Analyst on CNBC who predicted this downturn: "This phony economy is unraveling."

[originalpckelly]

Damn interesting.

[Mike 03]

1. I'm fucking amazed at what passes for "prediction" nowadays.

The writing was on the wall in 2004, if not 2003.

[slipslidingaway]

4. Here is what Peter Schiff said in 2006 and 2007, listen to the

people who are laughing at him in these clips.


Peter Schiff Was Right 2006 - 2007 (2nd Edition)
http://www.youtube.com/watch?v=2I0QN-FYkpw

[Cronopio]

10. Peter Schiff stars in "One Is The Loneliest Number".

"Expose of Santa Claus?" Hope the pleasure of that petty little snark has dulled the pain of *his* massive financial losses this year.

[slipslidingaway]

16. Some nasty little remarks in those clips, they should be invited

back on the air to review the clips :)

[Cronopio]

18. I'm sure they have a million little rationalizations for why they were mistaken.

If they have any remorse or second thoughts, I don't expect them to air them on T.V. If they did, I'd love to see what kind of pseudo-mea culpas they came up with.

[Art_from_Ark]

6. I think the writing was on the wall

as soon as bu$h started squatting in the White House, especially after he started pissing away Clinton's budget surplus like a drunken sailor who has suddenly discovered Hotel Street

[Cronopio]

9. Volcker predicted the greedfest and subsequent implosion of the finance system back in 1987.

Don't have a direct quote from his dissenting opinion, but here's a summary:

http://www.pulitzer.org/archives/6687

"On an unseasonably warm February morning in 1987, three bank executives squared off against the Federal Reserve board in a crowded hearing room in Washington, D.C. Their mission was to persuade the Fed to start tearing down the half-century-old regulatory walls between the business of banking and the business of selling stocks and bonds.

Paul Volcker, the Fed's gruff chairman, was leery. He worried that easing the limits set by the Glass-Steagall Act of 1933 posed dangers: lenders recklessly lowering loan standards in pursuit of lucrative public offerings; banks marketing bad loans to an unsuspecting public."

Most people in the finance industry knew it was unsustainable. But when you see your buddies and coworkers getting fast cars, big houses, and yachts for pushing the system further to the brink ... very few people I have met and known would have resisted that temptation.

Because, of course, when so many people are benefiting from a scam, *someone* will always make sure the scam keeps on going. :sarcasm:

[HCE SuiGeneris]

14. Great info.

Thanks for posting it. :hi:

[slipslidingaway]

2. Missed it, was that Peter Schiff? Heard Louise Yamada mention

600 or 400 on the S&P, a pattern on the SPY suggests a price near 64.


:shrug:

[slipslidingaway]

3. Peter Schiff On Fast Money...

"The Man Who Called The Collapse"
http://www.youtube.com/watch?v=Mlo8uvlwQeQ


And here is the Louise Yamada video
http://www.cnbc.com/id/15840232?video=935035648&play=1

[TheWebHead]

5. unfortunately while he was right

his investment advice in the face of it has been as disastrous as if you'd just stayed in SPY... He was saying invest in international stocks or commodity stocks and bet against the dollar, which has gotten most of his investors creamed. He makes a compelling case though, and if you look at total U.S. debt vs. GDP at 350%, it's higher now than in the great depression.

[spanone]

7. katrina economy

[AlCzervik]

8. didn't Paul Krugman start warning us about this a long time ago and got the beat down

from the media.

[brentspeak]

11. Yeah, but Schiff also advocates that we let the Big 3 die

He was correct about the collapse of the economy, and he has some other good ideas. But his solution for a cure that ails the auto industry is worse than the disease.

[gravity]

12. This guy is a Ron Paul nut

He did an excellent job predicting the financial bubble, but he got a lot of other predictions wrong. I would take what he says with a grain of salt.

[marmar]

13. Sounds like he's right on this one.....It's crystal clear that the phony economy is unraveling.

:think:

[Cronopio]

19. Yep. He's like most libertarians, right about many of causes and dead wrong about the solutions.

I don't know how he thinks the market is going to just process away trillions of dollars of losses. It's clear that, even with his hardline cynical look at the economy, he still doesn't have a clue about how it really works. I've been continually amazed at how little is known about economics in the financial community, even among people who have worked in the field for decades.

[lpbk2713]

15. We let them get away with stealing the election in Y2K.

We should have expected they would ruin the country if they got the chance. And they did.

And frankly, no one was more surprised than me when they got away with it a second time.

[TheKentuckian]

17. It went to hell as soon as we allowed Reagan and the Bush Syndicate

to have thew keys. We should have had Republicans on at least a 20 year ban for Watergate.