If you’re trying to quit drinking or smoking or any other bad habit, or are prone to depression this video isn’t for you. Peter Schiff predicted this economic crisis and predicts it’s only going to get worse – much worse. Borrow and spend, borrow and spend, borrow and spend. That’s how we got into this mess. Now we’re borrowing and spending more. According to Schiff we can expect high inflation and the Dow to drop a couple thousand more points. Happy Thanksgiving!
H/T Hot Air
Part 2 below
As I pointed out on another blog on this topic, Peter has been correct only recently. He missed the market bottom in 10/02 where the Nasdaq went from 1100 to 2800 and the Dow went from 7200 to 14,300. His forecast at that time was for Nasdaq 500 and I believe Dow 4000. There are some who have been bearish very prematurely, so the question is, how early is too early to be considered accurate?
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Jack, I hope you’re right, but really, how long do you think things can continue this way? Borrowing and spending? Is that a good economic plan? Do you really believe it can go on forever?
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I have seen Peter on CNBC. Most of the time the hosts are stunned by his predictions. While he may be overly bearish, one fact remains– we have a $55 trillion in unfunded mandates. Compared to our GDP that puts us in deep do-do. We are in worse shape than the average consumer in the U.S.
Maybe we are all overreacting and obama will save us.
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