I thought I’d post an article for everyone that can be found on Benzinga’s website (a great resource for market information and opinion – so check it out if you haven’t already) which had the opportunity to internview Peter Schiff, who is running for the Connecticut Senate Seat (and if I lived up there, the guy would have my vote). He’s been called in the past “Dr. Doom” for his bearish perspective on the US economy and its future going forward. The interview is great and recommend you listen to it.
Peter Schiff is angry at Art Laffer. Benzinga’s Alex Schiff had the chance to sit down with Peter late last week. Below is an excerpt from the interview. Please feel free to use anything you find interesting.
Click Here to listen to the full interview
Q: Last year, a friend of mine sent me a YouTube video of an exchange you had on CNBC with Arthur Laffer in 2006. After you made your case for the pending recession, he insisted that “the United States economy has never been in better shape” and vehemently denied any possibility of fundamental economic problems. He then bet you “a penny and your honor” that you would be wrong. Four years later, history has vindicated your prediction. But what I really want to know is this: has Mr. Laffer fulfilled his bet?
A: Not only did he not pay me the penny or write me the letter of apology that was part of the bet, to this day he actually denies that he lost. He’s trying to claim that in mid-2007, when we had that bet, that the economy had never been in better shape, and that for some completely unconnected reason – like the shift to Obama and the Democrats – that it all collapsed in a way that no one could have predicted. What I tried to explain on CNBC, and you can look at the video which has gotten over 400,000 views, was that we didn’t have a good economy. We had a phony economy. We had a bubble. I tried to explain to Art Laffer that the rise in the stock market and home prices didn’t represent real wealth, and he said it did. It was in illusion.
He said I was completely absurd and totally off-base and that I had no idea what I was talking about.
Click Here to Read the Rest of the Interview at Benzinga.com