Friday, November 14, 2008

How smart do you feel now?

Fascinating video that a friend linked to. Basically, it's a compilation of a financial analyst named Peter Schiff pretty much exactly walking us through the financial collapse of the last few months while the other financial pundits literally laugh at him for being so stupid. How smart do those people feel now?

4 comments:

Sarah Laurenson said...

I'm going to have to come back and watch this when I have a brain again and a bit of uninterrupted time. I'm sure it's a good one. So is the article BT linked to today.

blogless troll said...

Peter never backs down. He's a bulldog.

But to answer your question: They will never admit to being wrong. They will never be fired. They will continue to spew their nonsense on TV and pretend to have seen this coming all along.

pjd said...

I don't know anything about economics, but a lot of what Shiff was saying is what I've been thinking for years, too. My entire economics background comes from my high school history teacher, Mr. Buchas. He spent a lot of time on what led up to the Depression. Basically, he said it was a combination of drop in savings, increase in borrowing, and reduction in oversight.

It is the same thing over and over. History repeats not because people fail to study it but because people are too arrogant and short sighted to realize it will happen to them, too. S&L, dot com bubble, housing bubble... what's next? Tulips, for God's sake?

ChrisEldin said...

If it's the tulips, Robin should get credit for that prediction.
Me, I'm going with gardenias.