Peter Schiff (Euro Pacific Capital) pointed out obvious issues as a sign of recession risk and no body listen to him.
- too much consumption and borrowing, he recommended to stop consuming and start producing again as cure to stop recession.
- home prices completely unsustainable, temporary low of adjustable mortgage rate (ARM)
- foreigners around the world lending us money for years, we can't afford to pay
- it is not just subprime it's entire mortgage market
- next financial mess: auto loans and credit card debt
Tom Adkins of Remax Fairlawn, will increase 10% home value opposite to Peter Schiff assessment.
Mike Norman of BizRadio Network Host, "have no idea what Peter Schiff is talking about" and he agree with Tom Adkins 10% increase assessment. And he continue to laugh while Peter Schiff address the questions.
Ben Stein, suggested "perfect storm for buyer", said "a subprime problem is a tiny problem"
Charles Payne of WStreet.com, said "the worst is over"
At least we know now that someone (Peter Schiff) identify these obvious signs years ago and no body listen.