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. On December 13, 2007 in a Bloomberg interview on the show Open Exchange, Schiff further added that he felt that the crisis would extend to the credit card lending industry.
Following this observation, it was soon reported on December 23, 2007 by the Associated Press that "The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP... At the same time, defaults -- when lenders essentially give up hope of ever being repaid and write off the debt -- rose 18 percent to almost $961 million in October, according to filings made by the trusts with the Securities and Exchange Commission."
Peter Schiff in 2006 & 2007:
plez sez: peter schiff was on it:
- he called mortgage crisis and meltdown of the subprime market
- he called the massive debt and credit crunch
- he called the recession will last several years
- he called the fundamentals of the economy are not sound
- he called the collapse of merril lynch and goldman sachs and jp morgan
~ ~ Citations ~ ~
Read the Forbes.com article about Peter Schiff.
Read the Seeking Alpha article about Peter Schiff.
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2 comments:
Even I could intuitively understand what Schiff sees as wealth and that the valuation of paper, isn't it. Those that see the free market functioning in some sort of proven scientific theory will make anything a commodity and think the manipulation of money is the same as designing and building a product. The don't realize that mathematics doesn't always fit the physical world.
I think I heard this guy on NPR the other day. Too bad people didn't listen to him before. Or still now with some of the things he is saying now about the dollar and the car companies.
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