Today Merrill Lynch announced a massive 8 billion dollar loss, and S&P downgraded their debt. This is just the beginning, as trillions of dollars that Wall Street loaned to American homeowners will never be repaid.
Watch this video clip from Fox News “Cavuto on Business” that originally aired Aug 17, 2007. The exchange is amazing in view of what has just happened. See how I tried to explain to a panel of delusional “experts” why earnings in the financial sector were about to turn into losses. Ben Stein even recommended Merrill Lynch as his favorite stock and lost his cool as I tried to enlighten him and Fox viewers regarding what was about to happen. You just have to see the exchange for yourself to believe it!
On a similar line, this video (originally aired on Dec 29, 2006) of a similar exchange I had on Fox “Bulls & Bears” regarding the impending collapse in the housing/mortgage market must also be seen to be believed.
It is important that the public understand just how bad the advice main stream “experts” are peddling. Please forward this email, or the YouTube links to as many people in your contact list as possible and ask them to forward the email to their contacts as well, and so on.
Let’s get the word out and hold these clowns accountable for their lousy forecasts.
Sincerely,
Peter Schiff
President and Chief Global Strategist
Euro Pacific Capital
