Watch the following clip and see Peter Schiff predicting exactly what has come to pass in our economy almost two years before it happened. And watch as other big names laugh at him while claiming that Merryl Lynch was a bargain at $150 in 2007 and that the state of financial stocks back then presented a wonderful buying opportunity. Watch and see Ben Stein be completely wrong on just about everything (predicting, for example, that financial stocks would be much higher in 2008 than they were at the same time in 2007, and that the subprime mortgages were such a small fraction of the economy that they would have no impact whatsoever).
So someone tell me...why do people think Ben Stein is smart? Peter Schiff's analysis was right on target.
(Thanks go to Coby at A Few Things Ill Considered)