Heroic Peter Schiff compilation
November 13, 2008 – 7:56 pm by JohnThe best parts are all the optimistic State cheerleaders scoffing in derision at Peter Schiff and his doom-and-gloom predictions. This will probably be the best ten minutes of TV you watch today.
One of many favorite exchanges from this compilation was between Peter Schiff and Art Laffer:
Schiff: 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, no more than the Nasdaq was wealth…
Laffer: Of course, it is!
Schiff: When you see the stock market come down and the real estate bubble burst, all that phony wealth is going to evaporate. And all that’s going to be left is all that debt that we accumulated to foreigners…
Laffer: …You’re just way off base. There is nothing out there that tells us—we’re going to have a nice slowdown, but it’s not going to be a crash.
Hat tip: Tim Swanson.
2 Responses to “Heroic Peter Schiff compilation”
The saddest part about all this, of course, is that no one has learned from their mistakes. I mentioned something recently about how we’re heading to a Great Depression Part 2, and whomever I was talking to scoffed. Why, the cheerleaders on MSNBC say everything is going to be fine! The bailout is going to help! What do I know, I’m just some lowly peon!
What I know is this. All the guys saying everything was fine two years ago are the ones saying we’re fine now. Peter Schiff was saying two years ago that we’re heading down the road to fucksville. Peter Schiff was right then, and now he’s saying we’re heading deeper into fucksville. If Peter was right then, and the cheerleaders wrong then, why shouldn’t I listen to Peter this time around?
By Kel on Nov 14, 2008
LULZ @ Laffer: Monetary policy has been spectacular!
By David Z on Nov 18, 2008