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  • Peter Schiff Is Still an Idiot [Edit or Delete]2 comments
    Jan 30, 2012 4:47 PM
    Peter Schiff via Tech Ticker:
    "The Federal Reserve doesn't care about the long term health of the economy, it just wants to keep the music going until the next election," says the always outspoken Peter Schiff, head of EuroPacific Capital.
    Peter Schiff has been on the wrong side of the trade since March 2009. Liberal doom and gloomers love to use the phrase 'long term' because it means never having to admit they were wrong; rather they can just keep extending the time frame. 'Long term' can mean 2012, 2015, etc. There is no game of musical chairs; the music won't stop playing because there are no hidden risks.
    " Schiff took it as yet more evidence that the Fed has learned nothing from even the most recent follies of the past."
    Umm...the very fact that stocks are surging, that profits & earnings for S&P 500 companies have been blowout for 13 consecutive quarters (since March 2009), that core inflation is still just 1%, that Facebook is going public at a $100+ billion valuation (versus just a $10 billion valuation in March 2009), is all the proof you need that Bernanke is indeed competent, that fed policy IS working, that stocks will keep going up, that TARP was a success, and that Peter Schiff is an idiot.

    There's no need to learn lessons when:

    1. the economy is presently booming
    2. when economic problems can be easily remedied by printing money

    Remember, we still have reserve currency status which means the fed can print as much as it wants as it wants with only a negligible amount of bond based inflation. No other central bank has that luxury, yet liberals like Peter Schiff are unable to grasp this concept, and or are so wrapped up in their desire to see failure and crisis that the concept of reality completely escapes them.

    Finally, the PE ratio of the S&P 500 is still just 12-13, even after a 100% rally since March 2009. In the span of less 24 months earnings have literally doubled, meaning that there is real fundamentals behind this rally than just ephemeral fed money.

    Cooler heads will always prevail. Economic policy in America is designed to keep the economy running as smoothly as possible, not grind it to an abrupt halt though fiscal restraint and regulation. It's people like me that tend to be right, not the end-of-the-world crowd.

    Themes: peter schiff, idiot
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  • Actually the idiot Peter Schiff has been wrong since 2008.
    Mish proved how wrong the idiot was (and is) when he debunked how every one of this silly theories:

    12 Ways Schiff Was Wrong in 2008
    Wrong about hyperinflation
    Wrong about the dollar
    Wrong about commodities except for gold
    Wrong about foreign currencies except for the Yen
    Wrong about foreign equities
    Wrong in timing
    Wrong in risk management
    Wrong in buy and hold thesis
    Wrong on decoupling
    Wrong on China
    Wrong on US treasuries
    Wrong on interest rates, both foreign and domestic

    On October 28th 2008, Schiff gave an interview on Bloomberg TV stating that the strategies outlined on BOTH his books "are NOT working"
    The prices of Gold and Commodities are not taking off as he hoped, and investing in foreign currencies was a disastrous move, as most foreign currencies have collapsed.
    Investing in foreign markets had an even worse effect than even investing in the US market, as exports to the US have collapsed and the dollar has gone up.
    1 Feb, 09:24 AM Reply Like
  • Sorry to throw cold water on part of your argument, but whether or not Peter Schiff is an idiot, the post refers to him as a liberal, whereas if you've ever heard the man speak for five minutes, he is a very anti-liberal conservative.
    21 Feb, 12:50 PM Reply Like
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