Gee, who was completely full of crap?
I love the captions--Dow over 13,000 and Ben Stein is saying now's the time to buy... Merrill Lynch a buy at $76, Charles Payne says buy Bear Stearns... they were delusional idiots.
Schiff was right about everything except inflation and gold (at least so far--deflation looks like a bigger immediate risk than inflation). He was saying to buy gold at $830 in late 2007; it's at about the same point today, but if you had taken his advice you could have sold higher earlier this year, and at least you wouldn't have taken any real losses.
(Hat tip to Brett Vickers for the video.)
About 30 minutes ago I finished listening to a podcast of Real Time with Bill Maher in which he called out Laffer on the bet ... Laffer pretty much completely waved his hands at his wrongness.
ReplyDeleteFootage here (with annoying comments added in by whoever uploaded the video.)
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