The Dim-Post

November 19, 2008

The curse of Cassandra

Filed under: general idiocy — danylmc @ 11:16 pm

This is pretty jaw-dropping; its a compliation of clips from the FOX news business show over the last two years featuring Peter Schiff, a financial expert who the FOX bobbleheads contemptuously dismiss as ‘Dr Doom’ for predicting a house price crash, a market crash and recession:

Amusing to see economist Ben Stein, also a champion of the intelligent design movement confidently declaring that the sub-prime mortgage problem is ‘a tiny blip’.

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11 Comments »

  1. I bet he cleaned up selling short! Wow, just wow. I wonder if some of those other pundits are still working…

    Comment by Clunking Fist — November 20, 2008 @ 5:41 am

  2. Some of those guffawing idiots were really creepy. The guys predicting a 10% increase in house prices in particular.

    Where do I sign up for some of that Bear Stearns and Merrill Lynch action? Not much sign of intelligent design, or intelligent anything, emerging from Ben Stein these days.

    Comment by Guy Smiley — November 20, 2008 @ 6:16 am

  3. Have you seen this?

    http://dimpost.wordpress.com/2008/10/19/dear-investor/

    Comment by danylmc — November 20, 2008 @ 6:35 am

  4. Instead of slagging of Ben Stein, you might ask yourself: why was Peter Schiff right? What enabled him to see what was coming? Reading Das Kapital?

    Comment by Berend de Boer — November 20, 2008 @ 7:22 am

  5. Yeah, Danyl, that’s brilliant. The guy has perspective.

    Berend, it’s not really rocket science. Schiff explained very clearly why he saw trouble ahead. A magnificent speculative asset bubble, consumption orgy based on inflated asset values, asset values corrected, nastiness ensued. Like that hasn’t happened before. Trouble this time has been exacerbated by Greenspan’s and Phil Gramm’s dogmatism.

    But back to slagging off Ben Stein, the question is why Benny and the other talking heads ridiculed Schiff. They were supposed to be experts. Actually, in Stein’s case believing the sub prime crisis was a tiny blip is the least of his silly beliefs. He probably should read Das Kapital.

    Comment by Guy Smiley — November 20, 2008 @ 8:54 am

  6. Yeah, Danyl, that’s brilliant. The guy has perspective.

    Berend, it’s not really rocket science. Schiff explained very clearly why he saw trouble ahead. A magnificent speculative asset bubble, consumption orgy based on inflated asset values, asset values corrected, nastiness ensued. Like that hasn’t happened before. Trouble this time has been exacerbated by Greenspan’s and Phil Gramm’s dogmatism.

    But back to slagging off Ben Stein, the question is why Benny and the other talking heads ridiculed Schiff. They were supposed to be experts. Actually, in Stein’s case believing the sub prime crisis was a tiny blip is the least of his silly beliefs. He probably should read Das Kapital.

    Comment by Guy Smiley — November 20, 2008 @ 8:56 am

  7. I remember reading an article in the Christchurch Press called ‘Infinite Growth’, basically they said everything was growing so well with world economies and had been for so long that it could well just keep on going and going with no end in sight, that was about 18 months ago.

    I think the problem is there are too many economists and journalists that when asked for a prediction just take what has been happening and assume that it will just keep on happening, take the price of oil, there were predictions of $US200 a barrel and over $NZ3 a litre now it is back to $US80 a barrel and $NZ1.50 a litre.

    Maybe our short sighted approach is just human nature maybe it is lazy thinking or maybe there just aren’t enough people who will defy ‘conventional’ thinking and say what they are thinking out loud.

    Comment by Ieuan — November 20, 2008 @ 11:10 am

  8. Ieuan – you sound like someone crying out to read Nassem Taleb’s book ‘Black Swan’, which is about the very issues you raise.

    Comment by danylmc — November 20, 2008 @ 11:51 am

  9. Ieuan: “Maybe our short sighted approach is just human nature maybe it is lazy thinking or maybe there just aren’t enough people who will defy ‘conventional’ thinking and say what they are thinking out loud.”

    danylmc: “Ieuan – you sound like someone crying out to read Nassem Taleb’s book ‘Black Swan’, which is about the very issues you raise.”

    Funny, I thought Ieuan may have been refering to the conventional thinking on global “warming”…

    Comment by Clunking Fist — November 20, 2008 @ 11:58 am

  10. Clunking Fist – I think a robust debate on global warming is important – however not on this thread, I am sure the opportunity will present itself at some stage especially with ACT as part of the government.

    Comment by Ieuan — November 20, 2008 @ 12:06 pm

  11. interesting emphasis on savings over consumption as the way to avoid national financial woes… i’m sure there are plenty of countries that should be thinking seriously about that.

    Comment by Che Tibby — November 20, 2008 @ 8:34 pm


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