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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I’ve been in construction my whole life. Even though I did commercial, I always had residential to fall back on. TILL 2006. 2006 sucked till 2009 came along. It still sucks. I was forced into retirement in 20012. From what I see today it’s nothing but banks and medical building anything. If a bunch of dumbass construction workers could see it coming, why couldn’t a bunch of over paid yuppie pukes see it? I refied in 2001 & 2005. Both times they kept pimping for me to take out more money than I needed. The 2nd time the guy didn’t think I was normal because of that. But I’m now out of the paper!!
You worked until 20012? Wow, now that’s a long career. 😉
Dear Peter Schiff, I’ve been watching you for a long time, but this summary going back to 2006 makes you a real Master!!
You should be getting a Nobel Prize, and NOT just one!!
I’d like to see the faces of all those idiots posing on CNBC who were then laughing at your 100% precise predictions of the housing market crash!
Hope you will be the same way precise on the imminent financial markets meltdown already due this year 2015 ….
Schiff’s 2007 1st book (Crash Proof) was a threshold in my life. Arrived shortly before Bear Sterns collapse, then the crisis showed its fangs.
The question people ask when part of group think: “How can one person be right and everybody else be wrong?”
Here is what I say: How can Copernicus was right when everyone else was wrong; how was Galileo Galilei right when all were wrong; how was Newton right when all wrong; how was Einstein right and many erred? One person can indeed see the reckless temerity of many.
I am following Peter Schiff since 2010 (after the 2008 crisis). This video is really awesome and gives a great perspective on how to look at the stuff going around world economy. The only thing which bothers me a lot is the timing of next crash. I have been following Peter since 2010 and it always sounded that the crash was imminent the very next day but it never happened. Believing in him then (still believe him) so I put my spare money in physical gold on higher prices ($1700-$1800/ounce) back in 2012, but the gold prices crashed. They are still hovering around $1100/ounce and I am still at loss. The lost cost of opportunity irritates me but I am still hanging on to gold. I still have spare money but not sure if I should invest in gold further or refrain from it.
The price of gold and silver are being manipulated by the government. for every ounce of gold we supposidly own 276 ounces have been sold on paper to keep the orice down. The paper price and the physical price are two completely different things. Silver is selling for $5.25 per ounce above the spot right now and I know that you cann be waiting 7 weeks or longer to get your silver. Hold on to your gold becauuse the daay of reckoning is coming. II havn’t heard Peter say 2015 is the crash date but I think 2016 is extremely high in probability. Just my opinion and Ihave said that for 5 years now.
Peter – I too have been following your work from around 2006. Then I was fresh out of a bachelor of Econ and you were opening my eyes! Now in 2015, I just finished my MBA and I can appreciate your work on another level. Keep it up big feller. You are on the right side of history and your conviction is well placed. Ben in Australia.
Peter,
Your the Man, Man of the Year! I remember all of that clearly back in 2006. Just wish I wouldn’t of got scared out of your trade listening to the Moron’s on CNBC. Learned a hard lesson back then. All the people that Mocked you – HA I guess your just great when it comes to the Economy- Sorry thing is these same people probably still won’t admit there wrong even with reality looking them in the face. I love you Peter- Your one of my Mentor’s.
Big picture thinking is a very useful trait: the crow’s nest is small, but it has a view that reaches further over the horizon than those on the deck get to see.
Economics is controlled by human nature, so a view of history is useful. Consumers in the market outnumber government employees and bankers put together, which means that we ultimately reassert control. We can’t predict the timing, exactly, but by simply reasoning through the facts, and the normal responses of the people in the market, it becomes pretty obvious what is coming. Peter has a great way of stating the obvious. Duh.
Dear Mr Schiff ,
Thank you for your very accurate analyses on the U.S. economy .You will be proven to be absolutely correct in your predictions .
The masses have been so successfully brainwashed and deceived by the mocking bird press and its rosie world view on every issue under the sun but particularly the economy , it is really sad.
Mr Schiff , Heroin addicts once they realise and admit with contrition they have a problem, are at least in a position to change and possibly work towards a positive resolution.
There is NO doubt your advice to get out of the global fiat ponzie scheme is right .
“You guys sounds like the people who were calling for the bottom of the NASDAQ when it was at 4000.” “Hey Peter, do you want to come back on this show?”
Absolutely priceless