Peter Schiff Was Right on the Recession

from a CNBC appearance on August 28, 2006:

It's not wealth that's increased in the last few years. We haven't increased our productive capacity. All that's increased is the paper values of our stocks and real estate. But that's not real wealth... When you see the stock market come down and the real estate bubble burst all that phony wealth is gonna evaporate and all that's going to be left is all the debt we've accumulated to foreigners.

My thoughts: Schiff nails it while others from Ben Stein to Arthur Laffer laugh. On e guy was even predicting 16K Dow. Wow.