Ben Stein: "I was wrong, Peter Schiff was right"

Well ladies and gentlemen we have a person of modest being here. It is so great to see something like this come out and I respect Mr. Stein for his public admission. What a great humble guy, if only all mainstream economists could do the same.

Here is some of the article:

"Some months ago I was a guest on a cable news show; the discussion centered on what were then the early tremors in the stock prices of a number of financial companies. Rumors about the losses in subprime had been floating around, and many major financial firms had been hard hit.

We began by discussing the recent price drop of Merrill Lynch after talk of major problems had been found -- or allegedly found -- on its books. I said I believed that Merrill was a solid firm and that its stock price revealed an unrealistically pessimistic view of the firm's future. At the day's price, I said, Merrill was a major bargain.

Another guest on that show was financial figure, stock picker, and prognosticator Peter Schiff. He strongly disagreed, saying the financials were in terrible trouble.

Yes, I Was Wrong

Now, it is an understatement to say that Mr. Schiff was right and I was wrong in this case. I had foolishly believed Merrill's protestations of its soundness. Moreover, I had mistakenly believed that the federal government would never allow the financial sector to reach the edge of collapse without supervision and rescue across the board. Again, I was wrong and Peter Schiff was right -- in a very big way...."

Article continues: http://finance.yahoo.com/expert/article/yourlife/138279;_ylt...