Following lecture transcript is from Peter Schiff’s lecture at Ludwig von Mises Institute, March 13, 2009. It is alway pleasure to read his stuff. If you haven’t had your first economy lession yet then this is the most easily readable article to understand the current ‘bubble’;) I only posted a bit here. Please click this link for full article:
Why the Meltdown Should Have Surprised No One
or you can watch this at youtube:
[Henry Hazlitt Memorial Lecture, Austrian Scholars Conference, March 13, 2009. An MP3 audio version of this lecture is available for download. You can also watch the video. Transcript provided by Jennifer Lewis.]
Peter Schiff
I just looked at the topic for my speech about thirty seconds ago before I walked in the door. But apparently I’m talking about why is it that people didn’t see this coming, or should people have known that this meltdown was coming.
I don’t know. Is there anyone in this room that was surprised by the economic meltdown? Does anybody think it’s over? Anybody? Raise your hand if you think it’s over.
And does anybody think that the government solutions are going to work or that they’re going to help? Is there anybody? One. All right. So, I guess there’s really no reason for me to speak here. I don’t know that I’m going to tell anybody anything they don’t know. But, if you want to indulge me, I guess I could talk about it a little bit anyway.
But I don’t know why so few people seem to understand what was going to happen. I guess when you’re living inside a bubble, it’s very difficult to actually see what’s going on, from your point. But I lived through two of them, because I’m a stockbroker. I lived through the NASDAQ bubble. Continue reading ‘Why the Meltdown Should Have Surprised No One’
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