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Yes well, when you make a public apology to Peter Shiff for your outrageous belittling and out-to-lunch housing musings, I might begin to consider your thoughts as credible.
Peter Schiff was courageous and heroic to point out the tsunami.
However, his suggestion to leave "dodge" and get into foreign currencies ( Japanese Yen was not specifically mentioned, but would have been a great dig )and out of anything USA was equivalent to going out to see watching flopping fish on the tidal retraction.
So it is a mixed case. At least he was not the other jokesters on the other sides of the table telling everyone to get into MS or other financials at $175 a share.
However, he missed on the run to the dollar.
Tax policy would have provided a simple enough oversight and even Norman pointed this out last summer.
Also, Schiff's paradigm necessarily forced him to not understand how/why there would be a run up in Tsy prices.
There were many on both sides of predicting how bad the housing/mortgage crisis would be. The real issue is how to design a financial system that isn't as prone to these events, which is related to Mike's discussion of the "free market fascists."
3 comments:
Thats what you said all along?
Yes well, when you make a public apology to Peter Shiff for your outrageous belittling and out-to-lunch housing musings, I might begin to consider your thoughts as credible.
Not yet.
Peter Schiff was courageous and heroic to point out the tsunami.
However, his suggestion to leave "dodge" and get into foreign currencies ( Japanese Yen was not specifically mentioned, but would have been a great dig )and out of anything USA was equivalent to going out to see watching flopping fish on the tidal retraction.
So it is a mixed case. At least he was not the other jokesters on the other sides of the table telling everyone to get into MS or other financials at $175 a share.
However, he missed on the run to the dollar.
Tax policy would have provided a simple enough oversight and even Norman pointed this out last summer.
G-heim . . . well said
Also, Schiff's paradigm necessarily forced him to not understand how/why there would be a run up in Tsy prices.
There were many on both sides of predicting how bad the housing/mortgage crisis would be. The real issue is how to design a financial system that isn't as prone to these events, which is related to Mike's discussion of the "free market fascists."
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