Peter Schiff Was Exactly Right With His Prediction a Year Ago

By
Real Estate Agent with Atlanta Communities Real Estate Brokerage GREC #208281

I always get a chuckle watching news shows and listening to these panels of "experts" predict what's going to happen in various markets in the future.

It's interesting once in a while to look back to see who was right and who was wrong.

I stumbled upon this video from about a year ago where they had a panel of pundits predicting what was going to happen to the housing market in 2007.

Peter Schiff, son of tax protester Irwin Schiff, predicted exactly what we are seeing today.  It was like he was able to go into the future and then go back in time to warn everyone of what he saw. 

I'm going to pay attention to this guy when I see him again.  The other guys were laughing at him like he was nuts. 

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About the Author:  Tim Maitski has been a full time Realtor since 1999. He has sold several hundreds of homes in areas around metro Atlanta.  Tim started with RE/MAX Greater Atlanta and is now with Atlanta Communities Real Estate Brokerage.

 

Along with blogging on ActiveRain, he provides one of the best real estate websites in Atlanta at www.HomeAtlanta.com .

 

His proprietary  "Maitski Line Reports" chart out the absorption rates over the past 14 years in 37 different market areas.  Know when it's a good time to buy or a good time to sell.    

 

His online Property Tax Calculator allows you to compare property taxes in many counties and cities around the Atlanta area.  He provides the Atlanta MLS Power Search Tool that allows searches of homes using over 35 specific criteria.

 

Over the years, Tim has optimized his business so that he now can offer a huge 50% commission rebate to his buyers.  The more experience one gets, the easier the job becomes.

 

Tim also has a "Five Days to Sold" System that uses an intensive marketing blitz to create a showing frenzy that creates urgency and offers.

 

Tim is always looking to LinkIn with anyone who is interested in building their social network.

 

View Tim Maitski ●Atlanta Realtor●'s profile on LinkedIn

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Ambassador
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Jason Sardi
Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC
Your Agent for Life
You are back Tim!  Listening to the video now, Peter is a smart chap.  And I'm a huge fan of Ben Stein as well.  Call me naive, but my guess is things (purse strings) will loosen up in another 5-6 months.  I don't think they will get as ridiculous as they were in that time (no reserves, stated income, 100% financing without showing capacity to pay, etc) but my guess is Subprime is not going away.  It just has to get back to common sense lending...which it should of never strayed from.  Greed gets us all...
Oct 27, 2007 02:11 AM #1
Ambassador
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Hi There!  You know, I kept you on my subscribed list ....I thought maybe you'll come back. Thanks for a look back in time to see what just so happens is going on today. Now let's see what happens next year from what they're saying today!
Oct 27, 2007 07:44 AM #2
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Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate
Tim, isn't that amazing ? Yea, there laughing...............wonder what they would say now. Good to see you here, it's been awhile.
Oct 27, 2007 09:03 AM #3
Rainmaker
147,071
Kaye Thomas
Real Estate West - Manhattan Beach, CA
e-PRO, Manhattan Beach CA
Tim- Great video.. you are right Schiff had it right about the overall market.  The Real Estate market has a 7-10 year cycle in most areas.... it goes up.. goes flat .. goes down.. goes flat and then the cycle starts all over.
Oct 27, 2007 09:57 AM #4
Rainmaker
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Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Tim, It's so nice to see you back posting.  I was just looking at my subscribed list yesterday and thinking...we haven't heard from Tim in a long, long time.  Now...I'll go back and watch the video. :)
Oct 27, 2007 03:21 PM #5
Rainmaker
387,816
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Yes, I'd agree with you...Peter Schiff is someone to be listened to!
Oct 27, 2007 03:26 PM #6
Ambassador
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR
Great post.  I agree with him, and I also agree with Ben Stein.
Oct 29, 2007 02:23 PM #7
Rainmaker
138,114
FRANK LL0SA Esq.- Northern Virginia Broker .:. FranklyRealty.com
Northern Virginia Homes - FRANKLY REAL ESTATE Inc - Arlington, VA

Hilarious! This is great.

Who was the long haired wrestler?     

Nov 01, 2007 05:15 PM #8
Rainer
188,704
Laurie Manny
Long Beach CA Real Estate - Long Beach, CA
Hi Tim,  So good to see you back posting.  I just recently asked Colleen if you had fallen off of the face of the earth.  I remember when this originally aired, interesting isn't it?
Nov 06, 2007 05:17 AM #9
Rainmaker
559,775
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
Truth, Excellence and a Good Deal
 

 I now know why I like Peter Schiff so much.  He just sent out the following letter to the 60,000 subscribers to his newsletter. 

It's a pretty strong endorsement of Ron Paul for President. 

I strongly endorse Ron Paul also.  I've been spending a ton of time getting involved in his campaign over the last few months.  That's why I haven't had much time for posting here at ActiveRain. 

 

Call to Action

Congressman Ron Paul, America's best hope for the future.

I recently had the pleasure of personally handing the Honorable Ron Paul (the only member of Congress truly worthy of that title) a $2,300 check (the legal maximum) as my contribution toward his presidential campaign.  I have never given one dime to a politician (though Congressman Paul is more of a statesman then politician) in my life, and you know what; it felt great.  It was the best $2,300 I ever spent.  The purpose of this email is to urge every single one of my clients, every subscriber to my newsletter, and every one in my database, to make a similar contribution.

There are over 60,000 names in my database.  If a significant percentage of us donate $2,300 to Ron Paul, he will have a decent shot at being the Republican nominee, and he is probably the only Republican candidate capable of wining the Presidency in 2008.  Come election time, this country will likely be in a severe recession, and Ron Paul is the only Republican able to distance himself from President Bush, who will clearly be blamed for the mess our economy will be in. 

Like me, Ron Paul was against America's decision to invade Iraq.  Unfortunately, our predictions regarding what would happen if we did have all been proven correct.  However, the one good thing that could potentially come of this whole fiasco is that it may be the single biggest factor making Ron Paul so electable.  If that is the price of putting the only principled man in Congress into the Oval Office then perhaps it was worth it.

Unfortunately, most of the criticism of our phony economic expansion has come from the left.  The mindless cheerleading of the right will leave them devoid of any credibility on economic issues.  Ron Paul is the only Republican who can say "I told you so."  If, as a result of right wing rhetoric, voters blame capitalism for our problems, this nation will take a giant turn to the left.  While many on the left have criticized the economy, they have mainly done so for the wrong reasons and their "solutions" will only make the situation worse. 

Fortunately we have the power to stop them and we cannot let the opportunity to do so pass us by.  This is a unique moment in history, a fork in the road to serfdom.  We may actually be able to prove our founding fathers wrong in their belief that democracy does not work (For those of you who do not know our nation was founded as a Republic not a Democracy.  For more on the difference between the two forms of government read my new book Crash Proof.  Click here to order your copy.)  Perhaps with your help we can prove that the special interests of political factions can actually be overcome by an inspired electorate motivated solely by the love of freedom and a respect for the constitution.

If you are fortunate enough to be one of my clients, writing a $2,300 check should not be a problem.  As I have likely made you tons of money over the years, here is an opportunity to donate some of it to a worthy cause.  We have made our money by betting against the U.S and betting against the dollar.  Giving $2,300 of our winnings to Ron Paul gives us the opportunity to bet ON America for a change.  And it's a bet none of us can afford to lose, and the best part about it is that if we all make this bet together we can't lose.

My penchant for foreign investments has from time to time caused some of my critics to label me unpatriotic.  While such attacks are clearly out of line, using some of our foreign profits to secure the election of Ron Paul goes a long way toward defusing such allegations.   

If you are not a client and you think $2,300 is a lot of money, it's not.  In fact, if Ron Paul is not our next President, such a sum will be practically worthless by the end of the term of whoever is.  So what do you have to lose?  Just write the check and hope for the best. 
 
Do not just send in $50 or $100, dig down deep and pony up.  If you are married send him $4,600.  Think of what is at stake.  Let's not let Ron Paul lose this election for lack of money.  Think about the sacrifices others have made for this country.  Think of those who have given their lives to secure the liberties we are now losing to a tyrannical Federal Government.  The signers of the Declaration of Independence not only risked their sacred honor but their very lives.  You have a chance to do something to reclaim the principles embedded in that document yet risk nothing but a lousy 2,300 bucks, the cost of a single plasma TV.  If we all make that one small sacrifice, maybe, just maybe, those who have died defending our freedoms may finally rest in peace.

Giving money or voting for any other political candidate, Democrat or Republican, is a complete waste of time, effort and money.  The only person in the race whose victory will make any difference what-so-ever is Ron Paul.  Even if he does not win, just having his positions heard by a wider audience will make a bigger difference to the country than the outcome of the election itself.

Do not get me wrong; electing Ron Paul will not stop America's day of reckoning from coming.  The piper will have to be paid no matter who is in the White House.  However, President Ron Paul will be extremely important if we are going to dig our way out of this giant hole.  Any other declared presidential candidate will make the job far more difficult if not completely impossible.

Rebuilding a viable industrial economy will require a return to our constitutional roots of limited government, low taxes, minimal regulation, and sound money.  Ron Paul is the only candidate capable of bring those reforms about.  He has already proven that his principles are more important then his own reelection.  He is the only man in Congress I know that power did not corrupt.  In fact, with Ron Paul as President, many others in Congress might actually find the courage to vote their conscience as well.

If you do not know who Ron Paul is, visit his web site at http://www.ronpaul2008.com/ and see for yourself.  He is the real deal, a true statesmen and citizen politician in the traditions envisioned by the framers of our Republic.  From time to time I get emails from people suggesting that I run for President.  While such suggestions are indeed flattering, I realize that they are offered purely in jest.  However, for those who agree with my take on things, a vote for Ron Paul is the closet thing to a vote for me that you will ever have an opportunity to cast.  He understands the real problems facing our nation and knows what must be done to enable "we the people" to solve them for ourselves.

Here is the link to make your contribution.  https://www.ronpaul2008.com/donate?c=SCHIFF

If you donate by telephone or use the general donation web page, make sure to reference the project code "Schiff" when you do.  That way I can better judge the effectiveness of this email.

Once you have done so forward this email to every contact in your address book.  Let's give Ron Paul the greatest political war chest in history.  In modern American politics money talks.  With your help, Ron Paul's voice can be the loudest one of all.   

Sincerely,

Peter Schiff
President and Chief Global Strategist
Euro Pacific Capital

Nov 07, 2007 12:36 AM #10
Rainer
2,081
Angel Del Valle
Solid Source Realty - Marietta, GA
Peter Schiff was right on the money. All those artificial mortgage guidelines are quickly and surely disappearing. For example, I've heard that the only down payment assistance program out there these days is Nehemiah and predictions say that it will succumb soon. I will keep my eyes and ears on Peter Schiff.
Nov 13, 2007 11:17 PM #11
Rainer
33,097
GA-agent.com Georgia Real Estate Directory
GA-agent.com - Canton, GA

Tim...great video.

Also, I like Ron Paul as well...how has your time been spent?

Congrats on $4 million on the 5th...

Nov 26, 2007 04:20 PM #12
Rainmaker
214,937
Mike and Dawn Lewis
The Lewis Team at Keller Williams - San Diego, CA
The Lewis Team at Keller Williams in San Diego CA

Tim,

Great post and video. It's always the one who is different from the crowd that stands out and is ridiculed until someone like you goes back and digs up the video tape - great job. I think this guy is worth listening to. What is he saying now I wonder.

Mike Lewis

Nov 27, 2007 03:07 AM #13
Rainmaker
138,114
FRANK LL0SA Esq.- Northern Virginia Broker .:. FranklyRealty.com
Northern Virginia Homes - FRANKLY REAL ESTATE Inc - Arlington, VA
Rainmaker
1,073,964
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
It is always worth watching the prognosticators sometimes you find a good one but mosto of the time you wonder how they arrive at the thoughts they express.  Nice post Tim.
Dec 22, 2007 01:03 PM #15
Rainmaker
448,341
LLoyd Nichols
Premier Florida Realty of SWFL - Fort Myers, FL
SW Florida Homes

Great video Tim.Peter Schiff is brutally correct. What is so interesting is that so very few got it right.I will have to look at his opinion more closely.

Jun 23, 2008 12:48 PM #16
Anonymous
Doug

What's even more shocking than his predictions, is that he's been making the same prediction for years and years and years and now people are like "wow, this guy nailed it". It's even more shocking to me that people actually believe what this yahoo says even though he's been wrong for the previous ten years and now tout him like the next coming of Nostradamus. If you say something long enough you're bound to hit it right at least once over a twenty year time frame. I'm not a fan of anyone who earns money by preying on peoples fears, and that is exactly what Schiff does. He is a stock broker who specializes in foreign investments, so he has a tremendous amount to gain by making Americans think that the best investment is not in the US. He reminds me of the guy you always see holding the sign that says THE END IS NEAR, or the cult leaders who have preyed on peoples fear that the Lord, Aliens, or whatever are coming soon! Those who follow Schiff will meet the same ruin that those people did and live sad depressing lives worrying all the time. Enjoy life and loved ones in the short time we have in life anyways and quit promoting a guy who is using your fears to profit.

Oct 14, 2008 01:23 PM #17
Rainmaker
559,775
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
Truth, Excellence and a Good Deal
Doug, Sometimes it take a while for things to come together. When you are living it, one or two years seems like a long time. But then when you look back over the whole scheme of things, a few years is a drop in the bucket. Sometimes bubbles take longer to burst but you can still be totally correct even though you didn't pick the exact time. I guess we all will see what happens in the next 5-10 years. It never hurt to prepare for the worst and enjoy it not happening.
Oct 15, 2008 12:11 AM #18
Anonymous
Doug
HI Tim, Good point in preparing for the worst and enjoying it not happening! I know in a round-a-bout way that's the whole point in investing, saving, insurance etc. I really don't have a problem with people/analysts saying things are going to get bad, lord knows we hear enough of it day after day recently. What bothers me is when I have that gut feeling that someone is trying to profit from things getting bad. Kind of like price gougers during hurricanes and stuff. If he were just saying things like the "normal" stock people are like hold onto your cash or be safe I wouldn't be so offended, but I feel when someone says things like America is on the brink of depression so you should give me your money to invest in foreign markets, his specialty, or things are heading for disaster but surely you can part with $4600 for Ron Paul that's a little bothersome. Kind of like he has something to gain from things getting bad here when he says "We have made our money by betting against the U.S and betting against the dollar". Betting against the dollar is fine, but betting against the U.S. when he lives here and enjoys the greatness of America and has made his money in America off of Americans is crazy. If he said those kinds of things in Russia he'd probably be dead by now. And if he has made so much money betting against us and there is going to be civil unrest, death and famine, why isn't he living in Bermuda or somewhere safe? Anyways, I know we won't solve the issue on here but thanks for the excellent calm response! I certainly hope things get better before the next 5-10 years or my wife is going to cut off my funds for my "stock game" as she calls it! Take care
Oct 19, 2008 03:12 PM #19
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Tim Maitski

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