PrintMarch 24, 2009
Economic Warnings From A Man Who Was Right
Peter Schiff, who predicted the current financial crisis back in August 2006, is today warning about the government's borrowing and bailout binge.
Go here and click on the top listed video clip and you'll find a 7-minute segment from a March 19, 2009 episode of a CNBC financial news show. Here's the cast:
"Melissa" is the moderator.
"Steve" is Steve Liesman, a seasoned economic journalist, CNBC's Senior Economic Reporter, and a regular commentator on the network.
"Peter" is Peter Schiff, Founder and President of Euro Pacific Capital and author of the books Crash Proof and The Little Book of Bear Moves in Bull Markets. Videos of his speeches and commentaries are plentiful on the web.
"Bill" is Bill Seidman, former chairman of the FDIC (1985-1991) and the first chairman of the Resolution Trust Corporation (RTC) where he was widely heralded as doing a superior job of unraveling the S&L crash.
"Larry" is Larry Kudlow, who hosts a CNBC financial news show, is the CEO of his own economic research firm, and served in the Reagan administration as the associate director for economics and planning in the Office of Management and Budget.
The clip highlights a debate between Liesman and Schiff, supplemented by Seidman's and Kudlow's comments. The dialogue summarizes two opposing judgments on how the Obama administration is handling the recession.
Although Liesman belittles Schiff's analysis, Schiff has the advantage of having accurately predicted the present crisis years in advance.
And, if Schiff is right again, he's like Ricky Ricardo coming through the apartment door saying, "Lucy, you're in trouble now."
