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Friday, Nov 14, 2008, 8:50 am

Peter Schiff, Fox News’ Cassandra

By Jeremy Gantz

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It's amazing how greed can blind so many people to what is now perfectly obvious: the fundamental rottenness of the U.S. economy.

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 is a contributing editor at the magazine. He is the editor of The Age of Inequality: Corporate America's War on Working People (2017, Verso), and was the Web/Associate Editor of In These Times from 2008 to 2012. A graduate of Northwestern University’s Medill School of Journalism, he worked as a reporter for The Cambodia Daily in 2007. After graduating from Carleton College in 2004, he lived in Sri Lanka on a Fulbright scholarship, studying the intersection of ethnic politics and public education. His articles have also appeared in Chicago-area newspapers, Alternet and the Onion’s A.V. Club.

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