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2008 Recession & Credit Crunch Predicted 2 Years Ago | Peter Schiff on Debt & Inflated Housing Prices

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2008 Recession & Credit Crunch Predicted 2 Years Ago | Peter Schiff on Debt & Inflated Housing Prices

It’s a good thing you only bet a penny, Mr. Laffer.

You’d better believe it now, Laffer. Welcome to the technology age when anything you say or do can come back to bite your behind.

I can’t help but wonder, looking back on how sure Laffer was that we were doing well, if he was hired just to be the guy to convince everyone that things are okay.

Because he couldn’t have truly been that confident, could he?

Peter Schiff makes a very interesting statement that we should actually embrace this recession, and he was saying this 2 years before the recession actually started.

“Rather than the recession being resisted, It should be embraced – the disease is all this debt financed consumption.”

He also states that the recession will likely last years rather than months.

I think it says something that Peter Schiff keeps his cool very well despite being attacked on both sides. I love that last comment Peter makes. Listen for it.

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  1. mr.bilko

    October 8, 2008 at 12:28 pm

    Peter Schiff has been saying the same thing I have been saying since 2003. Real estate and stock wealth is paper wealth. It does not exist, except on paper.

    Nice video. Even in 2006, it proves that some people were not fooled by the real estate and NAFTA boom.

  2. Ken H

    October 8, 2008 at 1:46 pm

    Bravo Mr. Schiff! You risked a lot going out on a limb with your comments and it paid off! Ron Paul is a smart man to have you on his team. And I loved your follow-up article to this debate:

    Dr. Laffer and his supply-side theories worshiped by conservatives are what got us into this mess. Wouldn’t surprise me if McCain was paying Laffer for his bad advice…

  3. Uncle B

    October 8, 2008 at 2:10 pm

    Today is the first day of the “Great Depression” The markets collapsed, the dollar fell so fast that other countries had to stay up overnight and adjust their currencies to survive! The Feds dropped interest rates at nighttime to hide the facts, and hope that the $700 Billion extorted from the American people in a frantic panic play, and printing money like drunken sailors will cover their folly. Our pennies and other coinage are now being melted down for their scrap metal value as we speak. OPEC and Saudi Arabia are using “Purchasing Power Parity” to price their oil and we will be seeing $14.00 a gallon gasoline before Christmas because our U.S. dollar has been diluted by our governments actions! Get out and vote these sick bastards out of office before the do something even more irrational, liked declare ware on Iran of even Russia! They are a very rich, out of touch bunch of spoiled brats who have no idea the amount of work it will take to repair their recklessness! Get out and vote them to hell and out of office before they ruin America for us, then fly off to Dubai to retire with the spoils! Wake Up America, Last Call!

  4. Mike

    October 10, 2008 at 10:52 pm

    No surprise to see Arthur Laffer, the father of “supply-side” economics, proved wrong by history once again.

    Mr. Laffer, you and your half-baked economic theories have done more damage to the USA than any communist or terrorist could ever dream to have done. PLEASE STOP PEDDLING YOUR SNAKE OIL to the AMERICAN PUBLIC.

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