Posted on 02/10/2009 11:50:58 AM PST by SkyPilot
Peter Schiff
The intense scrutiny recently paid to my investment strategy in the immediate wake of the financial crisis of the last six months has unfortunately obscured the central element of my larger economic forecast. The standard line has been that although I was able to predict the crash, in the form of the housing collapse and the credit crunch, my expected fallout of a weaker dollar and global decoupling has been proven false. However, this assumes that the crash has fully played out. In reality, all we have heard thus far is the overture.
In 2008, the bubble economy that I had meticulously described years ago finally hit the pin that I knew was out there. The corporate losses, frozen credit markets and plunging home prices were the opening salvo in the unfolding economic crisis. However, the vast majority of air has yet to leak out of the bubble. As it does, the U.S. economic crisis will kick into a much higher gear.
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This week President Obama claimed that failure to pass his economic stimulus bill will have catastrophic consequences for the U.S economy. The reality is the catastrophe will be far greater with his plan than without it. If the trends of January and early February of 2009 continue, the rug will be completely pulled out from beneath the U.S. economy, and the full cost of the President's "economic depressant package" will be apparent to all.
(Excerpt) Read more at seekingalpha.com ...
8/28/2006-Peter Schiff Predicts The US Economic Collapse With Unbelievable Accuracy
While not 100% correct in everything he has said, he has been the most accurate economic prophet there is.
Things are getting very, very scary now.
We wish.
It'll be spun as Bush's fault. Obama can't lose.
If foreign capital does not continue to pour into Treasuries, interest rates and consumer prices in the U.S. will soar. At that point, we will finally be confronted with the real crises that I have long predicted. When the day of reckoning arrives our policy response will be critical. If we continue on the course our new President has mapped out, the catastrophe will far exceed the scope of any he hoped to avoid.
The US Economy and Government will stink for the next 4 years. However, the rest of the world may be worse.
Can you add me to this ping list?
I’m just saving as much money as I can and hoping for the best. The bill has passed. Its in God’s hands now, as far as I am concerned.
We are witnessing Shock and Awe as Prwesident Bush never understood it. In the first 100 days the Dems will do so much destruction there will be no turning back. We have lost the Country.
Where are other economists?
If I pass a burning house and hear screams inside and pass on by, I am guilty of a failure to act. So is it with economists and others who should be publicly making thier case about the Chicago machine Obama bill.
Thanks to SkyPilot
It has only passed the House and Senate. It is not yet law.
lol. the rest of the world usually gets it worse, thats the only real reason they buy US debt. I wish they’d stop.
Where are other economists?
A) Peter Schiff is not an economist. He’s a broker who comments on the economy.
B)No credible economist — with few exceptions — wants to go on record because the outlook is so gloomy.
There was a full page ad placed (in NY TIMES?) by Cato that had I think 100 Economists signing it saying the Stimulus was not good
hundreds have signed open letters and placed ads in newspapers there was a thread earlier
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Kemp-o-nomics : "Tax cuts pay for unlimited spending through higher tax revenues from job creation".
Pelosi-nomics "Government spending pays for unlimited government spending through higher tax revenues from job creation",
Obama-o-nomics: "The way you stimulate the economy is by increasing taxes on those that pay most of the taxes to give welfare to those that don't so they can spend it fast (because they don't have bank accounts or anyplace else to put it but Walmarts or the Lotto.)"
You can read past posts by clicking on : schifflist , I try to tag all relevant threads with the keyword : schifflist.
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