Peter Schiff Was Right

[Keller]

If you've got a short attention span -- start at around 6:30.

http://www.youtube.com/watch?v=2I0QN-FYkpw

[Danical]

LOOKS LIKE SOMEONE IS GETTING HIMSELF A PENNY!!!!!

[Daniel]

I love how everyone who thinks he's wrong is chuckling and snickering to themselves like it's so self evident that they are right. It's like posting on the PC.

Lol and as soon as I post that someone says "haha..you must be some left wing person".

[Hulkein]

If I was him I'd be sending that to everyone I debated with. Vindication for him.

[nub]

What does the video have to do with before I click on it? (or before I click on it when I get home)

[Kranar]

If I was him I'd be sending that to everyone I debated with. Vindication for him.


You know what though?

For guys like him, they don't care if someone laughs at them or if their ego gets hurt on T.V. Look how calm and composed he is throughout the entire interview even as he's being made fun of, he knows he's right.

What matters to this guy is that his bank account went up enormously. If some douche bag on CNBC or some other dumb T.V. network wants to laugh at him only to look like an idiot down the road, so be it... because those same douche bags just easily lost 30-40% of their wealth while this guy made a fortune.

Bottom line in this business isn't about ego and it isn't about winning a debate... it's about cash... Peter Schiff made it, the other guys didn't.

[Keller]

What does the video have to do with before I click on it? (or before I click on it when I get home)

It's just a bunch of news clips of people talking about the economy over the past 2 years.

[Mathari]

It's just a bunch of news clips of people talking about the economy over the past 2 years.
Pretty crazy, though, and definitely worth a watch.

[nub]

Pretty crazy, though, and definitely worth a watch.

Yeah, I will watch it eventually, just can't at work. I like listening/seeing stuff like that.

[BigWorm]

Ah, good old Doctor Doom. I'm bearish as fuck as well, but this guy has been the most pessimistic guy going for a while now. If you watch the video you notice a lot of the stuff his is saying is goddamn prescient. However, I think some of it is due to the fact that he's the bear version of a lot of the bullish TV pundits in that he poo-poos everything and eventually some of the shit sticks. Also, he has been an extremely strong proponent of getting out of the U.S. markets and getting into foreign markets which have been shitting the bed as well, so its not like he's always right.

Also, this guy was one of Ron Paul's main financial advisors. They are both big time followers Austrian economics and support things like a return to the gold standard and increased personal savings.

[nub]

and increased personal savings.

What is wrong with that?

[Drew]

Even a broken clock is right twice a day. Also, if this guy was shorting back in 2006 he probably didn't make much money even including this year's drop.


I thought we were in big trouble too in '07, but as far as I remember this guy is always a bear. That doesn't do anything for me, just like the ones who are always bullish don't do anything for me either. Neither of those take skill, just selective memories. At least as a bull you'll eventually come out on top.

[Mathari]

I don't know anything about this guy, so maybe he is always a bear, but even so... There's a difference between just always being a bear, on the one hand, and being the bear who basically nails some of the exact causes of the current problems, on the other, right? Seems to me like he was more than just the broken clock who happens to be right twice a day, but maybe I just don't know enough about him.

[Kranar]

Even a broken clock is right twice a day. Also, if this guy was shorting back in 2006 he probably didn't make much money even including this year's drop.


If he shorted at the lowest point in 2006, he'd be up 35% in 2 years assuming he isn't leveraged, which of course is not the case.

Take into account the fact that he is leveraged, and he more then tripled his money in 2 years.

[Hulkein]

Also, this guy was one of Ron Paul's main financial advisors. They are both big time followers Austrian economics and support things like a return to the gold standard and increased personal savings.

Good.

[ElanthianSiren]

You know what though?

For guys like him, they don't care if someone laughs at them or if their ego gets hurt on T.V. Look how calm and composed he is throughout the entire interview even as he's being made fun of, he knows he's right.

What matters to this guy is that his bank account went up enormously. If some douche bag on CNBC or some other dumb T.V. network wants to laugh at him only to look like an idiot down the road, so be it... because those same douche bags just easily lost 30-40% of their wealth while this guy made a fortune.

Bottom line in this business isn't about ego and it isn't about winning a debate... it's about cash... Peter Schiff made it, the other guys didn't.


They might have made plenty of it though. That's what's so dangerous about taking somebody's word for it when acquiring assetts. It's called pumping and dumping. They were pumping financials relentlessly in one part of that segment. Bottom line: do your own homework.