http://www.poughkeepsiejournal.com/article/20081215/BUSINESS/812150312"...A YouTube video called "Peter Schiff Was Right" shows him being repeatedly mocked when he went on TV stock shows to make those ultimately correct calls in 2006 and 2007, including forecasting a recession 21/2 years ago.
Now, in the midst of what's already the biggest financial crisis in decades, the prominent purveyor of gloom and doom still sees far tougher times ahead - including a depression and a bear market he thinks will last another five years or more...
How bad do you think things will get?
Tens of millions of people unemployed, inflation spiraling out of control, the government instituting price controls that result in shortages and blackouts and long lines for things. I think things are going to get very bad.
From an investment point of view, investors need to stay clear, because they need to realize that it's not just U.S. stocks and real estate that are going to lose value, but U.S. bonds. This is the last bubble yet to burst. I think we're going to see a collapse of the bond market sometime during Obama's first term, and interest rates are going to spiral out of control, and the dollar is going to just be destroyed..."
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