Peter Schiff Predicts the Recession (in 2006)

December 8, 2008

Bailout: I hate it. I think it’s a terrible idea. When the problem is too many loans, too many bad loans, too many loans that can’t be paid back, etc., the last thing the government should be doing is giving money to banks so they can keep making loans. We don’t need more loans, we need less; and we need more savings.

Below is a video by an economic guy named Peter Schiff. I don’t know much about him, but I like what I know. Here’s a long video of him that apparently includes clips from 2006 and 2007. I’ve only watched the very first quote he gives (goes up to the 1:15 mark or so), and he is spot on:

“Sometimes medicine tastes bad, but you gotta swallow it.” Agreed.

Schiff, by the way, was an economic adviser to Ron Paul during this year’s campaign.


  • Reply Juice from HGP December 12, 2008 at 10:58 am

    Yep, much ado about very little. Govt intervention, which helped cause the problems in the first place, will only make any current problems worse. But gosh, we must DO something ’cause that’ll make us feel better…..

  • Reply Juice from HGP December 12, 2008 at 11:01 am

    Oh, and the other guy in the video is Art Laffer, famous for the Famous Laffer Curve.

    >>>Answer.com: A curved graph that illustrates the theory that, if tax rates rise beyond a certain level, they discourage economic growth, thereby reducing government revenues. [After Arthur Laffer (born 1940), American economist.]<<<

  • Reply Matt December 14, 2008 at 12:04 am

    Well said, CG. I agree….

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