November 14, 2008

Financial News Montage of the Year

This is amazing: Clips of Fox News financial commentator Peter Shiff, over the past two years, accurately predicting the entire subprime crisis and subsequent economic meltdown, while the other panelists disagree, mock and laugh at him:

My favorite part is when everyone else recommends we buy Merrill Lynch and Bear Stearns. (Via Sullivan.)

Posted by Stephen Silver at November 14, 2008 03:00 PM
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Schiff has said on numerous occasions that the current economic crisis is not the problem; it is the solution. According to him the transition from borrowing and spending to saving and producing cannot be accomplished without a severe recession, given the current imbalances of the US economy. But according to him that transition needs to happen. He also thinks the government is doing no one a favor by trying to "ease the pain" with stimulus packages, bailouts and such. Schiff believes these actions will only make the situation worse and possibly result in hyperinflation if the government continues to "replace legitimate savings with a printing press."
Schiff is a firm believer in Reaganomics, especially Reagan's policy of reducing government regulation of the economy. Schiff worries that Barack Obama will increase such regulation.

Posted by: wikipedia peter schiff at November 18, 2008 08:25 AM
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