Peter Schiff..he might be my new hero. not that i am ditching my last obsession...ron paul, but i am adding him to my list of cool dudes. he's big on austrian economics and the man knows what he's talking about when it comes to the economy. The following facts and statements were taken directly off wikipedia:
In an August 2006 interview Schiff generated much controversy when he repeated his long-held investment thesis: "The United States Economy is like the Titanic and I am here with the lifeboat trying to get people to leave the ship ...I see a real financial crisis coming for the United States." On May 16, 2006 in debate on Fox News, Schiff accurately forecast that the U.S. housing market was a bubble that would soon burst.
Schiff has said on numerous occasions that the current economic crisis is not the problem; it is the solution. According to him, the transition from borrowing and spending to saving and producing cannot be accomplished without a severe recession, given the current imbalances of the US economy. But according to him, that transition needs to happen. He also thinks the government is doing no one a favor by trying to "ease the pain" with stimulus packages, bailouts and such. Schiff believes these actions will only make the situation worse and possibly result in hyperinflation if the government continues to "replace legitimate savings with a printing press."
Schiff is a firm believer in reducing government regulation of the economy. Schiff worries that Barack Obama will increase such regulation. Schiff has been accused of "anti-American" views for his pessimistic assessment of the US economy. In October 2007 Charles Payne of [Wstreet.com] accused Schiff of "Anti-Americanism in the guise of financial advice." on Fox News' "Bull's & Bears" program. Schiff has rejected such criticism "misplaced".
In the same segment Mr. Payne suggested purchasing the stock of Washington Mutual, a company which less than 52 weeks later was seized by federal authorities in what amounted to the greatest bank failure in history.
And did I mention that Schiff was an economic advisor for Ron Paul's 2008 presidential campaign. yup, yup, yup. Schiff also predicts that the dollar will bottom out and that people should invest in foreign stock and precious metals. hmm...they call him Dr. Doom, but i'd take him over Fox news or Rush Limbaugh any day.
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