Peter Schiff: It’s 2006 All Over Again (Video)

Following up on his recent arguments with Scott Nations on CNBC (watch them here and here), Peter Schiff compiled a new collection of his 2006 warnings of a housing crash. The parallels between then and now are striking. Just as financial news anchors laughed at Peter in 2006 when he predicted what would become the Great Recession, they are now chiding him for suggesting the Federal Reserve is pushing the United States into a new recession.

We argued about interest rates and whether or not the Fed was about to raise them. Scott’s position was that it was a virtual lock that the Federal Reserve was going to raise interest rates before the end of the year. They’d probably go in September, but certainly by December. My position was that the Fed was not going to raise interest rates at all in 2015, and in fact they may actually do quantitative easing 4 in 2016…”

Highlights from the video:

“A couple of months ago, I was on CNBC. Actually, it wasn’t on CNBC network. I was on their website – CNBC.com, because the producers over there at CNBC rarely invite me on their network these days. So instead, I’ve been relegated to their website. I was on this program called ‘Futures Now’. I got into an argument with a guy by the name of Scott Nations who is a regular on CNBC. We argued about interest rates and whether or not the Fed was about to raise them. Scott’s position was that it was a virtual lock that the Federal Reserve was going to raise interest rates before the end of the year. They’d probably go in September, but certainly by December. My position was that the Fed was not going to raise interest rates at all in 2015, and in fact they may actually do quantitative easing 4 in 2016…

“Hey Scott, if you want to know how it’s possible for one person to be right and everyone else to be wrong, watch the rest of this video…”

Timestamps of flashbacks throughout the video:

1:30 – Peter on Bloomberg, August 23, 2006.
3:38 – Peter on Fox News, December 16, 2006.
6:02 – Peter on Fox News, December 31, 2006.
8:55 – Peter’s Mortgage Bankers speech, November 13, 2006.

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