Friday, November 28, 2008

The More Right You Are, The Harder The Idiots Will Laugh At You

Peter Schiff understood the American economy. He predicted the burst of the real estate bubble almost two years before it happened. He extended his prediction to include credit when everybody was calling it a "minor blip" for the economy. And while he was warning America, America was laughing at him.

A little information on the man for those who don't know him:

Peter D. Schiff (born 1964) is the president of Euro Pacific Capital Inc., a brokerage firm based in Darien, Connecticut. Schiff adheres to the principles of the Austrian School of Economics and the Ludwig von Mises Institute. Schiff frequently appears as a guest on CNBC, Fox News, and Bloomberg Television and is quoted in major financial publications.

Schiff points to the low savings rates of the United States as its worst malady, citing the transformation from being the world's largest creditor nation in the '70s to the largest debtor nation at the turn of 2000. His extremely bearish views on the U.S. Dollar, the United States stock market, bond market, and the United States economy have earned him the nickname "Dr. Doom."

H/t Paul Hsieh

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