Saturday, April 17, 2010

"Peter Schiff was right" and Art Laffer was wrong

Arthur Laffer was an economist during the Reagan era. Dr. Laffer’s economic influence in triggered a world-wide tax-cutting movement in the 1980s have earned him the distinction in many publications as "The Father of Supply-Side Economics." Laffer denied that the US economy was listing in 2006 and made a bet with Peter Schiff that the Schiff was was wrong about the financial storm that was brewing. Laffer has yet to pay off the bet.

Peter Schiff is one of the few people to accurately predict the financial crisis of 2007–2010, detailing in great depth its many specific facets such as the housing bubble and resulting subprime mortgage crisis, the automotive industry crisis and the banking and financial market collapse.

Much of his notoriety for the accurate predictions came from a video entitled "Peter Schiff was right" that was uploaded to the popular video sharing site YouTube in late 2008 and again in 2009, and subsequently went viral and garnered hundreds of thousands of views over the next few months.

The video consists of a compilation of clips of his many appearances on various financial news programs from networks including CNBC, Fox News, MSNBC and Bloomberg, most of which took place from 2005-2007.

In the segments Schiff explains specifically the fundamental problems he saw with the United States economy and the results they would ultimately lead to. In many cases the conversations led to debates in which other talking heads openly laughed at Schiff's assessments, stating they had no idea what he was talking about.

Schiff's constant warnings of a coming economic collapse earned him the moniker "Dr. Doom."

Schiif has compared former President George W. Bush to Herbert Hoover and President Barack Obama to FDR. Hoover was president when the Great Depression started. FDR has been credit for ending the Great Depression and leading the US during World War 2 to victory.

source: Wikipedia

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