Peter Schiff, please continue

[Arraya]

http://blogs.telegraph.co.uk/business/ambrosevanspritchard/oct07/skyhasfallen.htm

If you are a bear, you must accept that you will always be wrong in polite society, and you will continue to be wrong all the way down to the bottom of recession. That is the cross that bears must bear.

Over the last three months we have seen a rolling collapse of speculative debt and real estate across half the global economy, yet friends still come over to my desk at the Telegraph, with that maddening look of commiseration on their faces, and jab: “so when is the sky going to fall then, eh”?

Well, excuse me. The sky has fallen. The median price of new homes in the US has crashed from a peak of $262,6000 in March to $238,000 inSeptember. This is a 9pc drop nationwide.

[Arraya]

http://blogs.telegraph.co.uk/business/ambrosevanspritchard/oct07/skyhasfallen.htm

If you are a bear, you must accept that you will always be wrong in polite society, and you will continue to be wrong all the way down to the bottom of recession. That is the cross that bears must bear.

Over the last three months we have seen a rolling collapse of speculative debt and real estate across half the global economy, yet friends still come over to my desk at the Telegraph, with that maddening look of commiseration on their faces, and jab: “so when is the sky going to fall then, eh”?

Well, excuse me. The sky has fallen. The median price of new homes in the US has crashed from a peak of $262,6000 in March to $238,000 inSeptember. This is a 9pc drop nationwide.

[kewp]

Well the question is how much of the debt is going to be defaulted.

10%? 50%? 100%? Nobody knows. I sure would like to hear an educated guess, though.

I think the real fallout of this is we are going to see the evaporation of what I like to call the “faux riche'”. These are the middle-income folks that having been living the high life on home equity loans and credit cards. I see this entire social class being taken to cleaners.

Which I don’t really have a problem with.

I don’t see this as a collapse. I see it as a correction where the average American will be forced to live within their means. We will still enjoy a higher standard of living than the majority of the world.

[kewp]

Well the question is how much of the debt is going to be defaulted.

10%? 50%? 100%? Nobody knows. I sure would like to hear an educated guess, though.

I think the real fallout of this is we are going to see the evaporation of what I like to call the “faux riche'”. These are the middle-income folks that having been living the high life on home equity loans and credit cards. I see this entire social class being taken to cleaners.

Which I don’t really have a problem with.

I don’t see this as a collapse. I see it as a correction where the average American will be forced to live within their means. We will still enjoy a higher standard of living than the majority of the world.

[kewp]

Well the question is how much of the debt is going to be defaulted.

10%? 50%? 100%? Nobody knows. I sure would like to hear an educated guess, though.

I think the real fallout of this is we are going to see the evaporation of what I like to call the “faux riche'”. These are the middle-income folks that having been living the high life on home equity loans and credit cards. I see this entire social class being taken to cleaners.

Which I don’t really have a problem with.

I don’t see this as a collapse. I see it as a correction where the average American will be forced to live within their means. We will still enjoy a higher standard of living than the majority of the world.

[kewp]

Well the question is how much of the debt is going to be defaulted.

10%? 50%? 100%? Nobody knows. I sure would like to hear an educated guess, though.

I think the real fallout of this is we are going to see the evaporation of what I like to call the “faux riche'”. These are the middle-income folks that having been living the high life on home equity loans and credit cards. I see this entire social class being taken to cleaners.

Which I don’t really have a problem with.

I don’t see this as a collapse. I see it as a correction where the average American will be forced to live within their means. We will still enjoy a higher standard of living than the majority of the world.

[4runner]

We will still enjoy a higher standard of living than the majority of the world.

YEEE-HAAA!!!! We’re above average!!!! U-S-A!!! U-S-A!!! U-S-A!!!

[4runner]

We will still enjoy a higher standard of living than the majority of the world.

YEEE-HAAA!!!! We’re above average!!!! U-S-A!!! U-S-A!!! U-S-A!!!

[4runner]

We will still enjoy a higher standard of living than the majority of the world.

YEEE-HAAA!!!! We’re above average!!!! U-S-A!!! U-S-A!!! U-S-A!!!

[4runner]

We will still enjoy a higher standard of living than the majority of the world.

YEEE-HAAA!!!! We’re above average!!!! U-S-A!!! U-S-A!!! U-S-A!!!

[kewp]

Hey, you are talking to a career B- student, so I don’t see your point.

[kewp]

Hey, you are talking to a career B- student, so I don’t see your point.

[kewp]

Hey, you are talking to a career B- student, so I don’t see your point.

[kewp]

Hey, you are talking to a career B- student, so I don’t see your point.

[jimmyle]

So with the dollars falling, where should we park our money? 90% of my money is in European and Asian stocks right now.

[Author]

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