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Peter Schiff – The coming 2013 – 2014 U.S. crash will be worse than 2008


By HousingBoom   Follow   Wed, 21 Nov 2012, 6:15pm   16,156 views   242 comments
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http://riehlworldview.com/2012/07/video-peter-schiff-the-coming-2013-2014-us-crash-will-be-worse-than-2008-and-europe.html

If you listen to Schiff and buy what's he's saying, the policies of the Obama administration are making an already bad situation much worse, setting us up for calamity and the coming crash, whether in 2013 or 2014, or a bit further out, will be beyond anything we've seen recently.

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  1. Goran_K


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    1   7:02pm Wed 21 Nov 2012   Share   Quote   Permalink   Like (7)   Dislike (1)  

    I don't know. A lot of what he's saying makes sense.

    - Weak employment figures
    - Very weak hiring forecast
    - Lower than expected earnings reports
    - Dollar being devalued
    - Fiscal cliff coming
    - Taxes rising

    Instead of attacking him as a person, why don't you guys actually debate the ideas he presents? The theoy he puts forth seems sound and logical (not that our government plays by rules of logic).

    Those factors he brings up don't say anything to me besides crash, but I'm sure Roberto has another opinion with his heavily invested portfolio in Phoenix real estate. :)

  2. Goran_K


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    2   10:04pm Wed 21 Nov 2012   Share   Quote   Permalink   Like (5)   Dislike (1)  

    Mark D says

    he has been selling gold for the past few decades and he invests his clients' money oversea. what do think he would say? the negative news or the positive news?

    So debate his ideas.

    Why are you personally attacking him instead of the point he's making in the video?

    He's painting a scenario where housing will crash based on the following factors:
    - Weak employment figures
    - Very weak hiring forecast
    - Lower than expected earnings reports
    - Dollar being devalued
    - Fiscal cliff coming
    - Taxes rising

    Why do you think housing won't crash?

  3. HousingBoom


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    3   10:01pm Wed 21 Nov 2012   Share   Quote   Permalink   Like (6)   Dislike (3)  

    There aren't very many experts who have a better track record than Schiff. Nobody is perfect and trying to time an event is difficult for all economists. Everyone was calling gold a bubble for many years and now it's over 1,700 (was over 1,900). Schiff has been telling everyone to buy gold for the longest time.

    We all know the economy is going to hit the fan within a couple of years. All this money printing and deficit spending is not going to have a soft landing.

  4. bmwman91


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    4   11:49pm Wed 21 Nov 2012   Share   Quote   Permalink   Like (3)   Dislike  

    I don't think that anyone on here actually thinks that the synthetic boom that the Fed and the government is creating will last, or end well. The thing is that nobody knows how long this game of musical chairs will go on for. I am pretty sure that they can keep the old gravy train running for a lot longer than many bears think. So what if it is a bad idea and bad policy? Nobody can do shit about it. Most of America is made up of house owners or people that have some stake in housing, and as such most of America wants the bubble to return.

  5. Goran_K


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    5   7:43am Thu 22 Nov 2012   Share   Quote   Permalink   Like (4)   Dislike (1)  

    Mark D says

    i already "debated" his ideas. "a broken clock is right twice a day." that's all that was needed to reveal his fraudulent scheme.

    That's not debating his ideas. That's simply being dismissive.

    See, as much as you accuse others of being"doomers", you can't even properly address one single point of Schiff's theory in an intelligent manner.

    What does that make you?

  6. gsr


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    6   9:55pm Sat 24 Nov 2012   Share   Quote   Permalink   Like (3)   Dislike   Protected  

    Bellingham Bill says

    But what can happen should we allow it is a "virtuous" debt/print cycle taking hold, where we maintain some semblance of an economy via the $40B/mo QE3 accreting into more massive money creation as borrowing/spend/saving cycle counteracts the general deflation going on.

    Remember, with each recession, the economy will require increasingly higher doses of "stimulus".

    Currently, very few people have enough cash available to make a sizable down-payment. Investors have been buying up a lot of houses lately. Next, they will have to rent them to the so called 95%. This will cause oversupply of rental units, and they won't be able to get more than the market rate in the long run. Without wage inflation, it is virtually impossible to have a strict rent inflation. When this happens, there will be another "crisis".

  7. E-man


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    7   4:44am Fri 5 Jul 2013   Share   Quote   Permalink   Like (3)   Dislike  

    robertoaribas says

    Peter said the same thing in 2010, and 2011, but that didn't stop him from repeating it in 2012!

    It also didn't stop his cult like followers from believing him!

    Just keep pushing the date out, he will eventually be correct. Not sure if I would still be alive and a renter waiting for the impending crash. :)

  8. HousingBoom


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    8   9:50am Thu 22 Nov 2012   Share   Quote   Permalink   Like (3)   Dislike (1)  

    robertoaribas says

    HousingBoom says

    There aren't very many experts who have a better track record than Schiff.

    ridiculous statement. In just 1 minute on youtube I posted 2 videos above with him making specific statements with dates. 100% wrong in both cases. Anybody who invested based on his advice got reamed.

    I bought silver since 2009 because of Schiff. I am up over 100%. ;-)

  9. HousingBoom


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    9   10:09am Thu 22 Nov 2012   Share   Quote   Permalink   Like (3)   Dislike (1)  

    iwog says

    HousingBoom says

    I bought silver since 2009 because of Schiff. I am up over 100%. ;-)

    Did Schiff tell you to sell in 2011 before silver took a 35% dead drop?

    lol. It was at $49 before it corrected. I'm still up over 100% as of today. Schiff is not a trader. Silver has been my first and only investment so far. Not very many people can say that they are up over 100%. Thank you Mr. Schiff

  10. Robber Baron Elite Scum


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    10   10:34am Thu 22 Nov 2012   Share   Quote   Permalink   Like (3)   Dislike (1)  

    HousingBoom says

    lol. It was at $49 before it corrected. I'm still up over 100% as of today. Schiff is not a trader. Silver has been my first and only investment so far. Not very many people can say that they are up over 100%. Thank you Mr. Schiff

    I'm also a silver investor.

    +1 for not being a dumb sheep holding worthless fiat currency.

  11. StillLooking


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    11   8:26pm Thu 22 Nov 2012   Share   Quote   Permalink   Like (3)   Dislike (1)  

    robertoaribas says

    2002 full of shiff says dow below 2000... yeah... interest through the roof...

    how well did any investor listening to this dipstick in 2002 do?

    I did very well with gold and silver. WTF ar you talking about?

  12. Peter P


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    12   12:19pm Fri 23 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike  

    It just means the bailout will be even bigger this time.

  13. bob2356


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    13   11:07am Sat 24 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike  

    iwog says

    Halving the interest rate on consumer debt has the same effect as halving the household debt ratio.

    Mortgage rates have gone a LONG way in bringing us back to manageable levels.

    Amazing, a perfect example of the problem. I don't care what it costs, how much is the payment? Way to go duck.

  14. Goran_K


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    14   7:39am Sun 25 Nov 2012   Share   Quote   Permalink   Like (3)   Dislike (1)  

    Darrell In Phoenix says

    $20k replacing $60k in wages.... yeah. Mighty "stimulative".

    LOL

    I was thinking the same thing. I can't wait to see the geriatrics buying up the LCD TVs, and Maserati's on their fixed income from the government. Good times coming.

  15. Kevin


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    15   12:17pm Sun 25 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike  

    Bellingham Bill says

    Goran_K says

    The cure for cancer, new robots, and viable fusion technology, yes that will expand the economy. SSA checks?

    we don't actually need to "expand the economy" to get things back in balance.

    The top 5% clear 30%+ of the national income.

    There's your problem, mate.

    SS checks this decade and next are ~$2T pure redistribution if the top 10% pay up on their end of the Greenspan Deal over the next 15-20 years.

    Just what the doctor ordered.

    Only accurate if SS is fixed to no longer be a regressive tax (maybe we quit the current charade and just fold it into income tax). The top 10% pay significantly less as a percentage of income in SS than the regular folks.

    Bellingham Bill says

    That's the only thing that would be "fair". And thus the least likely, LOL.

    Just remove the cap and it'd have a big impact. If you move a marginal dollar from someone who wasn't spending it (or wasn't spending it efficiently anyway), and give it to someone who must spend every dollar that they get, you'll stimulate the economy.

    SS taxes at present just take dollars from people who need them (those making under $115k/year or thereabouts) and gives them to people who need them slightly more.

  16. Goran_K


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    16   9:43am Mon 26 Nov 2012   Share   Quote   Permalink   Like (3)   Dislike (1)  

    underwaterman says

    I think it is safe to assume version 2 where they now swoop in to buy the very foreclosed homes they caused in version 1 will not end well either, especially for the neighborhoods where they are concentrating like phoenix and atlanta. What happens when those homes depreciate and the rents fall? One guess. They are not going to stick around like a homeowner and try and make it work. They are going to dump the houses or abandon them and their shell LLCs just like they are doing now in foreclosures and blight communities.

    That's actually what I am waiting for. Housing is so volatile right now that in one year you can have a 5% YOY gain, and the next a 7% YOY loss. These major firms are very performance oriented (I used to work directly face-to-face with them). If the market forces any sort of correction downward, I could see them exiting the market very quickly, and leaving the mom-and-pop speculators with the highest losses.

  17. Goran_K


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    17   11:41am Mon 26 Nov 2012   Share   Quote   Permalink   Like (3)   Dislike (1)  

    bgamall4 says

    I wrote an ebook about libertarianism. The concept of voluntary relationships is similar to Ayn Rand's philosophy.

    Yes, the only racism these perverts see is quotas. Racism as a civil right is a core belief of libertarianism. Racism like that of Rothbard may not be. But libertarianism attracts a lot of racist misfits because it allows for racism to be a civil right.

    If it isn't racist to do so it is wacko. Libertarianism is wacko. That is the conclusion I come up with in my ebook. I have too many examples of libertarian leaders proving their wackiness.

    It's not about quotas. Damn it, I hope you're kidding that you actually wrote a book about libertarians because you seem to misunderstand the very basics of the doctrine.

    It's NOT about quotas. It IS about state enforced discrimination, and anti-discrimination. That is all. Anything else you have misunderstood on top is an addition to the doctrine that you have made in your own mind that doesn't exist. Ron Paul doesn't go around telling people to hate blacks and not do business with them. In fact one of his biggest supporting blocks was African Americans.

    You yourself practice discrimination in your own life. Do you let pedophiles play with your kids? Do you want your family hanging out with gang members and drug dealers? No, you discriminate because you have a choice. What if the state enforced a quota that your neighborhood must allow at least 10% of the housing to be available for released pedophiles? I don't think you would really agree with that, and neither would libertarians.

    Sure, some wacko could say "I don't want to serve blacks in my establishment", but that business person also gets the free market punishment of losing business from all black people, and those who sympathize with black people. They would soon go out of business because they tried to enact a faulty business model.

    Conversely, saying someone should get into a top state school, even with lower scores than someone of a more represented race, to fill a quota, is a form of state enforced racism. The state is giving an opportunity to someone (and taking away one) simply based on the color of their skin and not merit.

  18. RentingForHalfTheCost


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    18   12:22pm Mon 26 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike  

    iwog says

    Anyone who wants to challenge it as inaccurate should probably give a reason why.

    Lies from NAR's leader in June 2008. Nice pumping back then by NAR. Buy Buy Buy or you will be priced out forever!

  19. mell


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    19   10:50am Fri 5 Jul 2013   Share   Quote   Permalink   Like (2)   Dislike  

    bgamall4 says

    mell says

    You mean like he came on record on public TV in 2008 and was wrong? Oh wait! He was right! ;)

    We all knew there was a housing bubble in 2005. Schiff was late to the prediction party. I knew there was a massive inventory build in Reno, NV in June, 2005.

    Sure, I have never said that he makes the best calls. But it takes cojones to come on public TV warning about the crash, being laughed in the face while making a correct prediction (being late to the party or not) vs being a patnet poster croaking about the wrong calls of people they don't like after the fact ;) Plus, I am pretty sure he underestimated how massive (and criminal) the fed and government intervention would be. I know I did, looking back, instead of pouring a "just" sizeable amount into the market I would have leveraged myself to the hilt going all long financials! Oh wait, I pledged not to go long TBTFs.. ;)

  20. Mark D


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    20   6:19pm Wed 21 Nov 2012   Share   Quote   Permalink   Like (2)   Dislike (1)  

    he's been saying that every year so eventually he will be right.

    broken clock...

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