This is a video of the prediction in question. http://www.europac.net/schiffvideo_wm_lg.asp He was called out on this prediction by Todd Sullivan from seekingalpha. Below is the response from Schiff (Nov 20 2008). "Watch that video again, what did I recommend -- Sell U.S. stocks, get out of the dollar, buy high yielding foreign stocks, and buy commodities, including gold and oil. Lets see back in May 2002 the Down was over 10,000 and the NASDAQ was at 1700. So in the past 6 years, U.S stocks are DOWN about 25% Also the dollar Index was at 107, and even with the recent rally is only at 88, or a decline of %18. Oil was at $30 per barrel, now $50 and gold was at $300 per ounce and is now at about $750. In addition, most foreign stock markets are still well above May 2002 levels, and with high dividend yields, they have considerably out-preformed U.S stocks. Check your facts next time!!"
So did he predict Nasdaq 500 or not? The problem with Schiff is he is NEVER admits he is/was wrong. See a pattern here? He's a psychotic that believes the markets will ALWAYS do what he predicts. The perfect recipe for blowing up. He probably knows best why he is in the business of selling books and investment advice and not running a hedge fund. Ever see John Paulon wasting his time on bubblevision make ridiculous predictions? No. Yet Paulson rode the banks all the way down and then all the way up, making himself and his clients billions in the process. Why didn't Schiff trade likewise instead of just talk?
"Money supply" is a slippery term really... the Fed can print dollars or electronically create them.. and lenders can do fractional reserve banking and create money too.... I'm thinking that our policies are to shore up lending and get things going again but meanwhile we also printed a lot of money so when lending gets going again, that's when we will have inflation... secured loans tie up money in an assett, or they used to, before the Heloc's.. and unsecured lending is pure money creation.. so it may be awhile but that stuff will start up..
do you have an accout with schiff? if you don't then shut up faggot. invariably schiff's biggest supporters have NEVER INVESTED with him. if they did they would not be supporters of this clueless monkey. his most conservative "capital preservation" portfolio was down at least 70% with at least half a dozen companies going bankrupt. when you lose 70% of your wealth there is no "long term" it is a first round KO. You cannot recover from that. Period. schiff's stocks are bouncing the same way the rest of the market is bouncing. it's called a bear market rally. unfortunately his stocks will have to go up 400% JUST TO BREAK EVEN. what is worse is once this bear market rally fizzles his portfolio will once again be leading the way in getting totally WIPED OUT. Coming soon: "Schiff Brutally Raped: The Sequel"
So if you live in CT you get four more years of Dodd or a change with Mr Schiff aka La Douche, glad I don't live there. There was a phone interview where one of his client is like "hey douchebag, you just lost me a million bucks" classic stuff!!
Yeah, you listen to Schiff and you agree the US is heading towards hyperinflation and gold is going to 10k so you decide to put all your money in some Australian zinc mine cause hey the rest of the world will decouple. Schiff has stated thousands of times: My personal portfolio component NR 1 : physical gold.
Here is the thread link, check out the you tube clip, thanks Makloda, sometimes ET has some gems. I don't really disagree with what alot of what he said but he is an example of someone who did not capitalize on a great opportunity, now he is going into politics, go figure. I think Paulson (not the snakecharmer) is quite the contrast to him. http://www.elitetrader.com/vb/showthread.php?s=&postid=2190651&highlight=peter+schiff#post2190651
I'm very lucky that I never opened one. I was going to but I started getting red tape about being a Canadian so I didn't pursue it. I have many friends, however, who invested with him for many years. Let me explode the biggest myth about Schiff: that his long term clients did well and it was only his new clients who suffered. One friend was with him for at least five years and saw his initial 100k grow to 160k in the bubble years. In a few short months last fall his account was decimated and he was left with a total of around 40k. The account has bounced to around 70ksh but there is simply no chance in hell it will ever recover what was lost. Below is a good article that really exposes fraud schiff: http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html