I felt terrible for my smug treatment of Peter Schiff in a few articles in 2006 and early 2007–though in my defense, strictly speaking the arguments in his articles that I read were invalid, and so 99% of my critiques were “good.” But since he was warning everyone the US economy was on the edge of a cliff, and most others (including me) were saying, “Watchou talkin bout, Peter?” I think he should feel vindicated.
But OK, I was a little unfair to him, and since then I have made up for it (I hope) through a few official recognitions of my mistake; here is the mea culpa (with links to some of my harshest Schiff critiques if you feel like taking a trip down memory lane). But MAN check out the video below, which an anonymous commenter put in an earlier post at this blog. You’ve probably seen the first one several times by now, but make sure you watch the second exchange. These two guys literally laugh out loud at Schiff, when–with the benefit of hindsight–we can see that Schiff is 100% accurate in his predictions. Seriously, you have to watch at least the second example in the clip below. I can’t believe what jerks these guys were, with the cameras rolling. They might as well have waved their hands in a circle next to their heads and said, “Coo coo, coo coo.”