The following video is on Andrew Sullivan's Daily Dish. The video is apx. 10 minutes long so I apologize for not preparing a transcript.
For those who are wondering, Peter Schiff is no lefty economist. He advised Ron Paul during the Republican primary and endorsed Murray Sabrin in the Republican primary for U.S. Senate in New Jersey. Unfortunately for Fox, Schiff saw the looming crisis early, and clearly, so he refused to echo the economic happy talk so prevalent from the other experts.
My take on wrong headed punditry is below:
This video reminds me of the phenomena in which all the experts pushing for war in the media during the lead up to Iraq can still be found bloviating on their various media platforms to this very day. Despite the fact that the justifications for the war have been proven decisively wrong and the course of the war since the invasion has completely outstripped any of their expectations, these "experts" are still given a platform... just like the same talking heads who completely ridiculed Schiff in the above video can be found pontificating to this very day.
It is hard to imagine being so soundly repudiated by history but still spouting off without one iota of embarrassment. This is the same culture which allows CEO's to make bone headed decisions which ruin their companies, but when the consequences come due they skate with obscene severance packages while working people lose their health care, retirements and livelihoods. The same culture which has the taxpayers shelling out trillions in bailouts for companies taking posh hotel vacations and hoarding our tax dollars. Failure in the upper crusts of our society is now rewarded, and that goes for the talking head prognosticators as well.
I suppose the one argument from the opposite perspective would be that not rewarding these wrong headed talking heads based upon their records would completely eliminate one side of the debate. There would be no Morning Joe, no Ben Stein nasal whine, no Hannity, Rush or O'Reilly... heck Fox News would completely disappear.