Watch how he completely nails the coming real estate/mortgage debacle before anyone else even realized it was coming. In these videos, Peter predicted the housing market collapse, the credit crisis, inflation, higher unemployment, the weakening of the dollar, the bankruptcy of many of the mortgage lenders including Freddie Mac and Fanny Mae. The government will be forces to either raise interest rates or bailout lenders and home owners and destroy the value of the dollar.
Peter suggests waiting to any buy real estate for several years after prices have drastically dropped, which could be up to 50-70%. Today, prices are only down 20%.
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Peter Schiff went further in his predictions and wrote a book called, "Crash Proof, which put his predictions in writing. I read "Crash Proof" in mid 2007 and didn't believe half of what he predicted, but today most of Peters predictions have come true and I have a lot more faith in the few predictions that are yet to unfold. Peter Schiff is the president of an investment firm call Euro Pacific Capital and is one of the only investment firms that are expanding this year.
This is what Peter Schiff said yesterday in his newsletter,
“Now, as the U.S. Congress formally passes the bailout package that socializes the losses of the housing bubble, it is worth a moment to think about the national blindness that easy money can cause. Take it from one of the few people to have accurately forecasted this disaster; this government cure is actually worse than the disease it created in the first place.”