Remember 2006, when your paperboy quit his route to work at a hedge fund, and the little girls down the street were flipping lemonade stands all over the neighborhood? It was also the gilded age of financial forecasters proudly declaring that nothing could possibly go wrong with the housing market, all while giving a swirly to any Debbie Downer who said otherwise.
Wanting to briefly return to that era, the folks at Reddit have resurrected the below clip from a 2006 episode of Bulls & Bears, in which Euro Pacific Capital’s Peter Schiff is effectively laughed off the air for his comments like, “Everybody is borrowing money. The problem is nobody is saving it,” and “The U.S. economy is not strong. All we’re doing is borrowing money from abroad.”
Meanwhile, other prognosticators are probably now wondering if their statements like “The U.S. economy is not going to go off the cliff,” and “The only thing that derails the housing market is high unemployment. We don’t have that right now,” might have been slightly short-sighted.
Our favorite moment is when Tobin Smith guffaws loudly as Schiff tries to point out that the supposed high household net worth was really just due to inflated home costs.
Anyway, it’s time to pull out those plans you had drawn up for the mountain cabin and/or lake house you were going to build in 2007 and watch the clip: