This Guy Predicted The Financial Crisis And Was Derided For It (VIDEO)

Atlantic:

Watch the contempt from Fox News for Peter Schiff over the past two years:

I feel his pain. His economic sense and foresight escaped me. But politically, some of us diagnosed the conservative implosion years ago - and earned the same kind of contempt from the same kind of baying hounds for getting it right.

Read the whole story: Atlantic

Comments

[jsarets]

Here's a guy that deserves a job in the Treasury Department.

[Invox]

You got that one right. Saw it ALL coming loud and clear. Somebody needs to bring this guy to the front on the government scene PRONTO!

[Pdubya]

what folks dont realize is that the actions happening at the Fed, G-20 are purposeful and intelligent. they are not interested in fixing the crisis, but ensuring it, so that they can implant a world government and global banking control.

proof? resources? links? good god.....th­e entire huffpo space wouldn't provide enough for the evidence. google and youtube the following:

marc faber
peter schiff
jim rogers
CFR economic plan
G-20 solutions to economy
The Creature from Jekyll Island
www.mises.org
www.silverbearcafe.org
www.campaignforliberty.com

for starters..­.

[killpack]

It's too bad Congress and the Fed are doing the exact opposite of what this guy is saying. They would probably just laugh at him like Ben Stein.

[iceage7]

Where is Oberman. Please Oberman show this video on your special comments. I mean this is so prophetic. Guys lets email Olberman and tell him to have this whole video as part of his special comments. People will then see fox for what it is. I mean the biggesst finacial crisis US has ever seen and Fox is right in it pumping up people to buy stocks that would be worth nothing.

[seanseamour]

Fox is the best example of "murdocisation" or the glorification of mediocrity founded on the lowest common denominator. This is now being extended to the Wall Street Journal, new Murdoch prize ready for mass populism by anything for a buck Murdoch (although I have read that he cringes at some Fox programming, but I guess as long as the return on investment is positive..­. what the hell.).
This form of irresponsible capitalism has brought us to the edge of the precipice, this type of journalism catering to the crowd as Romans in the circus, feed them blood and gore and they will go home content.
Obama must come true on his plan to elevate education in America to save, us a generation or two down the road, from the obtusis ignorus inslularis pathology that prevails in some parts of the nation teased and contented with this form of spectacle journalism.

[killpack]

It's not just Fox; ALL media are full of it.

[Pdubya]

exactly. because all MSM is owned by a few globalist elites encrusted with ensuring their place in the new world order.

the internet is the remaining free market....­until we get "net neutrality".

uh huh. and the patriot act is patriotic. and the military commissions act preserves our national defense. and fisa protects free speech and privacy and the bailout saves the economy.

[Pupster]

Actually, a lot of people in the business saw this coming, including a lot of the older experienced folk who've gone through the bear markets of the early 70's. Unfortunately, you don't see a lot of these sages on TV because the business stations like to fill the airwaves with a lot of mindless bulls. People like Abby Joseph Cohen, who only thinks the market goes up up up. Or Jim Cramer, one of the dumbest guys on TV.

The fallacy is the assumption is that if you make it on TV you are somehow an "expert" and know what you're talking about. Most of the talking heads on CNBC have no clue. None. Many have never gone through a bear market in their lives or know history or fundamentals or even basic math or economics. You'd be shocked how dumb a lot of these people are.

Props to this Schiff guy though. It's not easy sitting there getting mocked on national TV, even if you know you're a 1000x smarter than the bonehead you're debating. Good on him.

[killpack]

What's sad is these "experts" in the media also pushed the bailout that's now working out so well. Most Americans didn't want it, but how many times did you here from these guys "that we just have to do it. It doesn't make any sense, but we HAVE to do it." And now they are so shocked it isn't working out.

[Invox]

Don't you think we all knew it was coming? As a financial culture, we knew we were in a mentality of instant gratification, monumental debt, non-sensical mortgage loans, dwindling savings accounts, staggering foreign debt and more. I don't know that anyone could have stopped it because I don't think enough people wanted to hear it. Schiff is right. We have to do this recession.

[killpack]

It really isn't rocket science and none of us really should be suprised, but you are exactly right.

[SharonAustinTX]

Check out PBS.org Bill Moyers has interviewed some excellent economists who have said the same things as Peter Schiff. Why isn't anyone in power listening?

[killpack]

Think about it, have you ever been in a tough financial position, but were in denial at the same time. You know, when you don't want to look at your bank account, because you know it will be a kick in the pants. That's how Congress is right now.

[Pdubya]

if you're open minded and you learn to answer that last question after you go down the rabbit hole....yo­u'll never come back.

google/youtube peter schiff. jim rogers. marc faber. max kaiser.

w. prepped the constitution for the new world order. obama will sell it to us.

G-20, the Federal Reserve and the banking elite will hold the purse strings to ensure it is adopted.

visit:

www.campaignforliberty.com
www.silverbearcafe.org
www.prisonplanet.com
www.dailypaul.com

start there...en­joy your journey, its gonna be a bumpy ride.

join us on november 22nd, across the nation: www.endthefed.us

peace, and good luck!

[cuomofied]

People, Ron Paul has been saying this all along as well. Peter Schiff was actually his economic adviser during his campaign this year. Let this not be forgotten.

[killpack]

Lots have been saying it. Why do we keep ignoring it? Why is Congress ignoring it? Do you know what this reminds me of? It reminds of a time in my life when I was completely out of control financially. It was so bad, I didn't even want to look at my bank account. I just wanted to keep on spending. Well one day it happened, sure enough. You guessed it--INSUFFICIENT FUNDS. I learned the hard way that you CAN'T SPEND WHAT YOU DON'T HAVE. Well it looks like we as a whole are learning the hard way. But some people out there, including a majority of our elected officials, still don't get it.

[majorteddy]

Ron Paul, Lon Nol, Bon Smol ! I have been saying it since 1997. Alan Greenspan said it since back then. Irrational Exuberance ! Remember? It was all part of the Ronald Reagan "Shining City On A Hill" feel good program that George H.W. Bush(41) called Voodoo Economics in the 1980 but nobody listened and he relented. Huge Deficits and the economy looks good. Then he raised taxes slightly and his own party voted him out of office in 1992. The American people got what they deserve. They wanted to believe a lie , that riches would come easy on someone else's dime and sweat. Just desserts.

[Invox]

Ronald "Shining City On A Hill" Reagan was the one who got this ball rolling at break-neck speed. Shrub took it to lightning speed. Take a look at this link, particularly the links. You'll see that over the past 40 years, Democrats have been the most successful in keeping the deficit down. Republicans have expanded and, this time, exploded it. Democratic administrations have spent less than they took in. Republicans have spent more than they took in. Without exception. The Republican party is NOT, NOT, NOT the conservative party.

http://www.cedarcomm.com/~stevelm1/usdebt.htm

[Invox]

Sorry...Lo­ok at the charts, not the "links".

[carrieanna]

It's funny how his arguement seems to be fact-based compared to the other debators, who seem to be talking based on nothing. But I still hold that you shouldn't really trust in too much that you hear on tv. TV is trying to entertain you so they get unqualified talking heads to battle for your viewing pleasure.

Each person needs to assess their own needs and risks and plan accordingly, no matter what the economic situation.

[killpack]

Okay are you listening to this guy, it's genius. And Congress is doing the exact opposite.

[Jtt]

That was incredible

[Maderous]

This should be shown in schools to show how you truth tellers are often treated. i would love to see a follow up with all these people.

[Haditup2here]

This doesn't surprise me. First of all, look at the news cast -- Faux News. Second of all, Ben Stein has been and is nothing more than a tool who subscribes to the philosophy of the infallibility of the free market. Thirdly, anyone with common sense could have seen that many houses were being appraised substantially higher than their worth. Think about it. During the housing bubble, the rate of job losses (not as bad as this past six months albeit) exceeded the rate of job creation. During this same period the jobs that were supposedly being created was for food industry, hospitality, service, and health care, and most of all, (you guess it) real estate. Meanwhile, manufacturing jobs have been on a steady decline while technical and engineering professions remained stagnant for the past 4-5 years. So here's the the million dollar question: Where did people find the money to purchase over-inflated houses and how could an industry such as real estate rise so sharply on the dependency of people making good on their mortgages? Of course, there was the subprime mortgages for those paying only interest -- but let's be frank. You can't support those making six-figure salaries with interest only payments unless you have a crowd of suckers. Only those who are too stupid and inane to think for themselves would have bought the arguments of the other commentators.

[FloaterBall]

Sweet vindication. What a bunch of freaking pathetic idiots at Fox. They should all be forced to watch their rude, snide selves on this clip.

[cuomofied]

Shame on you HuffPost for marginalizing this guy as well. The only reason it's news now is so you can take another (deserved) swipe at Fox News.

Too little, too late. You were complicit in not heeding his warnings as well.

[MagicalPossibilities]

Wow, that guy is good!

[Samalabear]

Remember Ben Stein's Money? Gee, I wonder out much of money Ben Stein has left, since he was so ebullient about Merrill Lynch -- ha ha ha. Poor Peter Schiff -- truly a financial prophet. Well, you know what they say about prophets in their own village -- they're ostracized.

[robinhood1]

I found another Ben Stein column in yet another magazine (Newsmax). Shouldn't this guy be retired by now? Or is he such a big spender that he has to keep hustling for a buck. I guess he followed his own advice and lost a boatload full of money.

[Samalabear]

They were also warning about this on PRI's Marketplace in 2004 and again 2005. It might even have been Schiff who wrote the articles there -- I'd have to check. And they were drowned out again and again. For myself -- little dummy me with no college degree and math is my weak side -- I simply put two and two together watching the housing prices and I kept wondering how people who were probably making not much more than me could not only afford a house like the one I've been renting for over 20 years) but they could renovate and buy fancy cars.

Listen to how they're shouting Schiff down! Priceless --