"Peter is just way off base"

This video has been making the rounds, and if you haven’t seen it yet, watch it now. It’s basically a series of TV panel discussions from 2006 and 2007 in which Peter Schiff explains why the economy is about to tank, while others mock him relentlessly.

http://www.youtube.com/watch?v=2I0QN-FYkpw&e

This is what Schiff told Maclean’s back in October 2007.

“What we’ve done as a society is borrowed a tremendous amount of money. Now the bills are coming due and we don’t have any money to pay it back. We’re screwed. It’s not just going to be a mild recession. It’ll be the worst one we’ve ever had.”