Peter Schiff Was Right 2006-2007

[Verrocchio]

For fans of *Schiff* -- especially you, Mega:



Whether you're a fan or critic, you must appreciate his steadfastness in holding to his message in the face of high levels of skepticism in 06 and 07.

[FRED]

Re: Peter Schiff Was Right 2006-2007

For fans of *Schiff* -- especially you, Mega:



Whether you're a fan or critic, you must appreciate his steadfastness in holding to his message in the face of high levels of skepticism in 06 and 07.

Also this guy in 2006:

[Mega]

Re: Peter Schiff Was Right 2006-2007

..........Er................The 1st Guy lost everyone a lot of money.........which they might get back.......one day.

.........and the 2nd guy........didn't!


Mike

[ST]

Re: Peter Schiff Was Right 2006-2007

Also this guy in 2006:

Yes, I remember seeing this at the time - one of only two instances of my exposure to EJ. I thought about his comments -

"US dollar bubble" - yes, I agree
"Dow 6,000-10,000 nominal" - yes, I agree,
"It will be good for commodity based Canada" - yes, I agree
"be out of USD assets" - yes, I agree

I guess I should have followed up on details of the larger theory and the disinflation part, in addition to reading more in depth about his views.

If I dug deeper and found that his view was actually different on commodities / Canada during the disinflation stage, would I have even agreed with this different view, when Donald Coxe, in particular, had been so spot on for so long? Probably not - to my detriment. My own outlook was more aligned with Coxe's.

[goldfinger]

Re: Peter Schiff Was Right 2006-2007

"Merrell Lynch is such a bargain [at $79] they might as well be giving it away in cereal boxes it is so cheap", says Ben Stein. Not sure who he is [I live in england and yes after watching this I still think the tv news and current affairs here is way better ] but I guess the majority watching considered him and the others credible?

A clip for the role the media plays in bubbles. To see them them all gang up and discredit this guy who was saying bust. Laughing at him, dismissing him as a pessimist, if he wanted some razor blades, asking if he was going to debunk santa claus next week [hang on that is actually a pretty insghtful comment!]. In retrospect it seems like they were a little bit too touchy, that their positions were a little vulnerable.

The guy deserves respect for going through that repeatedly.

[tsetsefly]

Re: Peter Schiff Was Right 2006-2007

"Merrell Lynch is such a bargain [at $79] they might as well be giving it away in cereal boxes it is so cheap", says Ben Stein. Not sure who he is [I live in england and yes after watching this I still think the tv news and current affairs here is way better ] but I guess the majority watching considered him and the others credible?

A clip for the role the media plays in bubbles. To see them them all gang up and discredit this guy who was saying bust. Laughing at him, dismissing him as a pessimist, if he wanted some razor blades, asking if he was going to debunk santa claus next week [hang on that is actually a pretty insghtful comment!]. In retrospect it seems like they were a little bit too touchy, that their positions were a little vulnerable.

The guy deserves respect for going through that repeatedly.

Ben Stein is an economist,author, actor (He was the boring teacher in
Ferris Beuller's Day Off and the wonder years) he also had his own tv show, so he has made a name for himself. He was completely wrong... The black guy saying he liked Bear Stearns...

THis is the first part of "Peter Schiff was right", the first clip is from December 2006, he got laughed at when he said home prices would continue to go down in 2007...

[ST]

Re: Peter Schiff Was Right 2006-2007

Re: Stein

Several years ago at gold $460 in October 2005, I remember seeing him exhort so forcefully that gold would not go over $500 ever.

[Verrocchio]

Re: Peter Schiff Was Right 2006-2007

Re: Stein

Several years ago at gold $460 in October 2005, I remember seeing him exhort so forcefully that gold would not go over $500 ever.

Ben Stein has achieved recognition in several fields: a Yale valedictorian, law prof, successful acting career, and writer. Unfortunately for him -- and anyone who listened to him -- when asked for his prognostications on eqities and real estate by talk show hosts like Kudlow and Glen Beck, he seemed to channel the discredited Abby Joseph Cohen. He repeatedly described the future of mainstream investments as rosy and scorned warnings such as those of EJ and Schiff. Many were undoubtedly taken in by his authoritative pronouncements and lost nearly all.

Mega, sorry to hear that the advice of your hero resulted in financial loss.

Fred, this thread was not meant to detract from EJ's prescience or acumen (he's definitely first class). Sure, Schiff made frequent media appearances knowing that he would be a punching bag for the gasbags that populate those cable TV forums. His motivation could have been to promote his company, as has been suggested elsewhere on iTulip. At the least, though, he provided a counterpoint to the dolts that shilled for the FIRE industries.

[D-Mack]

Re: Peter Schiff Was Right 2006-2007

..........Er................The 1st Guy lost everyone a lot of money.........which they might get back.......one day.

.........and the 2nd guy........didn't!


Mike

EJ was talking about the EUR in the clip, it's down a couple of cents from where it was in 2006.
http://www.ecb.eu/stats/exchange/eur...ph-usd.en.html


People have to think more about long term.....

[metalman]

Re: Peter Schiff Was Right 2006-2007

Ben Stein has achieved recognition in several fields: a Yale valedictorian, law prof, successful acting career, and writer. Unfortunately for him -- and anyone who listened to him -- when asked for his prognostications on eqities and real estate by talk show hosts like Kudlow and Glen Beck, he seemed to channel the discredited Abby Joseph Cohen. He repeatedly described the future of mainstream investments as rosy and scorned warnings such as those of EJ and Schiff. Many were undoubtedly taken in by his authoritative pronouncements and lost nearly all.

Mega, sorry to hear that the advice of your hero resulted in financial loss.

Fred, this thread was not meant to detract from EJ's prescience or acumen (he's definitely first class). Sure, Schiff made frequent media appearances knowing that he would be a punching bag for the gasbags that populate those cable TV forums. His motivation could have been to promote his company, as has been suggested elsewhere on iTulip. At the least, though, he provided a counterpoint to the dolts that shilled for the FIRE industries.

like roubini, schiff became the 'other guy' the cnbc and fox hauled out to present 'the other side' and he did a fine job.

now what.

[Mega]

Re: Peter Schiff Was Right 2006-2007

Ben Stein has achieved recognition in several fields: a Yale valedictorian, law prof, successful acting career, and writer. Unfortunately for him -- and anyone who listened to him -- when asked for his prognostications on eqities and real estate by talk show hosts like Kudlow and Glen Beck, he seemed to channel the discredited Abby Joseph Cohen. He repeatedly described the future of mainstream investments as rosy and scorned warnings such as those of EJ and Schiff. Many were undoubtedly taken in by his authoritative pronouncements and lost nearly all.

Mega, sorry to hear that the advice of your hero resulted in financial loss.

Fred, this thread was not meant to detract from EJ's prescience or acumen (he's definitely first class). Sure, Schiff made frequent media appearances knowing that he would be a punching bag for the gasbags that populate those cable TV forums. His motivation could have been to promote his company, as has been suggested elsewhere on iTulip. At the least, though, he provided a counterpoint to the dolts that shilled for the FIRE industries.

i Ageee with "Peter" in that i lost nothing because i don't have to sell..............in fact with the British £ in its death throws i lost very little, factor in the fact i sold my stake in BT stock to fund this little adventure & BT has lost 66% of their value then i am doing fine. I also did rather well because i bought Euro's & very soon 1 Euro will = £1........So i not done too bad out of *Peter*.

But, Bloody Hell is he full of himself some times!
(His Staff are crap BTW).
Mike

[xtronics]

Re: Peter Schiff Was Right 2006-2007

i Ageee with "Peter" in that i lost nothing because i don't have to sell

This conversation could be quite different in a very short time - what if COMEX is called to deliver real gold in December?

I don't think Peter vs EJ is very valid - they seem to agree much more than differ. No one can time markets. No one can predict the future event that perturbs a market. Peter, Jim Rogers, Marc Faber, Ron Paul were all laughed at. I think they agree on much more than they differ.

What I would like to hear is how each of them see the liquidity trap. If interest rates are near zero, money printed now just gets hoarded, and monetary policy has no traction on the real economy. How will this play out?

It appears to me that smaller economies have little choice but to try to match the inflation of the dollar - large exchange rate moves in either direction are not good long term. Stability is the best short term political play. So the world is not as decoupled as I first thought, but the Emperor really has no clothes and the secret is leaking out. The first leg of this mess seems to be rather global? And what country has the reputation to form or organize a new reserve currency? Sadly, all countries have the same temptation to have fiat money - and no government is calling for a gold standard.

This credibility vacuum - can it be filled? Is this cycle going to be papered over - until the next - a super bubble? Will this degrade into political instability to the point of war(s)?

When does the status quo become too expensive for the world? Will some country emerge that has the leadership and trust to form a new system?

I think the next chapters of this saga are going to be harder to predict than what has passed so far. How much of what is going on is opaque to us - the public? Bloomberg is suing the Fed - we really don't know what is going on right now. What is the PPT up to? How long can the gold market be rigged? How much cooperation is going into these gold plays? Won't some country cheat?

What is Paulson's so called 'TARP Reform' going to change? Just what ARE they going to do with that $700B now that they are abandoning the purchase of toxic mortgage-linked securities?

The picture has just changed again - and how will the next leg play out?

I would love to hear EJ, Peter, Jim Rogers, Marc Faber sit down and talk about this.