President Obama Brings Facts to Romney and Ryan

[SiriuslyLong]

Well, what does "everyone" think will happen with an ever growing unsustainable debt? You agree it is unsustainable, but how so, and what might be the ramifications of this unsustainable debt? You said it; now please finish it. That is, if you are not afraid. Copied is post #21. What is the last number in the thread? All these posts, so little answers...

Can you finish your thought?

That's right, you're chicken$hit. You know the answer, and it will make you look like a total and complete a$$.

Here, I google it for you. Enough of your stupidity.

"How The U.S. Debt Affects the Economy:

Over the next 20 years, the Social Security Trust Fund won't have enough to cover the retirement benefits promised to Baby Boomers. That means higher taxes, since the high U.S. debt rules out further loans from other countries. Unfortunately, it's most likely that these benefits will be curtailed, either to retirees younger than 70, or to those who are high income and therefore aren't as dependent on Social Security payments to fund their retirement.

Second, many of the foreign holders of U.S. debt are investing more in their own economies. Over time, diminished demand for U.S. Treasuries could increase interest rates, thus slowing the economy. Furthermore, anticipation of this lower demand puts downward pressure on the dollar. That's because dollars, and dollar-denominated Treasury Securities, may become less desirable, so their value declines. As the dollar declines, foreign holders get paid back in currency that is worth less, which further decreases demand.

The bottom line is that the large Federal debt is like driving with the emergency brake on, further slowing the U.S. economy."

That's just one of many: http://useconomy.about.com/od/fiscal.../p/US_Debt.htm

That's what Schiff is talking about. You prefere to deride him instead of understanding the point being made. LAZY PARTISAN TRASH is what you are. Taking his comments at face value to politicize. So much for an earnest discussion. YOU CAN'T HAVE ONE!!!!

It is a shame you couldn't say it yourself, but that is your highly partisan ridid ideology speaking for you.

If you are too lazy to google ramifications of unsustainable national debt, here: http://search.yahoo.com/search?type=...+national+debt

And here's what YOUR president has done about it: http://www.usdebtclock.org/ NOTHING

Would you rather treat the cold, or the pneumonia it turns into? That's Schiff's point plain and simple.

Obama is too worried about the Buffet rule while REAL problems are left unattended. Yesssirreeeee, that's the guy I want running the country...................

You're a joke, but not funny.

You're even more of a joke now. You won't embrace anything - honesty, facts, logic... The only thing you can embrace is your party line because you are INTELLECTUALLY LAZY. You can't escape it; it is all here in BLACK AND WHITE. You agree that ever increasing debt is unsustainable, but you WON'T elaborate why. WHY IS THAT?

You REFUSE to acknowledge that there are ramifications to ever growing / unsustainable national debt. IT IS TRULY PATHETIC.

And here again is the Amazing Peter Schiff calling the housing bubble and the EXACT reasons why - a full 2+ years in advance. Hava-gafa-kasha cannot admit this is an AMAZING compliation of correct calls EVEN THOUGH IT IS FACTUALLY PRESENTED. He pretends it doesn't exist LMFAO. What poor credibility.

http://www.youtube.com/watch?v=2I0QN-FYkpw

So sad you make an a$$ of yourself in a public forum. That's what extremism does for you.

[SiriuslyLong]

Never happened in the mind of Hava-gafa-kasha............

Peter Schiff vs. Arthur Laffer

OK, I'm a sad person. I admit it. But I do occasionally like to have a laugh. And the following two videos are perhaps the funniest I have seen in a long time.

In the first one, dated August 2006, Peter Schiff correctly predicts the current recession and what will cause it. Arthur Laffer, an appropriately named man, laughs out loud at Schiff's thoughts and then challenges Schiff to a bet, after stating that the American economy is in the best shape it has ever been, that there will not be a recession in 2007 or 2008, and that he wants Schiff to grovel at his feet in supplication when Schiff is proved wrong. Schiff, of course, accepts the bet, saying he would like it to be a lot more than one penny.

In the second video, dated October 2008, an incredibly nasty and stupid little man gracelessly tries to pretend he is not the same Arthur Laffer as in the video above. Bill Maher gently quizzes him on the bet with Peter Schiff. An ugly toad-like impression settles upon Laffer's screwed up face, as this evil little grunt of a man, who was so quick to pour loud public scorn upon Peter Schiff, quickly tries to shut down the conversation by talking about a nine month statute of limitations on economic predictions (which doesn't appear to have stopped Schiff making multi-year predictions, of course, or being right). As well as being the funniest economic thing I have seen in years, this second video is also toe-wincingly embarrassing after watching the first one, so be careful before you click play:

It never happened: http://angloaustria.blogspot.com/200...ur-laffer.html

[SiriuslyLong]

Have you seen this video? Entitled Peter Schiff Was Right, 2006-2007, it is an amazing, nine-minute compilation that features Mr. Schiff, the president of Euro-Pacific Capital, suffering the slings and arrows of various market gurus like Arthur Laffer, as he bravely predicts — again and again and again — in various television appearances that the housing bubble is going to lead to economic disaster. One thing that makes it amazing is how unflinching Mr. Schiff is, how unyielding, how matter-of-fact, no matter how scornful and sneering the response from the other talking heads. Even when they laugh at him, he keeps coming back. The other thing that makes it amazing, of course, is that Mr. Schiff absolutely nailed the current crisis — and did so many, many months before the rest of us could feel the first tremor.

The video has become one of those “viral” events that take place on the Internet as it’s passed around from one e-mail address to the next. In fact, I first saw it when one of my brothers sent it to me — a brother who had never before evinced the slightest interest in CNBC or financial gurus. “This video is unbelievable,” he wrote me.

You hear people asking: why didn’t anyone warn us of the coming calamity? The answer is that there were plenty of smart analysts, and journalists, who did warn, loudly and often. But when you are living in a bubble, there is a deep desire to tune out dissenting voices, or to scorn them, as Mr. Laffer does to Mr. Schiff. The herd mentality is a powerful thing. I remember during the Internet bubble when my friend, Herb Greenberg, was writing devastating article after devastating article, poking holes in companies’ financial statements. Instead of being thanked by readers, he was flamed. They didn’t want to hear it.


Fortune magazine cover in 2002 on the housing bubble.The same is true of another prescient journalist: my former Fortune colleague, Shawn Tully. I recently asked Fortune’s managing editor, Andrew Serwer, to send me a list of Shawn’s stories warning about the housing bubble. He sent back seven stories, two of which the magazine put on the cover. The last one was written in August, 2006. The first article was written — are you sitting down for this? — in December 2002. The cover of the magazine (left) pretty much hit people over the head with the idea that housing prices couldn’t last.

And here is the money quote:

Put simply, U.S. housing prices are stretching the outer limits of what’s reasonable and sustainable. Instead of cooling down, prices keep hurtling upward, defying the laws of economic gravity just as grievously as those unmentionable dot-coms once did.

In other words, what looks like a gift to homeowners today is potentially a recipe for disaster later on: If the boom persists, housing will become so overheated it’ll pull the entire economy into dangerous, fragile territory. In a year or two, prices will fall with a thud, unleashing a double-dip recession that will pummel home prices even more. “Every day prices rise, the risk gets greater that a bubble will form — and unwind in an ugly way,” says Mark Zandi, an economist with consulting firm Economy.com.

True, Mr. Tully was wrong in saying the prices would fall “in a year or two.” Instead, it took five years. But his overall analysis was right, and prescient, and like Mr. Schiff, he never flinched, even as the market continued to defy gravity. Something to think about the next time you’re wondering why “nobody” saw it coming.

NY Times? Then it has to be true? http://executivesuite.blogs.nytimes....ly-were-right/

Will the extreme liberal acknowledge this? Hasn't yet and there's been some 200 posts on the subject.... Pathetic.

[SiriuslyLong]

You're even more of a joke now. You won't embrace anything - honesty, facts, logic... The only thing you can embrace is your party line because you are INTELLECTUALLY LAZY. You can't escape it; it is all here in BLACK AND WHITE. You agree that ever increasing debt is unsustainable, but you WON'T elaborate why. WHY IS THAT?

You REFUSE to acknowledge that there are ramifications to ever growing / unsustainable national debt. IT IS TRULY PATHETIC.

And here again is the Amazing Peter Schiff calling the housing bubble and the EXACT reasons why - a full 2+ years in advance. Hava-gafa-kasha cannot admit this is an AMAZING compliation of correct calls EVEN THOUGH IT IS FACTUALLY PRESENTED. He pretends it doesn't exist LMFAO. What poor credibility.

http://www.youtube.com/watch?v=2I0QN-FYkpw

So sad you make an a$$ of yourself in a public forum. That's what extremism does for you.

I'll say goodnight to this one........

[Havakasha]

"the amazing peter schiff". Well im glad i finally got him to own his adoration of Mr. Schiff.
The statement is absolutely delusional.

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."




Its sad and disappointing that SW is just not able to to be honest about Mr. Schiff's track record.
He is clearly in too deep in his admiration of Mr. Schiff to own up to the FACTS I have presented.
Its simply a fact that he has been wildly wrong about a large % of his predictions over the years
and has an inability (just like SeriouslyWrong) to admit to even one mistake. He has a historical
record of being a severe doom and gloom (and is still doing so) prognasticator and because the economy has boom and bust cycles he will ocassionally be right. But he i clearly someone who gets most things wrong. Its undeniable based on the factual record. I direct your attention to
the following facts.

Yesterday, 01:57 PM #53
Havakasha
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Siriuslylong quote: 2011 is "starting to feel a lot like 2008".

Wow. How is that for economic analysis? LOL.

He has been challenge by people to reveal the results of his stock market portfolio over
many years. He will not. Obvious.

This is what SeriouslyWrong said in early 2011 about Peter Schiff's 2011 predictions.
Do you think a person could make money by backing these absurd predictions? Of course
not.

01-05-2011, 06:11 PM #4
SiriuslyLong
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Siriuslylong quote about Mr. Schiff's predictions for 2011 and my challenging them.

"I wouldn't dismiss any (of his) predictions for 2011 at this time. From my perspective (i.e. petrochemicals), it's starting to feel a lot like 2008. And look at the market. What did Buffet say? When people are greedy, be fearful?"


The predictions of Peter Schiff were for a "CATASTROPHIC" market crash in early 2011. His prediction was for "HYPERINFLATION" in 2011. Not normal or high inflation but HYPERINFLATION. His prediction was for gold to rise to $12,000 or the Dow to fall to 1,400 within the next 2 years.
His prediction was for interest rates on 10 year notes to be at "4% at the beginning of 2011 and
rise to 5% or even 6%% in 2011 or 2012. His prediction was that the dollar would collapse in 2011. And on and on and on....

HE GOT THIS ALL WRONG!


SeriouslyWrong and Peter Schiff deserve each other.
Mr. Schiff is a charlatan. If an individual cant own up to his
favorite economic predictor and theorist getting many of his
predictions wrong then you know he is a dishonest individual.
End of story.

[Havakasha]

How could someone read this and not understand the facts about Mr. Schiff's record?


I will post the same thing over and over again until he is admits to the dishonesty and lack of economic credibility of his favorite economic theorist and stock market advisor.

THIS IS QUITE EMBARASSING. I THINK ANY REASONABLE PERSON WOULD AGREE.

http://www.erictyson.com/articles/20090213

Peter Schiff quote: “...I Don't Think I've Been Wrong on Anything”
THIS IS A PETER SCHIFF QUOTE AS I SAID EARLIER. NOT ONLY DOES HE GET SO MANY OF HIS ECONOMIC PREDICTIONS WRONG BUT HE HAS NEVER ADMITTED to ANY OF HIS WILDLY WRONG PREDICTIONS. FACTS DONT LIE and he is clearly a LIAR.

May 14, 2010


Update May 18, 2010: I periodically get emails from Schiff disciples asking what do I think NOW about his great advice. Apparently many of these folks don't follow the performance of investments they aren't currently using because these folks seem to think that gold has been http://www.erictyson.com/articles/20090213 the place to be no matter what happens. One recent and good question was about Hartman and how his Schiff portfolio is doing "these days." The questioner seemed to be of the belief that Hartman would be much happier now with Schiff's picks to which I say, only if he is an ostrich with his head in the sand!

Since I interviewed Jason Hartman (see previous update below) in February, 2009, gold (Schiff's favorite investment for the supposed coming end of the U.S. dollar) was at about $1,000 per ounce. 15 months later now, gold is at about $1,200 an ounce, so it's up 20 percent since I spoke with Hartman. By contrast, U.S. stocks have rocketed higher and have had one of the best rallies ever. U.S. stocks, which Schiff said to shun, are up 70+ percent. So, stockpiling gold and staying out of stocks hasn't work so well for Schiff.

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.


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!



During the sharp and volatile stock market slide of 2008-09, Peter Schiff, who heads the brokerage firm, Euro Pacific Capital based in Darien, CT with five branch offices in California, Florida and Arizona, has frequently been on television, especially the cable channels including CNBC. Along with a growing chorus of others such as Nouriel Roubini, Barry Ritholtz, and Gary Shilling, Schiff is one of those guys now saying "I told you so" in reference to the recent economic and financial market problems.

Schiff's quote used for the headline of this article ("The reality is I don't think I've been wrong on anything") comes from an interview U.S. News & World Reports magazine did with Schiff in their May 30, 2008 issue. (In that piece, Schiff made a number of predictions I will get to in a moment.) The quote came from comments he made when discussing the supposed accuracy of his predictions over the past decade.

Peter Schiff began his career in the financial services world as a stockbroker, doing what I thought I wanted to do when I grew up. (I lost interest in the job once I learned about selling and working on commission). My dad used to take me to visit his broker at Merrill Lynch. Mind you, my dad was no high roller but he had begun handling some investments when he was laid off from his job as a mechanical engineer during the severe recession of 1973-74.

In watching and reading his interviews and in speaking with Schiff myself on February 12, 2009, I am struck by the forcefulness and certainty of his views and predictions. He doesn't hedge and as he did in the U.S News interview, he told me, "Pretty much everything is happening as I scripted it to happen with minor exceptions..."

Economic Background

When I asked Schiff what training and experiences he had to form his economic views and opinions, I asked if he was an economist or had any economics training. "I think I know more about economics than anyone with the title and I know more than anyone in government," he boasted, adding, "These other guys are witch doctors and I'm the real doctor."

As for when he developed his economic genius, Schiff told me, "I've always known this much -ever since I was a kid and my dad wrote a book called the Biggest Con: How the Government is Fleecing You, I understood capitalism and how it works. I read Ayn Rand and I read some of the Keynesian economics stuff and could see why those economists were all wrong."

Schiff's father, Irwin Schiff, is a long-term tax protestor who has written many books about the supposed illegality of the U.S. income tax system. Unfortunately the senior Irwin didn't read the section in my Taxes for Dummies about what happens to folks who refuse to pay their income taxes because they don't believe in the validity of our nation's tax laws. Sadly, Irwin Schiff, now in his 80s, has been convicted of numerous federal income tax crimes and is currently serving another lengthy prison term.

Interestingly, in the marketing copy for Irwin Schiff's book, The Biggest Con, it says of the book, "It will convince you that most American ‘economists' don't know what they are talking about - which is why this country is in such deep economic and financial trouble. It provides irrefutable proof of how the federal government has been continually undermining the American economy and forcing a lower standard of living on us all." This sounds a lot like the recent statements of his son Peter yet the father's book was published back in 1977! (You know the expression about the apple not falling far from the tree...)

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.

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.

When asked, "Why don't you think soaring oil, grains, or commodities prices are the next bubble?" Schiff replied:

"These prices do not constitute bubbles. They simply constitute the repricing of goods to reflect the diminished value of our money. The way you can tell there's not a bubble is that these markets are clearing. People are buying food and eating it. They're buying gasoline and using it. Speculators aren't buying gasoline and warehousing it in big facilities because they think the price is going to go up." Schiff went on to say,

"Gold is going to be $1,200 to $1,500 by the end of the year." (gold is the only investment area he is been somewhat right about)

"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."

[SiriuslyLong]

The Accuracy and Reliability of Peter Schiff's Predictions
Can they be relied on for investment decisions?

Peter Schiff Predictions

Mr. Schiff is one of the few non-biased investment advisors (not committed solely to the short side of the market) to have correctly called the current bear market before it began and to have positioned his clients accordingly. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned. He has been quoted in many of the nation's leading newspapers, His best-selling book, "Crash Proof: How to Profit from the Coming Economic Collapse" was published by Wiley & Sons in February of 2007. His second book, "The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down" was published by Wiley & Sons in October of 2008.

Mr. Schiff began his investment career as a financial consultant with Shearson Lehman Brothers, after having earned a degree in finance and accounting from U.C. Berkeley in 1987. A financial professional for over twenty years he joined Euro Pacific in 1996 and has served as its President since January 2000. He is also a contributing commentator for Newsweek International and served as an economic advisor to the 2008 Ron Paul presidential campaign. He holds FINRA Series 4, 7, 24, 27, 53, 55, 63 & 65 licenses.

Find out the facts here in this fair and objective analysis of Schiff: http://www.economicpredictions.org/p...ions/index.htm

"Uncannily Accurate".... never heard those words from Hava-gafa-kasha... but he is far from fair and objective. Hell, he can't even add to the conversation LMFAO.

Be sure to compare to Roubini................................ And notice how the article notes that other economists predicted the housing bubble... Not included is Krugman.

[Havakasha]

"one of the few non-biased investment advisors". That is an utter falsehood. If ANYONE believes that they are delusional, and obviously incapable of understanding FACTS and LOGIC. The truth is that Mr. schiff is a right wing Republican politician (ran for Republican Senator of Conn. Lost badly) who bases his economic beliefs on extreme views about the U.S. govt. and economic policy. His father is in jail for tax evasion and is the man who taught him most of his ideas on economics. Somebody certainly doesnt understand the meaning of "NON-BIASED".

There are lots of blind and dishonest ideological apologists for Mr. Schiff. Its easy to find people
who fall prey to cult like figures and refuse to see reality, but the facts are the facts. They dont lie. SeriouslyWrong is clearly DESPERATE to hold onto a need to believe that his favorite economic theorist and stock market advisor knows what he is talking about.

Lets keep it simple at first and start with his more recent predictions.

2011 predicitions from the end of 2010:


The predictions of Peter Schiff were for a "CATASTROPHIC" market crash in early 2011. His prediction was for "HYPERINFLATION" in 2011 (Not normal or high inflation but HYPERINFLATION). His prediction was for gold to rise to $12,000 or the Dow to fall to 1,400 within the next 2 years.
His prediction was for interest rates on 10 year notes to be at "4% at the beginning of 2011 and
rise to 5% or even 6%% in 2011 or 2012. His prediction was that the dollar would collapse in 2011. And on and on and on....

HE GOT THIS ALL WRONG!

You might think this would be embarassing enough except that Mr. Schiff refuses to own his mistaken predictions.

Peter Schiff "THE REALITY IS THAT I DONT THINK I HAVE EVER BEEN WRONG."

WOW! What can anyone say about such a deluded sense of importance and rightness?

[Havakasha]

This is what SeriouslyWrong said about 2011 at the end of 2010 and beginning of 2011
concerning Mr. Schiff's predictions.


"I wouldn't dismiss any (of his) predictions for 2011 at this time. From my perspective (i.e. petrochemicals), it's starting to feel a lot like 2008. And look at the market..."

So 2011 was starting to feel like 2008 at the height of the 2nd worst recession? Amazingly wrong intuition.

Clearly he had no idea just how wrong Mr. Schiff could be nor had any understanding of the direction of the economy. A simple case of ideological bias i believe.



Sorry but I have to list those predictions for the 20th time BECAUSE CLEARLY SERIOUSLYWRONG
AND MR. SCHIFF DONT EMBARRASS TOO EASILY.

The predictions of Peter Schiff were for a "CATASTROPHIC" market crash in early 2011. His prediction was for "HYPERINFLATION" in 2011 (Not normal or high inflation but HYPERINFLATION). His prediction was for gold to rise to $12,000 or the Dow to fall to 1,400 within the next 2 years.
His prediction was for interest rates on 10 year notes to be at "4% at the beginning of 2011 and
rise to 5% or even 6%% in 2011 or 2012. His prediction was that the dollar would collapse in 2011. And on and on and on....

HE GOT THIS ALL WRONG!

[Havakasha]

"In other words, Peter Schiff may be a classic case of a stopped clock: he's been predicting a market decline forever and when the market has declined he's hailed as a genius by his cult fans."

http://seekingalpha.com/article/1068...hiff-right-now

Now, had you listened to Peter in 2002, 2003, 2004, 2005, 2006 or even 3/4 of 2007, you lost your shirt. Had you placed bets based on Schiff's market calls, you lost everything you wagered.

The S&P (.INX) went from 1054 in May of 2002 (the date of the interview) to 1561 in Oct. 2007, a 48% gain and the Dow (.DJI) rose 40%.

Banking stocks, the primary victim of the housing bust, went up (JP Morgan (JPM) 36%, Bank of America (BAC) 41%, Wells Fargo (WFC) 39% , Wachovia (WB) 31% and American Express (AXP) 51%) during that time frame (dividends excluded which would dramatically add to results).

Bottom line? Had you listened to Mr. Schiff at anytime before Oct. 2007, you lost...big. To those who did, there is little consolation in the praise being heaped on him today.

Milton Freidman said, "markets can stay dislocated longer than you can stay solvent." For those who bet with Schiff between 2002-2007, they know the statement well.