8 Responses to “Two years ago, this guy was considered an idiot”

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1. Vinny Says:
   November 15th, 2008 at 6:42 am

   Those “magic of the market” guys sure look stupid now.

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2. Heidi Says:
   November 15th, 2008 at 7:03 am

   I can’t stand arrogance in people - it has to be one of the worst in traits, and these smug financial twits are full of arrogance. I love the way Schiff kept on message and held onto his beliefs no matter the beating he took…not just once but time after time. What a hard dose he had to keep swallowing but the end has to be a tad sweet; as much as I’m sure - he hated to be correct. Now, I’d love to hear what he has to say about the upcoming Obama policies.

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3. J. Gravelle Says:
   November 15th, 2008 at 7:13 pm

   If I can find the time, I’m Photoshopping a picture of Schiff in a chef’s hat serving a table of diners (Stein and Company) each a big plate of crow.

   That was an awesome find. Great clip, hey.

   Look up the current stock prices as you play it. Washington Mutual at 16 cents made me laugh so hard I spit milk.

   And I haven’t had a sip of milk in years…

   -jjg
   DailyScoff.com

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4. Joey Says:
   November 16th, 2008 at 6:14 am

   Vinny,

   I’m failing to follow your logic. The market was simply reacting to poor decisions, which proves that the market does indeed work. But government, unfortunately, believes that it has to step in, print more money, spend more money, and reward bad decisions, which will do nothing but prolong the inevitable and ultimately makes things much, much worse.

   The talking heads in this video weren’t arguing ‘the magic of the market’, they were in denial that the market would respond to all of the poor financial decisions that our country was making. There’s a huge difference.

   Market corrections are necessary, and when we don’t allow nature to correct poor decisions, we get more of the same.

   I thought that was pretty obvious in this video.

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5. Joey Says:
   November 16th, 2008 at 6:16 am

   Gravelle, I did happen to look up WaMu’s stock after watching this. I didn’t spit milk, but I did laugh.

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6. Vinny Says:
   November 16th, 2008 at 9:17 am

   Things are always obvious after the fact, but I think you have to look back at the records of those talking heads.

   Arthur Laffer was one of the gurus of Reagan’s supply side economics. He sold the idea that tax cuts for the rich would unleash the economy. Of course, what we got was the destruction of America’s manufacturing base instead.

   The reason that Laffer and Stein scoffed at Schiff was because they believed that low taxes, free trade and lax regulation freed the market to work its magic. They trusted the market’s ability to price all the credit risks.

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7. Emillie Says:
   November 16th, 2008 at 9:30 am

   Peter Schiff is a genius. He was right about EVERYTHING. And I guess he never gave that guy a penny. LOL!!! Everyone was so “Caught in the moment” to look at the facts. I wonder what they think now….

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