Thursday, October 15, 2009

Peter Schiff: the Dow at 10,000 - so what?

Schiff is of course the, at times, lonely voice who for several years before the beginning of the global financial crisis was trying to warn that the inbalances in the global economy, (especially between Chinese savings and American credit driven demand - forget the childish nonsense you hear about greedy bankers or the failure of neo-liberalism), was unsustainable.

I wish I'd been listening to him. He was right and I was wrong.

There was a video shown on, (I think), a site some months back that had footage from finance segments dating from around 2006 from American TV involving Schiff being openly mocked and derided for trying to say that something was wrong, and that the boom could not last.

There was a telling scene when several people said that Lehmann Brothers' stock was an under valued bargain and laughing at Schiff when he said it wasn't.

Posted via email from Garth's posterous


Anonymous said...

Garth, your margin widths have some major issues, and I sometimes literally cannot read every word of your posts. They're getting cut off on the right hand side.

Garth Godsman said...

Thank you! All fixed now. There are some issues, especially with images and things like YouTube videos coming through from Posterous.