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He nailed it, for sure.
Posted on: February 21, 2020 at 21:22:05 CT
tiger4real MU
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That was cool, thanks.
Couple points..
#1. his prediction was correct because he correctly diagnosed the problem. The consumer was not saving enough, had too much debt, and weren’t producing anything. Asset values were inflating for no reason (with no earnings or cash flow).
The consumer today - thanks to the lessons learned from the “Great Recession” - saving rates are higher and debt (as a % of cash flow) is lower. We became paranoid, justifiably, and have been on a debt is bad, eliminate it at all costs war path.
#2. he was dead wrong about years of higher interest rates and inflation was ahead.
#3. I had to research this guy, Peter Schiff. I recall him as one of the few to predict the Great Recession.. but knew nothing else. Well he has been predicting doom and gloom ever since. He’s made a lot of money doing that, btw, Gold. Talk radio show. Asset manager in Europe and a private wealth management company in Canada.
Couple points..
#1. his prediction was correct because he correctly diagnosed the problem. The consumer was not saving enough, had too much debt, and weren’t producing anything. Asset values were inflating for no reason (with no earnings or cash flow).
The consumer today - thanks to the lessons learned from the “Great Recession” - saving rates are higher and debt (as a % of cash flow) is lower. We became paranoid, justifiably, and have been on a debt is bad, eliminate it at all costs war path.
#2. he was dead wrong about years of higher interest rates and inflation was ahead.
#3. I had to research this guy, Peter Schiff. I recall him as one of the few to predict the Great Recession.. but knew nothing else. Well he has been predicting doom and gloom ever since. He’s made a lot of money doing that, btw, Gold. Talk radio show. Asset manager in Europe and a private wealth management company in Canada.
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He nailed it, for sure. - tiger4real MU - 2/21 21:22:05