Peter Schiff getting ridiculed on CNBC.
- Thread starter Debaser82
- Start date
That is not surprising considering his fund is a China fund and China B shares are going parabolic http://www.bloomberg.com/apps/quote?ticker=SHBSHR:IND
How many tech mutual funds looked great in the 90s?
Compare Schiff with yet another joke of a Nobel Prize winner, Paul Krugman. He was as wrong as he could possibly be about housing earlier in this decade:
http://blog.mises.org/archives/010153.asp
One of his pearls of wisdom circa 2002
"The basic point is that the recession of 2001 wasn't a typical postwar slump, brought on when an inflation-fighting Fed raises interest rates and easily ended by a snapback in housing and consumer spending when the Fed brings rates back down again. This was a prewar-style recession, a morning after brought on by irrational exuberance. To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."
Then in March 2008:
"Oh, and the man who failed to see the housing bubble and refused to do anything about subprime -- and has yet to admit to making any mistakes -- ends by reaffirming his laissez-faire faith..."
http://blog.mises.org/archives/010153.asp
One of his pearls of wisdom circa 2002
"The basic point is that the recession of 2001 wasn't a typical postwar slump, brought on when an inflation-fighting Fed raises interest rates and easily ended by a snapback in housing and consumer spending when the Fed brings rates back down again. This was a prewar-style recession, a morning after brought on by irrational exuberance. To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."
Then in March 2008:
"Oh, and the man who failed to see the housing bubble and refused to do anything about subprime -- and has yet to admit to making any mistakes -- ends by reaffirming his laissez-faire faith..."
Not sure, but i do know he was buying gold as early as 1999 (when it was 250-300 per oz) So we know he is up 400%+ just in that vs a 0% return for the dow in the same 10 year period.