'Crisis Only Just Beginning': Right About the Crash, Peter Schiff Sees More Pain Ahead

What Schiff doesn't know/say is that all other countries are in same boat as US. Every country has budget deficits and trade deficits except a couple of countries as such...Also, because of the crash we lost 10s of trillion dollars and compares nothing compared to the trade deficits and budget deficits we have... The reason taht the whole economy is falling is because of lost of confidence and every bank and investment firm is trying to short/sell other bank/investment stocks...and it is a viscious circle of killing each other...that is what causing the total failure...

ALL I WANT TO KNOW IS "WHERE WERE ALL THESE FINANCIAL GENUISES AND SOOTHESAYERS BEFORE EVERYTHING HIT THE FAN?" AND WHY WOULD ANY OF US LISTEN TO THEM NOW?

Everyone is looking for a hand out, the realtors now want the Government to subsidize the morgage market interest rates.The same group that made huge commisions selling overpriced property to people that couldn't afford it with no money down. They were laughing all the way to the bank, now they want Government intervention to help them out. Such BS, they need to spend time in prison.

Vote Ron Paul

Yes, Schiff was wrong on one point, he did not anticipate the US dollar bubble of 2008. I do believe the dollar bubble will be bursting over the next couple of years, however.

At any given time there are millions of people predicting every possible type of future. Because one person happens to be right doesn't mean he's a genius.

The US Government penalized savers and subsidized reckless speculation. This is the fruit of the Government's unspeakable negligence and incompetence.

The only way to fix this problem is to manufacture goods in the US and sell them. We have to produce more then we consume.

A house has the value of 1 house, period. Art Laffer was acutally arguing that artificially high loan dollars on homes means "more wealth". That's ridiculous!

Stan S - I"m not saying he got everything right (esp timing) or all his current forecasts will come true but the whole point is that Schiff, among a handful of others, WAS warning before the s*hit hit the fan. Did you watch the video? Or click on the YouTube link. - Aaron Task

We are in what history will come to call THE GREAT RECESSION. WE MUST bite the bullet now and deleverage - it's painful, I can promise you that, but it's medicine we MUST TAKE. We charged up the debt, we shouldn't expect our children and grandchildren to pay for it. What a pathetic legacy :(...

Particia25. You're right about the need to create manufacturing jobs, and Schiff has been saying it for years. However, you're both wrng about some of the spending on infrastructure .. yes, it is increased spending but it's an investment in the future. Would you rather have crumbling infrastructure? Also, we're in a recession - some deficit spending is called for. Most economists support that. Even Schiff inadvertently admts it ... the problem was deficit spending when times were good. That's when you should be balancing the budget, not NOW! That would be economic suicide.

I've listen to Peter Schiff aand was impressed. I think he is the Harry Browne of my day. I think the problem is with the American people of today. In the 1950's Americans were discribed as hard working frugal people. Does that sound like the people you know? It seems that they are addicted to shopping. If they got money they spend it. Work now must be avoided at all costs. With a negative savings rate we have to barrow from other countries. Humor is now bad taste and at someones expense. Silly conduct is now glorified. If I could ask Mr. Schiff one question it would be, " does he think that common stocks are a flawed investment? More of us are starting to think so (can you say bond funds).

I agree in theory with you Patricia. It is also time to limit the imports into the US from China and other Asian nations that do not share the human rights and environmental standards we Americans live by each and every day. American companies can not compete with slave labor and lack of enviromental standards of the Asian economies. We need to produce products here in the US and protect the jobs of American workers by significantly increasing import tariffs and encourage goverment investment in newer high tech manufactring processes. During a recent drive through Southern California, Arizona and Nevada we discussed utlizing the vast open spaces for the utlization of solar panels and wind energy production. Goverment investment in such a program would generate significant employment opportunities for Americans while decreasing the demand for imported oil. The goverment can apply restrictions on contractors to only utilize domestic suppliers which would further increase employment. This would not be a bail out or hand out but an investment in our future. Just a thought.

Crisis? (puff...puff) What crisis? (puff...puff...pass). The market's going to rally back to 14,000 any day now (exhale).

This guy is full of it. In his book, he says put everything in foreign investments in the local currency. If I'm not mistaken, foreign stocks have gotten hammered harder than U.S. Stocks. I don't hear him mentioning that.

...Bill Fleckenstein wrote about this senario for at least the last four years. Government intervention is prolonging the pain over the haul.

In sorting out who to listen to, Schiff definitely has a better track record that either Art Laffer or Ben Stein, both of whom are brilliant men. I would always go with the guy with the best track record until he doesn't have the best track record anymore. Schiff has been right on track and I will follow his thinking regarding hyperinflation until he proves he does not know what he is talking about. Many others have already fallen out but Schiff still leads.

Schiff is the man. Problem is that reckless spending was being done in every capitalist nation, and the US housing bubble was the link on the chain that busted first...wham... domino effect all over the world. When the bull market resumes, people will go to commods and emerging nations, but will stay far from the US, that's when the dollar collapse will unfold for good.

CALIFORNIA"BROKE",NEW YORK"BROKE,LOUISIANA"IMPOVERISHED",MICHIGAN"NEAR POVERTY STATUS"PENNSYLVANIA"ALWAYS BROKE",NEW JERSEY"OVERTAXED",LAND AMERICA"DESTITUTE",...WHATS GOING TO HAPPEN IN2009????.ANY GUESSES ON WHO IN CORPORATE AMERICA "AINT GONNA MAKE IT". IN 2009.....LOOKS LIKE A HOUSE OF CARDS TO ME....OR SO IT SEEMS....