Peter Schiff is a media commentator, speaker, author. I have not met Peter. According to some reader feedback, apparently his investment timing has been bad (although he has a lot of company there) and I make no defense or endorsement of him. But I have to agree with his comments in this YouTube clip when he says our present problems are more from the boom than the bust. The up side of this down cycle is that it will eventually cure (at least for a while) all the slothful, wasteful, reckless habits that got the world into its present pickle in the first place.
But just so we are clear, my central point is that individuals can understand the business cycle in advance and use it to their advantage. We are not helpless and doomed to suffer blindly through it every 4 or 5 years. It should only take one cycle for rational people to “get it”. Riding the same roller coaster straight up and then straight down time and again without figuring out any system or breakers for controlling our ride is self-destructive, insanity.