Schiff on why housing will crash, 2006

purch

go on purch watch the thing, in return I'll watch something you may think i might benefit from

I have seen and read lots and lots of the rubbish spouted by that buffoon over the years.

Do not doubt that I always research all sides of any argument before reaching a conclusion.

As a "poster boy" for Austrian Economics he is probably the last thing the arguments for sound money need.

Sure he shouts a lot, and makes hugely outlandish claims and lives in a world of extreme hyperbole, so it makes it easy for those who are easy influenced to follow, but the arguments could and should be better made.

smeagold

Not many predicted the crash but schiff did, and here he is predicting it in 2006 at a mortgage bankers conference, before it happened, explaining why and how it will happen. The all laughed then too, The fundamental economic reasons why the housing bubble will crash apply here in the UK just as much as in america and regardless of a dislike of hyperbole or shouting what he said was true and recent history has proved that

IronWolf

Ive only watched the first 20 mins or so. He started out really good, I agreed with him completely, about bubbles and recessions.

When he started talking about Bush, and global monetary policy, it just started to go a bit over my head, for me I cant quite get my head around what money really is worth, with no gold standard. Then again, what is gold really worth? Its not used for anything, its just wealth, maybe "money" has become the new wealth store, gold was only a store of wealth because people accepted it as such. Maybe today, people just accept that paper money is a store of wealth as good as anything else.

And to printing money, I understand where this originally came from, the goldsmiths, who would give out receipts for gold, and people saw this was very convenient, so they started printing out more receipts than they had gold. But nowadays, printing money, as far as I can see it, is just a stealth tax on everyone via inflation, its a very simple way for a government to raise huge sums of money and for the population to pay for it without many of them being any the wiser.

smeagold

once you get through the background economics and history he moves into housing and why it will crash, even if it's over your head in places, it all joins together towards the end. people like schiff understand economics, business cycles, history etc, that is why he was able to acccurately predict the crash, in the video he even says the recession will begin in 2007, again correct. here's a chance for anyone to get a basic understanding of real economics, simply explained. its worth the time to watch it and think about it.

smeagold

Just substitute the word 'britain' for' america' and 'british' for 'american' and you will soon realise that everything he is talking about applies exactly to us in exactly the same way and that our crash is most definately coming

smeagold

DONT_BE_GHOULED_AGAIN wrote: »

Who to fook is schiff? I've never heard of him. I wouldn't mind betting you he's a Ghoul though. Therefore by definition he's wrong as all the ghouls have consistently been.

watch it and find out. you could do with an education

smeagold

DONT_BE_GHOULED_AGAIN wrote: »

I bet you're a ghoul too. So you're wrong as well - as Hamish has cleverly proved on many occasions.

well 'new member';) if you don't watch the video how can you possibly have an opinion on its contents, thats a bit like saying 'don't confuse me with facts, i already made up my mind' bet you get confused alot tho hey, hardly a great advertisement for the housing bull crew are you, bet most of them wish you, and your various pseudonyms' would just disappear

geneer

IveSeenTheLight wrote: »

Not watched it, but didn't it already happen? i.e. past tense now as it's 5 years old and we have already seen a circa 20% correction in that time.

Are you inferring it will repeat again?

So you think november 2006 was 5 years ago.

Explains a lot. :cool:

StevieJ

smeagold wrote: »

Just substitute the word 'britain' for' america' and 'british' for 'american' and you will soon realise that everything he is talking about applies exactly to us in exactly the same way and that our crash is most definately coming

No it doesn't as can be seen by the way it has played out, your 2+2 = 5 again:)

THE_GHOULS_ARE_RIGHT

StevieJ wrote: »

No it doesn't as can be seen by the way it has played out, your 2+2 = 5 again:)

americas house price falls are now accelerating again, as will ours