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provfivetine -> RE: A Conservative speaks about gas prices (3/2/2012 3:34:17 PM)
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From the article:
"So, stockpiling gold and staying out of stocks hasn't work so well for Schiff."
What? Gold was at $250 back when Schiff suggested to buy it; it's over $1700 now. Also, he hasn't neglected stocks. He's been buying foreign stocks, which have outperformed US stocks considerably. Even after the crash, they've rebounded better.
"Schiff also said, "At a minimum, the dollar will lose another 40 to 50 percent of its value." Wrong, wrong again on this one!"
The dollar has lost a lot of its value, and will continue to do so. Just because it hasn't lost 50% since 2009 doesn't mean it won't in the near future. A man falling from a skyscraper can still say things aren't so bad as he's passing the 20th floor. He can say "well things are okay, so far!"
"Mr. Hartman proceeded to tell me how he invested $200,000 through Schiff's firm and now had just half of that left!"
When was this money invested? It doesn't say. It's likely that clients at other brokerage firms have lost similar amounts during this time period. No one accuses Warren Buffet of having a bogus investment strategy when he lost billions during the financial crisis.
"This was wrong as commodity prices have plunged since this interview (see graph below). Foreign stocks actually declined more in 2008 than did U.S. stocks so Schiff was wrong on that count too."
What have commodities done since then?
Sure, I can follow these "gurus." I've made massive profits from following Schiff, Jim Rogers, Marc Faber, other Austrians.
Also I can't find anything by this "Eric Tyson" regarding his predictions prior to September 2008. Where are they? Most articles I find are him criticizing others, yet offering no practical analysis; he simply cherry picks quotes and then attacks. Oh well... What can you expect from a Yale economics graduate? What a garbage program.
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