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Friday, April 24, 2009

Peter Schiff Vlog Report 24 Apr 2009 The Economy is Collapsing Fast

1 comment:

  1. Considering the amount of alt-a and option ARM mortgages that will reset in one and two years (big chunk in 2011, according to data on FED of NY website), I agree with you that the stress tests scenario are far too optimistic. There will be much more foreclosures in the next two years pushing down the home prices more than only 10%, especially considering the huge inventory out there (the REOs hold by banks) and not counted in the official statitics.
    We all know from the beginning that this stress tests 'exercise' is just political and that it is designed only to make it sound like the banking system is in great shape, which of course it is not.

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Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.