Young Peter Schiff Discusses the Tech Bubble in 2002
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For the latest Peter Schiff, go to http://PeterSchiffBlog.com Everyone was happy during the 90's in the middle of the tech bubble. However, the market crashed in 2000, then September 11th occurred, and it has been bad news ever since then. The tech bubble of the 90's didn't reflect real growth. The numerical value of the stocks were certainly going up, but the underlying companies weren't making any money. Wall Street just wanted to keep the stock prices inflated so that they could make more money on their fees. The recession that we are currently in will be similar to the recession from 1966-1982. There are a few differences between now and then. Back then, the United States was the biggest creditor nation in the world. Now the United States is the biggest debtor nation. The economy was much more robust back then, and government was smaller. Interest rates are still low because there is buying pressure from other people around the world. Once that ends, interest rates will skyrocket. The dollar, which had a huge run during the 90's, will get hurt in the near future. The dollar will lose a lot of value. What the United States needs to do is to tear down some of their malls and turn them into factories. The people need to get away from consumption and to focus more on manufacturing. They would be dramatically better off in a few years. We are still looking for something to prick the bubble and to cause a major economic upheaval. It very well may be the dollar. The best course of action is to get out of dollar denominated assets. Foreign stocks are a great place to be, particularly in China, Singapore, or Hong Kong. If you had anticipated the fall of the dollar in the 70's, you would have protected yourself from the loss of value. This time around, the recession will probably be even worse than in the 70's.
Comments
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I think we should keep in mind that he would have been right if it wasn't for the Fed's meddling and blowing of the housing/finance bubble in the mid 2000's. It would have been better to let things unwind on their own, but the central planners decided to delay the inevitable reckoning which makes things worse in the long term.
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So Schiff has been predicting the collapse of the dollar for over a decade.
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HAHA schitty pete predicted foreigners will stop buying treasury bonds. Guess what, the Chinese replaced the europeans and bought massive amount of them in the new millennium !!!
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Good old days when tv channels still do sit down, proper interviews.
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Thank you Slick Willy Clinton! Thank you Al Gore that invented the WWW! LMFAO!!!
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Notice what she said Housing prices are uo BEFORE 9/11 2001 the hosuign bubble/crisis which occured started in 1995
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His economic predictions were pretty wacky, but what is said about the stock market, dividends, and emerging markets was golden.
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What most people don't seem to be smart enough or knowledgeable enough to realize about this interview is that this is a prediction about something that still hasn't happened yet, to this day in 2013. The housing bubble bursting was not the culmination of this particular prediction. You will know it is happening when the Fed raises interest rates despite the pain that it causes in order to rescue the currency, or the currency collapses because the Fed tries to keep rates low regardless.
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haha. He was dead wrong!
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You are a complete imbecile. This video is from 2002, when the stock market was near lows. From 2002 to 2008, the stock market did the EXACT OPPOSITE of what schiff claimed it was going to do, and after the crash in 2008 until now in 2013, the stock market has done the opposite of what he claimed it would do. Pull your head out of your ass, stupid.
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HAHAHAHAHAHAHAHA ! There was no tech bubble in 2002. The bubble popped in 2000, by 2002 the stock market was decimated. That was a horrible year for stocks, the indices went to a low in the summer and then came to another bottom in october, and they rallied like CRAZY from there. From 2002 to 2007 the s&p more than doubled ! . Schiff was over there talking about catastrophe at the lows ! lmaolol...what a moron. He was dead WRONG
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sorry but he says about collapse in 2002, now 11 years later also says it will come ok but when when when when ? nobody knows .
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You're an idiot. HE spoke for 9 minues and his 2000 comment was just a maybe. Listen to the message - fool. I've been following him for 5 years and can't fault him. Wish I'd discovered him sooner - I would be a lot richer.
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Schiff is just plain smart.
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The Dow was valued at about 33 ounces of gold in 2002, now it's around 7.5 ounces of gold. So it did fall in value by nearly a fifth. So he's actually pretty close. If the Fed didn't print so much money, it would have fallen to around $2000. If gold was still about $300/ounce, at the ratio of 7.5, that's about $2250.
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keep it coming, should be referred to as a prophet. most of what he says come true !
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He's been at this for a while.
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Amazing, this video gives a lot of credibility to Peter.
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good stuff peter, keep the predictions coming
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