Peter Schiff vs. idiot market commentators:
Shiff, totally correct about housing and the economy, was disputed and ridiculed over the last couple of years. A collection of segments where Shiff appeared on Fox is here
(10 min YouTube).
Shiff is a Ron Reagan / Ron Paul guy and favors less government spending. Whatever you may think of that, his remarks on housing and credit were correct.
Well, that was fun.
A bit off topic (still economy thought}:
Does anyone have any idea what to do abot the GM/Ford/Crysler circle jerk? Did anyone notie that Mercedes thought it was hopeless and just walked away?
I checked the prices on the stocks they touted (the financials). All were down huge. Anyone who took their advice lost 60% to 95%.
I'm not happy about it, but I think given the current global recession, it's okay to keep GM and Ford alive. If they go down it will make it much harder to get the economy going again. I think $100 billion is a worthwhile (!) amount to put out. It may all be lost, but I think we've got to prop up a number of businesses until we get this capitalist system straightened out.