This clip is a beauty…sounds exactly like the mainstream fare filling the airwaves today. These are the same confident fools who saw only upside in 2000 as well. Both times, stocks went on to lose 50%+ over the next year or so. Ah I remember it all like it was yesterday. The truth is that most commentators and managers add absolutely zero value because they simply ride risk up and ride risk down, until their clients and followers run screaming from the building missing limbs. Reckless confidence and willful blindness are the surest way to lasting financial pain. Capital can go lots of places, but in the end it will only survive where it is treated with patience, care and respect. Here is a direct link.
And a little reality reminder courtesy of Zero hedge.
“Six years ago today, with the S&P 500 around 1460 – having risen 20% without a correction for seven months – a handful of Wall Street’s best and brightest joined CNBC’s Larry Kudlow and Bob Pisani to discuss the Goldilocks economy, why the bears are wrong, and where the market is going next. Sometimes, we just need a reminder to snap us out of that recency bias… for example, Bob Pisani: “We have got a global rally going on… and the important thing is… there’s a floor to the market – every time, for the last seven months, they sell the market down for 2 days, it comes right back.”
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Stocks may eventually drop like rocks but over the past 4 years they would have doubled your money. Unfortunately I had no money in stocks for the past 4 years; but fortunately I had none in stocks in 2007/2008 either.
This time could be different because as the US Dollar implodes due to unrestrained national debt, when the sheeple realize they are being led to slaughter, and it’s value drops like a rock, people may put money into stocks in such large quantities that they go straight up in price. The purchasing power may not increase much but may beat every other asset except hard assets like real estate, PMs, etc. I’m not predicting anything, but just saying it’s a possibility. These are uncharted waters unlike any in US history – we have an illegal immigrant running our banana republic printing monopoly money like there is no tomorrow and a congress with no will to do anything about it and not even knowing they should do anything about it – nothing would surprise me. I do not think this is going to end well; unlike other depressions that did end well – this one may be different. Stock up while you can.
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You know, Larry Kudlow is a bit boring. Honestly. Has he ever been right?
Good clip.
Peter Schiff back in 2006/2007. He owns Ben Beer-Stein, Fart Laffer, and others – this is hilarious: http://www.youtube.com/watch?v=2I0QN-FYkpw
Another one:
http://www.youtube.com/watch?v=YW9f2KsyaOI
It doesn’t get any better than this – Peter Schiff in 2006:
http://www.youtube.com/watch?v=jj8rMwdQf6k
Peter Schiff: Why Canada Will Divorce The US And Marry China:
http://www.youtube.com/watch?v=mCM7Qj6W_wQ&playnext=1&list=PL1076832C793440FB&feature=results_video