Peter Schiff talking on the Daily Show with Jon Stewart, the scary part is that the Daily Show is comedy! Jon acknowledges that Peter Schiff was right on the money regarding the credit crunch and he shows some clips from the past where Schiff was scorned by co-commentators.
Doom is the only thing selling lately, but today we will bring you some of the Sunny statistics that are being largely overlooked. This doesn’t mean we are well down the road to recovery but there is the distinct possibility that 2009 will be a turn around year for the global economy, that turn around might be a turn for the worse too though! However, the statistics we will show you now are all positive economic indicators.
1: The end of March saw the housing figures compiled for the previous month [USA]. In February the US Housing sales jumped , existing homes up 5.1% and new build was up 4.7% as buyers took foreclosure properties and others that were thought to be at ‘bargain basement’ pricing opportunities. This could be a hiccup or it could be the start of a trend, it is important to note however, that it took spectacular price drops for the renewed activity to occur. The economic stimulus package also provides tax relief to eligible first time …
In this clip Peter Schiff argues against the stimulus packages, calling for less government and a need for savings. Normally economic theory supports that increasing savings during a downturn (Keynes – paradox of thrift) hurts the economy. Peter says ‘au contraire’ and this clip is an interesting take on the man they named ‘Dr. Doom’, he is however, the same man who saw with absolute foresight the coming financial crash and he wrote a book about it called ‘Crash Proof’, he is a fascinating commentator.