... Ben Stein is pretty unpleasant to be around. Former Nixon staffer and I believe speechwriter.
This is the guy who said:
http://en.wikipedia.org/wiki/Ben_SteinOn August 18, 2007, on Fox News Channel's Cavuto on Business, Stein appeared with other financial experts dismissing worries of a coming credit crunch<26>. The lone dissenter was Peter Schiff, who predicted that the mortgage sector would create a crisis leading to massive recession, a view that produced laughter from the other experts. Stein strongly recommended investing in then-troubled financial institutions<26>.
Ben Stein: The credit crunch is way overblown. The
are being given away; they're so unbelievably cheap...The subprime problem is a problem, but it's a tiny problem in the context of this economy...It's a buying opportunity, especially for the financials, maybe like I've never seen before in my entire life.
<...>
Peter Schiff: This is just getting started. It's not just subprimes. This is a problem for the entire mortgage industry. It's not just people with bad credit that committed to mortgages they couldn't afford. It's not just people with bad credit who are going to see their home equity vanish... This is going to be an enormous credit crunch...
Neil Cavuto: You must be a laugh-riot at parties.
(LAUGHTER)
<...>
Ben Stein: ...subprime is tiny. Subprime is a tiny, tiny blip.
Peter Schiff: It's not tiny. And again, it's not just subprime. It's the entire mortgage market.
Ben Stein: You're simply wrong about that... Defaults for the whole mortgage market are tiny.
<...>
Ben Stein: I think stocks will be a heck of a lot higher a year from now than they are now.
A year and a month later, in the Global Financial Crisis of September 2008, global stock markets crashed ...
So, thanks for your expertise Ben, you tool.