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Thats what you said all along?Yes well, when you make a public apology to Peter Shiff for your outrageous belittling and out-to-lunch housing musings, I might begin to consider your thoughts as credible.Not yet.
Schiff's a joke.
Peter Schiff was courageous and heroic to point out the tsunami.However, his suggestion to leave "dodge" and get into foreign currencies ( Japanese Yen was not specifically mentioned, but would have been a great dig )and out of anything USA was equivalent to going out to see watching flopping fish on the tidal retraction.So it is a mixed case. At least he was not the other jokesters on the other sides of the table telling everyone to get into MS or other financials at $175 a share.However, he missed on the run to the dollar.Tax policy would have provided a simple enough oversight and even Norman pointed this out last summer.
G-heim . . . well saidAlso, Schiff's paradigm necessarily forced him to not understand how/why there would be a run up in Tsy prices. There were many on both sides of predicting how bad the housing/mortgage crisis would be. The real issue is how to design a financial system that isn't as prone to these events, which is related to Mike's discussion of the "free market fascists."
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