Peter Schiff sneaks into congressional hearing

A lot of people were calling it a real estate bubble. It was mostly the administration and the people in it who wanted to deny trouble because of politics. But others, including actual economists in universities, were saying that there was a bubble. Schiff is not an economist, he is a catastrophe trader. He predicts all sorts of horrible futures and then short stocks the moment they seem to get traction, and calls his predictions foresight. But there is no economics defense for what he ever says.

So far, he has been absolute wrong about the impact of fiscal stimulus of 2009, and the Fed's quantitative easing. He was claiming hyperinflation and capital flight from government treasuries. Instead, treasures are stronger than they were before and inflation is more likely to come from foreign wars and environmental factors like the drought in the US, than from Fed action or government deficits.

And he is self serving. He is in the business of making his pockets deeper and fuller of money. Not improving the economy. If you ask how that is possible, consider all the money John Paulson made from the crash and how much he has made (lost) since the recovery. Probably a good question to ask Schiff as well.