Friday, September 26, 2008

Who's laughing now?

Peter Schiff, president of Euro Pacific Capital, and an adherent of the much-maligned Austrian School of Economics and the Ludwig von Mises Institute (not to mention the economic adviser of the Ron Paul presidential campaign) appeared on FOX "fair and balanced" News in December of 2006 predicting just what we have seen in the housing industry that is now threatening the integrity of the American economy and virtually assuring the further devaluation of the U.S. dollar.

Notice how the cocksure mob of smug establishment Republicans, filled with hubris, mock and laugh while Schiff calmly predicts just what has come to pass - to the hoots and heckles of the "experts".

It's kind of eerie in retrospect, isn't it?

When people from the conservative, free market Austrian School of Economics have been warning us for years that these exact things would transpire, do you think we ought to listen to them? Or should we just continue sticking our heads in the sand and believing the Money Fairy and Manifest Destiny will just bail us out again and again?

Hello? Is anyone in the Republicrat Party listening? Look, if you've had enough of this pseudo-conservatism, start reading Lew Rockwell (and other sources of sound economic and conservative thought, such as the Mises Institute's Bailout Reader) and think for yourself instead of just saying "Ditto!" to radio entertainers and buying what the establishment party hacks are trying to sell you.


Peter said...

Take a look at this one from two weeks later, it's even better

Peter said...

check out this one, its even better

Jeremy Clifton said...

"... the US economy is not going to go off a cliff ..."

"It's like a freight train, they just keep going up ... the only thing that derails the housing market is high unemployment ..."

Hope they're enjoying their healthy helping of crow.

Father Hollywood said...

Dear Peter:

Oh boy. (I have a t-shirt that says that, by the way...).

To their credit, FOX has been having Ron Paul on a lot lately, in one case with the interviewer calling him a "genius" and conceding that he has indeed been predicting the current situation.

Dear Jeremy:

It boggles the mind where these platitudes come from.

I remember a relative of mine swearing on a stack of bibles that "mutual funds have never lost money" - right before he took a bath when the stock market tanked due to the dot-com bubble bursting.

Maybe some of these "sacred cows" need to be ground up and made into burgers.

Peter said...

For the record, alas, the "Peter" who posted wasn't me (i.e., the teacher of "Oh Boy" fame).

Father Hollywood said...

Dear Deutero-Peter:

Oh boy.

That reminds me of the Monty Python skit where everyone is named Bruce. "That's apt to cause a little confusion." ;-)

Peter said...

Well, how many Mary's are there in the New Testament? Talk about confusing! And, for the record, I'm happy to say that both my pastors are named "Peter." In the meantime, if you read something disparaging about Lou Rockwell, it's probably me. . . jk . . a little.

Father Hollywood said...

Dear Peter:

I think the Roman Catholic Church got this one right - we need to distinguish one another with Roman numerals. For instance, as St. Malachy teaches us, the next (and final pope before the end of the world) will be named "Peter." Of course, so we don't confuse him with the apostle, he will be called "Peter II."

In theory, this works, but in practice, no so well. My name is "Larry II," and nevertheless, when my mother would call out: "Larry!" both my dad and I would respond.