some of the guys laughing at him, but hey, the way this mess is now is not a good thing for us, so I wish he was wrong, though his prediction about FX market hasn't quite been right, yet.

I agree with you kwam. Chicago has produced some of the finest economists, particularly some major free-market proponents (wasn't Milton Friedman an economics professor there)? Peter Schiff is actually a graduate from UC Berkeley (http://en.wikipedia.org/wiki/Peter_Schiff) though it's not clear whether he got his undergraduate degree there or his MBA at Haas, but either way he is a true proponent of Austrian economics and one has to acknowledge how he stuck to his guns in that interview even when he sorta knew that people don't appreciate a doomsday message.

Not sure if you guys have seen Art Laffer's response on Bill Mahr's show. He definitely didn't have the last laff (pardon the pun) there:

Personally, I'm still waiting for Peter to collect that penny. I don't understand why it's taking so long -- the longer he waits, the less worth that penny becomes.. (sorry, had to be said! )
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Re: Schiff is the man [#permalink]

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04 Dec 2008, 11:10
AZCFA wrote:

Wow, how could I miss this link before? I bet no one's laughing now. He was right, after all.
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Re: Schiff is the man [#permalink]

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04 Dec 2008, 11:47
This reminded me of this clip from the Daily Show the week after Jim Cramer emphatically told people not to get out of Bear Stearns. It baffles me that his show is still on the air...

http://www.thedailyshow.com/video/index ... oken-arrow
Director
Joined: 20 Feb 2008
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Re: Schiff is the man [#permalink]

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05 Dec 2008, 08:33
http://www.financialsense.com/fsu/editorials/schiff/2008/1201.html

I especially like this line…

“The brutal truth that no one in Washington dares acknowledge is that our systemic economic problems can only be solved by a reduction in consumer borrowing and an increase in savings. We must repair our national balance sheet and a painful recession is the only path to achieve this. By interfering with the market's attempts to bring this necessary change about, all the proposals currently coming from Washington or bubbling up from think tanks and Nobel prize-winning economists, will only exacerbate the imbalances and lay the foundation for even greater losses and a larger crisis.

A short-run reduction in GDP is a sacrifice we must be willing to accept. If we swallow this medicine now, in the long run we will have a sustainable rise in GDP as higher savings leads to increased capital investment, greater productivity, and eventually a lasting increase in consumption.”

I was thinking last night that if I die of natural causes, I can expect to live another 45-50 years. In which I will probably see at least 5-7 more economic cycles. At the rate the government is spending, we will completely run out of money in 20-30 years. It’s almost comical how short-sighted politicians in government are. However, regardless of who’s in power, I have come to the realization that we’re all screwed.
Re: Schiff is the man   [#permalink] 05 Dec 2008, 08:33
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# Schiff is the man

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