Friday, Nov 14, 2008, 9:50 am
Peter Schiff, Fox News’ Cassandra
That's the lesson of this 10-minute Fox News reel, which has nothing to do with right-wing bias and everything to do with greed bias. It gathers clips from 2006 and 2007 of Peter Schiff, president of Euro Pacific Capital Inc., predicting in uncanny detail exactly when and how the U.S. would dive into a serious and long recession.
Every anchorperson and guest (including Ben Stein, ably proving that he is NOT the smartest man in the world) shows not just an unwillingness, but an alarming inability to consider that Schiff might be right: the real-esate market had to tank, and would take down the broader consumption-based U.S. economy with it.
This is must-see TV.
It would be more comedy than tragedy if so many Americans weren't in so much pain right now.
(Hat tip to Andrew Sullivan over at the Daily Dish.)
Jeremy Gantz was the Web/Associate Editor of In These Times from 2008 to 2012. His January 2011 cover story for the magazine, "Terrorist by Association," was selected as a finalist for the Molly National Journalism Award 2012. He is now a contributing editor to the magazine, focusing on labor issues.