I mentioned Peter Schiff earlier this week – but I thought I’d mention him again. What I like about guys like Schiff in the financial arena and Ron Paul in the political arena is that they tell it like it is, see the obvious and don’t live in a state of pollyanna. They are also consistent, and make well-pondered comments when they speak.
The following video takes place in 2006. it shows Peter Schiff debating Art Laffer – an economic advisor from the Reagan days who is often found as a guest of Larry Kudlow of CNBC. When together, Laffer and Kudlow tend to make comments that would make me characterize them as two of the more illogically positive financial commentators on TV:
The creator of this video does a good job of comparing views. Look at how sure Laffer is of his points – and he turns out to be dead wrong. Furthermore, when making points, he doesn’t make a good economic argument, often finding some made-up excuse for bad economic signs – for example, he called our trade deficit our “exporting our banking system to the world” instead of calling it the largest liability ever created by one country which would eventually come back to bite us in the behind.
The lesson to be found here is, if you listen to lots of financial TV and radio, let this video be an education to you about what you hear. Most of it is crap spoken by people that seem so sure of themselves. Oftentimes, listening to them is a risk to your financial future – and I mean that most sincerely. Caveat Emptor!