Where did all the wealth go? (from salon)
If you have the stomach for 10 minutes of schadenfreude, you might enjoy watching a series of clips edited together featuring Peter Schiff, president of Euro Pacific Capital, arguing about the economy with a bunch of arrogant and ignorant talking heads on Fox News and the Fox Business Channel. Thanks to Andrew Sullivan for the tip.
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The pattern keeps repeating itself: During 2006 and 2007, Schiff made a series of astonishingly prescient predictions of the peril that the economy was headed for, only to be snickered and scoffed at by the likes of Ben Stein and my favorite supply-side genius, Arthur Laffer.
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Arthur Laffer provides a heaping load of merriment. After one typical pronouncement of doomsday, Laffer, who can barely disguise his utter scorn, delivers himself of the following (dated sometime in 2006):