Chicken Little was right: the economy is falling!
51Sometimes the truth can only be seen in retrospect.
There was a time when the world (the Church) believed that the sun revolved around the earth. They were sure. So sure, in fact, that Galileo was placed under house arrest by the Roman Inquisition for heresy when he presented the idea of heliocentrism. Today we know the truth.
There was a time when people knew the earth was flat. They didn't think it was flat or believe that maybe it was flat, they KNEW. Today we know the truth.
There was another time, when people believed they could enslave other people, solely based on the color of their skin. They even found a way to legitimize it in their religion. Today we know the truth.
And all throughout history, only until recently, our solar system was made up of nine planets. Advances in technology have proved otherwise, and we are now less one planet Pluto. It was fun while it lasted. But today we know the truth.
The Sky Is Falling!
Fast forward to 2006. All was well with the American economy. The average household income was way up, the stock market was up, the job market was back in full swing, and houses were going up in value like nobody's business (it was in fact, a very lucrative business, indeed).
Times were economically sound. You couldn't tell different. Any economist worth his salt was forecasting a bright, prosperous future. Yes, it was all "lollipops and rainbows" as my wife likes to say.
But one man knew the truth.
There might be others who also saw what was coming, but I only know of this guy, so here you go. His name is Peter Schiff. I'll spare you the biography and other pertinant details of his life and career since this hub is about the American collective thought process, and not Mr. Schiff. Below is a video which pretty much show's exactly what happened.
Peter Schiff predicted everything that has happened with our economy. He was laughed at. Literally. They thought he was crazy. They thought the ARM loans would be a blip on the radar. They thought the economic forecast would be bright and sunny for years and years to come! Today we know the truth.
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Comments
Seriously! I would especially love to see Ben Stein.
That wasn't one of my hubs, but it sounds like it's worth a read!
WOW!!! I think I am going to take advice from this guy!
Yea. Maybe we can Win Ben Stein's Money!
No, that show isn't even on anymore...come on, focus, Chris...only a couple of days till the Jeopardy test!
I'm thinking Ben Stein lost alot of his money (along with his credibility) with the Lehman Bother stock!! The only "blip on the radar" was his money.
I had a similar conversation at a friend's party a year ago. Our UK property prices had just begun to nudge down, and it was fairly obvious within the property business that there were more falls to follow. I ventured to predict a total fall of 30-40% and was completely shouted down. Sometimes when people are in good financial shape, they can't see that others are struggling, or maybe it just suits them not to see that. Unfortunately my prediction might be a little on the light side as house in my area are already down 15-20% over the last year, and the banks are still not lending sufficiently to get things moving again. Jobs are going quickly even here in the so-called affluent South (I live in Sussex) and I worry that things will get much worse before they get better. I'd like to hear Peter Schiff's views about what's coming next!
Actually, if you look him up on youtube, he already has some predictions for this year. Also, here in the States, there are more loans going adjustable this year than there were last year, so you can do the math on the foreclosures...
very good hub
Christoph Reilly says:
11 months ago
Wow. He really hit the nail on the head. I would love to see all those opp!osing morons on a show today while they are shown that clip. Wonder what excuse they would come up with!
Great stuff!
(Did I read on one of your hubs about the car bumper sticker that read, "This vehicle is equipped with a Paradigm Shift?")