Wednesday, November 19, 2008
My wife (who works in finance) and I were discussing the terrible arrogance on display in the video I posted below, where the opponents of Peter Schiff's views just laughed in his face for claiming a crash was coming, and we decided that, perhaps that attitude is an integral part of bubbles. Those comitted to the view that "the good times will last forever" begin to sense that the rising market is like Tinkerbell--it will cease to exist if we don't believe in enough. Thus, someone like Schiff is not merely wrong, he is a traitor, and a danger to the people of faith (in the bubble).
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