In December of 2006 Peter Schiff explained to Fox News the impact of upcoming adjustable rate loans on our housing market. He was ridiculed and laughed at. Home prices have since fallen off a cliff and the market has been decimated.
This morning, 3 years later, Peter Schiff explained to a guest on CNBC that our country's debt is financed with short term financing. It has been financed with one huge adjustable rate loan. He is one again told that he doesn't understand the situation and that everything is going to be okay.