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Thread: Signs the Economy is Turning Around

  1. #21
    Havakasha is offline
    More damage to do to Mr. SiriuslyWrongs reputation. I really dont enjoy doing this.

    "In summary, Schiff reminds me very much of Douglas Casey who wrote the 1980 best-seller Crisis Investing: Opportunities and Profits in the Coming Great Depression. Casey predicted soaring inflation and commodity prices and a plunging U.S. dollar. Schiff has been singing this same song for many years. The vast majority of Schiff's market and economic calls have been significantly off.

    He appears to have built himself a profitable brokerage business by harping on the simple message that the U.S. is going down the tubes and you've got to get your money overseas and into commodities. However, his clients' performance (apparently following his risky and flawed predictions) has been sub-par as has been documented in numerous sources, most recently in this Wall Street Journal article. "

  2. #22
    SiriuslyLong is offline
    SiriuslyLong's Avatar
    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    Watch and enjoy - Peter Schiff was Right.

    10 minutes of uncanny accuracy on a number of topics. I wonder if Hava-gafa-kasha had the courage to watch.

    Watch the Fox News anchors call him "pessimistic" as he tells the public to avoid financial stocks. Yeap, he was right on that too. Had you put your life savings into Washington Mutual in 2006.......
    Last edited by SiriuslyLong; 03-07-2012 at 01:21 PM.

  3. #23
    SiriuslyLong is offline
    SiriuslyLong's Avatar
    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    "Glutten for punishment"

    Jokes on you. In 2006 Schiff called for gold over $1000 lol.

    Just watch the damn clip.

  4. #24
    Havakasha is offline
    WED MAR 07, 2012 AT 08:25 AM PST
    Today in Congress: fake 'jobs' bill; transportation filibuster breaks the one month mark
    byDavid Waldman

    The House considered its one scheduled suspension bill, before moving on to a resolution expressing the condolences of the House on the death of the Rep. Donald Payne (D-NJ).

    Afterwards, they began consideration of the Bureau of Reclamation Small Conduit Hydropower Development bill. Although considered under a modified open rule, only three amendments came to the floor yesterday, two handled by voice vote, and one for which the vote was postponed to today.

    The Senate was unable to invoke cloture on the transportation bill (actually a Reid substitute amendment that would have had the effect of blocking out most other amendments). The vote actually came out worse this time. The first attempt at cloture failed 54-42. This time it "lost," 52-44.

    They did succeed in confirming the two judges on the docket today, however. Both with overwhelming majorities.

    Looking ahead to today:

    Today, the House is slated to complete its consideration of the scintillating Bureau of Reclamation bill, and then turn to the so-called "Jumpstart Our Business Startups (JOBS) Act." I say so-called, because up until this week, this bill was known as the "Reopening American Capital Markets to Emerging Growth Companies Act," which gives a better hint as to what it's really all about. But someone decided Republicans had to do something that at least sounded job-related, if only to get themselves out of jumping off the birth control cliff. So here we are, with a financial market deregulation bill renamed "JOBS." And a plateful of 17 amendments, with which I expect they will close out the week tomorrow, before heading out of town for yet another recess.

    Meanwhile, it's back to the drawing board for the Senate, in search of some way to get the transportation bill unstuck after a month on the floor. This is, let's recall, a bill that passed with bipartisan, unanimous support in committee. And yet we're now passing the one month mark on this filibuster. Which, I'll note, I don't see a whole lot of people actually calling a filibuster.

    But there's nothing wrong with Senate rules. La la la!

  5. #25
    Havakasha is offline
    Schiff also said, "At a minimum, the dollar will lose another 40 to 50 percent of its value." Wrong, wrong again on this one! I wrote in December, 2009 about how Schiff and a plethora of pundits were predicting the demise of the U.S. dollar in my piece, An Examination of the "Dire Circumstance" of the U.S. Dollar. The dollar is almost exactly where it was in early 2009! And, funny how the Euro crisis is now center-stage and folks are no longer talking about how weak the U.S. dollar is anymore.

  6. #26
    Havakasha is offline
    Update February 23, 2009: I just got off the phone from doing a radio interview with Jason Hartman for his real estate and financial show. Early on, he asked me about various gurus and Peter Schiff's name quickly came up. Schiff he said had been a guest on his program in the past. Without missing a beat, Mr. Hartman proceeded to tell me how he invested $200,000 through Schiff's firm and now had just half of that left!

  7. #27
    Havakasha is offline
    Before I get to Peter Schiff's more recent predictions, I was able to track down some of his older ones. I always enjoy doing this for prognosticators like Schiff who claim as he did to U.S. News last year that, "The reality is I don't think I've been wrong on anything," in reference to his predictions over the past decade. Let's take a look at that bold claim.

    The Same Old Song

    Thanks to the wonders of video technology, we have an accurate record of Schiff's views from this 2002 television interview. What is notable here is that in this 2002 interview, Schiff was saying nearly the same exact things that he did during 2008 and in his recent interview with me.

    At the time of this 2002 interview, the U.S. stock market had already suffered steep losses and the economy was in recession. The highlights of Schiff's predictions: he saw substantial downside over the next couple of years for the stock market. He predicted that the Dow, which was around 10,000 at the time, would plummet to between 2,000 and 4,000 and he even went so far as to say that the Dow might fall below 2,000. He expected the NASDAQ to drop to 500 from its then level of 1,700. He also said that the dollar was going to fall sharply and interest rates were going to go through the roof accompanied by dramatic inflation.

    On all of these counts, Schiff wasn't just wrong but ended up being hugely wrong.

  8. #28
    Havakasha is offline
    On all of these counts, Schiff wasn't just wrong but ended up being hugely wrong.

    Now, fast forward to May 30, 2008 and the U.S. News article, "Permabear Peter Schiff's Worst-Case Scenario." Let's review some of the key predictions he made in that piece As for his investing predictions he said, "I'm getting my clients' money outside of the United States as fast as they can send it to me...You've got to own resources and energy...I've been buying gold, silver, industrial metals, and all kinds of stocks. My main theme is the global economy will survive and the U.S. economy is a disaster. Everything is about how you benefit from the increased purchasing power and rising standard of living in the rest of the world."

    This was wrong as commodity prices have plunged since this interview (see graph below). Foreign stocks actually declined more in 2008 than did U.S. stocks so Schiff was wrong on that count too.

  9. #29
    SiriuslyLong is offline
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    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    [QUOTE=Havakasha;72996]More damage to do to Mr. SiriuslyWrongs reputation. I really dont enjoy doing this. QUOTE]

    I know. Showing your ignorance and exposing your extreme rigid left wing ideology is something no one should enjoy.

  10. #30
    Havakasha is offline
    "Oil prices had a pretty big run and might not make more headway by the end of the year. But we could see $150 to $200 next year."

    "At a minimum, the dollar will lose another 40 to 50 percent of its value."

    Well, Schiff was wrong on these 2008 predictions on gold, and wrong on oil, which plunged with the commodity bubble bursting. When asked, "So how bad do you think this economy will get?" Schiff said, "We're going through a very rough period in our history. In many ways, it's going to be worse than the Depression." That's what prompted my call to Schiff to explain this stunning statement.

    "During the depression, the U.S. economy was actually still fundamentally sound. The U.S. government created the great depression...Japan's government made the same mistakes in the 1990s and made the downturn worse and longer lasting," he said. He went on to explain, "We allowed our economy to move from producing goods to a service economy. Our economy now is completely phony."

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