Why Isn't Peter Schiff Head of the Fed?Submitted by bobbyw24 on Wed, 11/17/2010 - 07:18
One of the most instructive and eye-opening YouTube videos out there is called "Peter Schiff Was Right." It is a compilation of appearances by Schiff -- president of Euro Pacific Capital -- on TV and cable shows predicting the burst of the housing bubble and the subsequent economic meltdown. (For the original compilation go here, for the second edition here.)
Schiff's appearances cover the period between 2002 and 2007. To most observers, things looked bright then, given that real estate and equities were enjoying an impressive bull run. Americans were becoming millionaires by the thousands as the paper value of their holdings kept mushrooming.
Even though there would be occasional snag now and then, our economic future loomed rich and shiny. It was a time when the pundits kept telling us that we had entered on an era of sustained growth, cheap imports, and endlessly climbing asset prices. They all but asked us to join hands and celebrate the economic and financial panacea we supposedly inhabited.
This is, for example, how Arthur Laffer -- the economic guru of the Laffer curve fame -- saw things in the middle of 2006: