These people must be hiding under their covers in shame

reply to post by Pinktip
Exactly. These clown pretend economists spout the same stupidity and foolishness today.

Peter Schiff has been extremely accurate. His fundamental understanding of the problem gives him clarity. Also, I felt like bitch-slapping each one of those D-bags.

reply to post by RetinoidReceptor


What a joke, there are billions of people on Earth, one person out of a billion is bound to get one future prediciton right. I could make 10 predictions right now about 2012 and I am sure at least one would come true between now and then. Who cares if someone predicted it, its time to stop it, stop handing out the money. Last time I checked this was called the USA not the USSA. We are a capitialist economy, the public has chose this position becasue well socialism and marxism didnt work to well for the Russians, nor the Dahlia Llama and tons of other DEAD people. I do believe we as a nation are being lead away little by little, ask yourself this question ---- Would your great grandfather even recogonize what we have become and if so, Would he be proud? Would he fell like the sacrafices made by millions for this country be in vain? Please people wake up, you know things are not going in the right direction when Congress is listening to Militia's speak about taking up arms and disobidience on Capital Hill in plain sight.

Well they weren't laughing at him yesterday!
He was on closing bell on CNBC as the special guest, his label "The man who predicted the downfall"
He called the whole thing "fraud" and said everyone needs to step out of the way and let the whole "fraudulent economic system" fall and then rebuild with a real system.
Nobody laughed.

Talk about orchestrated MSM propaganda.

This type of reporting is designed to mess with the viewer. Once again the talk show host bullies the guest, ridicules him, and then he is laughed at.

The viewers ego takes in the message, if I believe the guest, then I will be laughed at too, and I don't want to be laughed at. Mind control.

Obviously, TPTB had a timing issue, and they needed to prop up their markets until October 2008. That's when Bush dropped his economic bomb, and using the threat of Martial Law, stole 100 Billion in discretionary funds that he could spend any way he chose with out Congressional oversight. And now, nobody will stop him, nobody is looking, and he drops the whole mess into the next Presidents lap. C ya W.

Originally posted by anachryon
There are always people who refuse to see what's right in front of them. Anyone with half a brain knew in 2006 that the housing bubble was going to explode and ...

Yeah, I saw this coming in early 2005 when 3 outrageous documents from Countrywide came into my possession.

I wrote Countrywide about this and they responded by taking me to court to demand the return of these confidential documents and to order my silence. (bite me, I made copies, and they can't silence me)

Essentially, they had plans in the works to force many of their mortgagees into default in order to grab their homes for resale before the housing bubble collapse arrived so to avoid major losses later.

Wicked monkeys. What they started doing was essentially loosing, misplacing, folks payments, particularly those that were sending in their payments via cashiers or certified checks, money orders, etc.

People would send in those forms of payments and not even know they were not processed (or supposedlylost, LOL) until the following month when they sent in their next payment, which Countrywide would of course return because they demanded last months payment be sent in too, which of course folks thought they already did, but didn't find out it was (supposedly) never received, lost, until 6 weeks later.

And of course getting a (supposedly) lost money order or bank check reissued can take some time. By then the 3rd month would come along before they could get it replaced and when they sent in 3 months of payment now, Countrywide would send it all back now demanding late fees and foreclosure fees, often totaling more than their monthly payment.

Many lost their homes with this scam. Bastards. Some are still being played this way.

Note I do not give a damn about any judge ordering my silence ~ they can kiss my kaboose, I have no respect for the US legal system now. They can all bite me. Even the judge involved wouldn't listen.

reply to post by RetinoidReceptor


Recession? Peter Schiff is a schill. He has no clue what the heck he is talking about. Just listen to some Texas republican who said that the recession is a figment of the 'peoples' imaginations. hehe

And to see all of those guys laughing at him. Just makes me sick at how ignorant people can be. The writing was on the wall. It was plain for all to see. We have been saying this on this site (well, some of us) that it was coming for almost 2 years now.

The excuse we get from people is that it is a 50/50 chance. It will either go up or it will go down. But what they don't realize is that there is a MUCH bigger explanation to the WHY this economy has collapsed. THAT is why people have been saying what they have about it being bad.

I also believe that it will last a bit longer than the average recession. It will verge on a depression. It won't be over in 14 months from last April like some are trying to sell. Next June we will probably be in the middle of the recession. Not the beginning of coming out of it.

I wish these people could be held accountable for their arrogance. I bet if you talk to Arthur Laffer now he will say that he saw it coming all along. Especially after making the arrogant bet. I wonder if he wrote the letter saying that Schiff was right? I doubt it.

reply to post by Divinorumus


That is plain criminal and unethical. For a court system to back something that was accidentally leaked that way is criminal. Period. I would accidentally leak it to a few news outlets. That's what I would do. No one would need to know it came from you. Your defense would be that maybe someone within Countrywide actually got a case of conscience and decided to be human.

Originally posted by SEEWHATUDO
Well they weren't laughing at him yesterday!
He was on closing bell on CNBC as the special guest, his label "The man who predicted the downfall"
He called the whole thing "fraud" and said everyone needs to step out of the way and let the whole "fraudulent economic system" fall and then rebuild with a real system.
Nobody laughed.

And that's EXACTLY what needs to happen. Ron Paul has been saying this. Too bad the money (the fed or better yet, Bernanke and the idiots that pull his strings) keep stating in their public meetings that this system works fine and that they are working on it.

Pathetic.

Originally posted by Divinorumus


People would send in those forms of payments and not even know they were not processed (or supposedlylost, LOL) until the following month when they sent in their next payment, which Countrywide would of course return because they demanded last months payment be sent in too, which of course folks thought they already did, but didn't find out it was (supposedly) never received, lost, until 6 weeks later.

You know what? Providian did the same thing with me. I had a secured credit card with them, but I hardly ever used it. One month I used it to buy something that cost around 200 dollars and I was late with the payment. I was charged a 50 dollar "fine" the next month, which I thought was outrageous, but I paid it.

Then, about a year later, I bought something online that cost about 900 dollars. I was extra sure to make my payment as soon as I got the bill because I knew Providian would rip me off if I didn't. The next month I got a new bill with about a 159 dollar surcharge for "not" paying anything the previous month.

At that point I paid it off and decided to cancel. It was clear they weren't making much money off me because I hardly ever used the card, and when they saw an opportunity to make the card return some money, they pretended they never got the payment.

There were a number of class action suits against Providian about this time for fraud. Some of these financial institutions are absolute scum. They are essentially criminal enterprises. I don't doubt what you said about Countrywide at all. Doesn't surprise me a bit.

You should leak those documents to the press.

Great thread! I guesss it prooves: He who laughs last......

Doom and gloom. That is what Reagan said to Carter during the 1980 campaign when Carter warned against "trickle down economics and Reagan vowed to eliminate the national debt in four years.... The same thing that is happening now, occurred on a less grander scale in 87-88. A kind of rehearsal for the big screwing that has now been perpetrated on those amongst us that missed their lessons.

Stars and Flag for posting this video.

Shame on all those who poo-pooed Schiff.

But I guess Prophets are often misunderstood.

Schiff is still on the News, I have not seen any of the other 'economic experts' shown on any programs lately. I think that says something. Oh, and our economic issues have not even started yet.

They will play the world war 3 card soon, children, you can count on it.

What I thought was almost beyond belief is that 2 days after the initial september crash, people were calling into those same shows asking for advice! Wasn't it pretty obvious that those people were deliberately deceiving them or at the very least, didn't have a clue how to procede?

Originally posted by ClintK
I would love to see these guys come back on the very same cable networks, have this video played for them and ask them to explain themselves. What bothers me isn't that they disagreed with Peter Schiff, but rather the total arrogance with which they dismissed his predictions -- like it was total lunacy. And I mean Schiff was backing up what he said with pretty solid logic.

yeah!, I would love to see all of these people together as well....


One news channel~ millions of dollars
A few news casters~250,000 a year
A few analyst~100,000 a year
One to kick the Shiff of logic into them~priceless

[edit on 21-11-2008 by rikk7111]

Man, what a great compilation of clips! Over a year ago Schiff was saying financials were toxic and was laughed at...now look where we are at. An economy cannot sustain itself by growing debt and painting it as wealth; eventually, we reach the point of no return and we are still on our way there now.

I remember me and another lady predicting this,when I sold my tract home for close to 600k ,it was starting to remind of the 80's recession,we to were laughed at,I think the problem is some have or had these dreams of an easy street retirement,my house wasn't worth that much,amazingly last look at Zillow it was worth 385k,bet those supposed experts are feeling pretty foolish,they were really mocking him

Originally posted by ClintK
I would love to see these guys come back on the very same cable networks, have this video played for them and ask them to explain themselves. What bothers me isn't that they disagreed with Peter Schiff, but rather the total arrogance with which they dismissed his predictions -- like it was total lunacy. And I mean Schiff was backing up what he said with pretty solid logic.

What do you mean "explain themselves".. a lot of you assume these guys were lying or something.. they just got it wrong. They didn't have the benefit of hindsight to see that Schiff was using "pretty solid logic".
It's not that cut and dry.

And this monday morning financial quarterbacking on ATS is just out of control.. it seems like everyone on ATS "knew" all this was going to happen and no one woud listen to them...

You all look for blood when there is no wound. They got it wrong, they do not owe anyone anything.. maybe the media companies they woirk for should can them perhaps.. but they do not need to "explain themselves".


***

A few guys got it right. Schiff was one of them.
That doesn't make Schiff a finacial genius or anything... dont start giving him that title or we'll be back in the same position sooner than later when his next prediction or market read is .. wrong.

I am not coming down on the guy (Schiff) but this constant "look at this guys predictions he's a GENIUS" drumbeat of posts is ignorant to the reality of life.

someone, somewhere at sometime will "predict" the next rise or fall of the stock market while the majority of others point and laugh.


If it were that easy to read the tea leaves.. we'd all be millionaires.

Originally posted by gormly
\
You all look for blood when there is no wound. They got it wrong, they do not owe anyone anything.. maybe the media companies they woirk for should can them perhaps.. but they do not need to "explain themselves".

It is okay to be wrong. But they mocked and laughed at him. They were really extremely rude. That is why it is funny how all these "experts" and "academics" got it wrong.

By the way, I have noticed how EVERYONE knew this would happen too.

A few guys got it right. Schiff was one of them.
That doesn't make Schiff a finacial genius or anything... dont start giving him that title or we'll be back in the same position sooner than later when his next prediction or market read is .. wrong.

Nope it doesn;t. He was very bearish on the dollar and bullish on gold and they went in opposite directions. For the time being at least. Let's see if the dollar really does fall like a rock and gold goes to 2,000 like he said it would by the end of 2009.

reply to post by RetinoidReceptor


he was absolutely correct in his analysis, but the # started to hit the fan early 2007 and this video is late 2007. The big de-leverage started beginning of 2007 with the yen carry trade problems and SIV's (credit instrument). Roubini on the other hand started to wave his flag in 2004 adressing the same problems, that was an early warning for this latest "bubble". The problem is what Schiff says, 70% of GDP is private consumption and too little saving and production, a huge imbalance, double deficit (trade and budget).