PhilDeCarolis
3 HN recommenders · recommended in 3 months, 2009–2013
8:15 · 560K views · Mar 7, 2008
A 2006 television appearance in which Peter Schiff warns on Kudlow & Co about the housing bubble and an approaching US economic collapse.
Offered as an example of someone who publicly predicted the financial crisis ahead of time, in arguments about economic forecasting.
4 comments from Hacker News
I stopped reading when he misstated everything about Libertarianism: " 1. Corporations are more “efficient” than the government because of the “natural selection” of our capitalist system. 2. Corporations are therefore better than the government at everything. 3. Corporations should be the government, or at least in control of it." This guy obviously not only misunderstands what Libertarism is, or Austrian economics. But also grossly misunderstands the cause of our economic collapse. I tend to trust the scientists that have models that can accurately predict the future: this video
There have been people like Peter Schiff warning about the recession and specifically saying when it will happen and how long it will last, and even politicians like Ron Paul warning about the housing bubble since 2003. They just refused to believe it, and I guess everyone in the Fed fell prey to group think. They couldn't admit to themselves that their strategy was failing, and even worse, that they were responsible for the economic failure through their policies over the past few years. this video [LINK]
My thoughts: Most scientists (myself included) tend to prefer models that accurately predict the future: this video What Zed describes is in no way libertarianism. What the following to understand exactly what it is (HINT: It's the opposite of Libertarianism.) [LINK]
+1 on Mises Institute and Peter Schiff. Say what you want about Austrian / free market economic schools, but these people and groups predicted the financial crisis and housing bubble: this video