Peter Schiff was prescient about the economy (and the other talking heads were obnoxious jerks)

by Jay McDonough

This video is astonishing.  It's a compilation of cable news show panels discussing the state of the economy in the 2006, 2007 timeframe, with Peter Schiff (president of Euro Pacific Capital) appearing in all the discussions.

What's noteworthy is how absolutely spot on Peter Schiff was about the impending doom and how the other panelists treat him - with contempt and scorn.  From Ben Stein to Art Laffer to Mike Norman to Charles Payne - all openly ridicule Schiff when he talked about the state of the economy at the time and his predictions about the near term future..  (I particularly like it when Ben Stein raves about the buying opportunities with the financials, especially Merrill Lynch and when Charles Payne raves about Washington Mutual)

If there is any justice in the world, someone would show this video to Misters Stein, Laffer, Norman, and Payne and ask them how they justify cable news outlets paying them for their opinions about the economy.

(h/t Boing Boing)

Comments

[Kat]

(I particularly like it when Ben Stein raves about the buying opportunities with the financials, especially Merrill Lynch and when Charles Payne raves about Washington Mutual)

If there is any justice in the world, someone would show this video to Misters Stein, Laffer, Norman, and Payne and ask them how they justify cable news outlets paying them for their opinions about the economy.

I've never thought they were being paid for their opinions about the economony. I think they're paid to convince the viewing public that they're offering their opinions on the economy, while pushing particular stocks or sectors so that those who are paying them (or who are paying those who are paying them) can sell their shares to viewers who gullibly believe these guys are offering their actual opinions.