Lots of people saw this coming, but everyone just laughed at them (continued)
A couple of month ago, I posted a video from over a year ago of “experts” laughing at Peter Schiff as he predicted this recession. A friend sent me this video which is a nice compilation of Schiff making accurate predictions and the “experts” dismissing him:
It’s really worth watching. Here’s a Schiff quote from 2006:
It’s not wealth that’s increased in the last few years. We haven’t increased our productive capacity. All that’s increased is the paper values of our stocks and real estate. But that’s not real wealth. When you see the stock market come down and the real estate bubble burst all that phony wealth is gonna evaporate and all that’s going to be left is all the debt we’ve accumulated to foreigners.
And as you watch it keep in mind that the people who were completely wrong back then are the ones that are saying the bailouts are necessary.
You’d think after someone is this wrong they wouldn’t interview them on TV anymore, but every morning I turn on CNBC and see these same idiots blathering and spewing not just incorrect analysis, but completely factual inaccurate statements.
It’s really sad.
Experts tell us something we already know | Defenestrating Thoughts from the Bivouac wrote:
[...] to them, people in the real world have been predicting this recession for years; in fact, Walmart knew about the downturn in October of last [...]
Posted on 01-Dec-08 at 3:24 pm | Permalink