Peter Schiff (Euro Pacific Capital) pointed out obvious issues as a sign of recession risk and no body listen to him.
- too much consumption and borrowing, he recommended to stop consuming and start producing again as cure to stop recession.
- home prices completely unsustainable, temporary low of adjustable mortgage rate (ARM)
- foreigners around the world lending us money for years, we can't afford to pay
- it is not just subprime it's entire mortgage market
- next financial mess: auto loans and credit card debt
Arthur Laffer of Laffer Investment, "he bet that Peter Schiff is WRONG", "you just way off based, there is nothing out there".Tom Adkins of Remax Fairlawn, will increase 10% home value opposite to Peter Schiff assessment.
Mike Norman of BizRadio Network Host, "have no idea what Peter Schiff is talking about" and he agree with Tom Adkins 10% increase assessment. And he continue to laugh while Peter Schiff address the questions.
Ben Stein, suggested "perfect storm for buyer", said "a subprime problem is a tiny problem"
Charles Payne of WStreet.com, said "the worst is over"
At least we know now that someone (Peter Schiff) identify these obvious signs years ago and no body listen.
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