This is an absolutely AMAZING video, brough to you via Pharyngula. How can so many "experts" possibly be so stunningly wrong? Were they really wrong? Or were they never offering opinions in the first place, just propaganda?
Well, it was on FAUX News, but I doubt the others did any better. The one thing we do learn, though, is that the information was out there if anybody was willing to listen. Peter Schiff knew it. Paul Krugman knew it. A few of our own spectactular bloggers knew it too. This video is a train wreck. You will not be able to avert your gaze, or your outrage.
Art Laffer v. Peter Schiff:
PS- The American consumer is going to stop consuming and start rebuilding his savings, especially when he sees his home equity evaporate.
AL- "The United States economy has never been in better shape. ... Monetary is spectacular."
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Tom Adkins of REMAX and Mike Norman of BizRadio v. Peter Schiff:
TA- In 2007 you're going to see real estate values go up 10%.
PS- Today's home prices are completely unsustainable. ... You're going to see the government and the lenders tighten up on credit.
MN- "I have no idea what Peter Schiff is talking about."
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Ben Stein and Charles Payne v. Peter Schiff:
BS- "The credit crunch is way overblown, the financials are being given away they're so unbelievably cheap.... The subprime is a problem but it's a tiny problem in the context of this economy."
PS- "This is just getting started. ... Americans are going to have trouble finding credit to buy cars ...."
CP- "I think the worst is over."
And it just keeps getting worse. Seriously, watch the whole thing.
Were these people looking at the world through rose-colored glasses, or were they pure propagandists. Ben Stein telling people to buy Merrill, Charles Payne saying buy Baer, and *** saying Goldman Sachs "it's like getting Dolce Gabbana on sale." At the time, Goldman Sachs was over $175 per share. Today you can get it for $63.30.
Just watch it. Most of this is just blather to fill out a diary. Watch it. Then pass it along. It is one of the worst indictments of "experts" I have ever seen.