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Hindsight is 20/20: Peter Schiff and the economic crisis (predicted)
Sometimes 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. The only reason his life was spared being that he was a childhood friend of the current Pope. 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. Then Columbus sailed the ocean blue, and instead of falling off the end of the earth, he discovered the West Indies... and... 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. People fought and died... either in support or protest of this belief. It took over a hundred years, but 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.