Peter Schiff tells it like it is 9-18-2007 ..

A lot of professionals you might hire don't have half the foresight of people like Peter Schiff, Meredith Whitney or Warren Buffett who I mentioned yesterday. Who do you want to take real estate or other investment advice from, people who are right or people you are paying?

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More on how we got to where we are from Peter Schiff this time in November 2006 ..

Unfortunately the embed feature doesn't seem to be working for this series of videos but they are definitely interesting to watch, particulary for those who will say no one knows what is going to happen. Sometimes things get so out of balance that there is really only one way to go. A basic summary of these videos, in November 2006 Peter Schiff tells an audience of mortgage bankers that we are headed for a major correction. Pay special attention to what he says about second homes when someone asked him a question in video 7 of 8.

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Peter Schiff tried to warn people a year ago ..

This one is from 9-22-2007. He and I agree to a large extent and I'm somewhat surprised I had not previously realized that he was out there telling the story as well. You'll notice a lot of what he is saying is what I have been saying here on this blog. We are in a lot of trouble and the only thing that is going to correct it now is a perfect combination of time, luck and hard work. I'm going to have to read his book when I get a chance.

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Who was right, Peter Schiff or the real estate agent?

Since it may not be clear to everyone this was aired in January 2008. The comments on the YouTube site are overwhelmingly brutal on the real estate agent and deservedly so in my opinion. Before you go read those comments yourself be aware that some do contain inappropriate language. That being said, as some of the comments there indicated, she was lucky they mercifully ended it when they did. And she's not trying to sell you anything? I laughed. I really did.

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I was searching my e-mails when I found this one from March 2007 ..

After reading this story from Fortune I sent it to a friend with whom I had been discussing home price appreciation around that same time and added the following comments:

"An hourly employee at Target got a loan for $696k!!! Wow, now I'm really certain housing prices aren't going up any time soon!!

Basically during the last five years there was someone out there who would give anyone a loan if they wanted it. Now a bunch of those people are going to end up homeless and the people who gave them the loans and going to be looking for jobs doing something else. That's the whole story in a nutshell. And to make up for the lost money the other banks will charge you more to do business with them (as if it wasn't bad enough already)."

So what's the point? The point is there have been a lot of warning signs leading up to this crisis and too many people chose to ignore them or explained them away for their own convenient reasons. Obviously real estate agents, politicians and bankers all had motivation to try to keep the good times rolling and to push aside warnings from people like Warren Buffett and Peter Schiff or even horror stories like this one from Fortune. Not long ago, I also talked to a friend who was considering buying a house last summer and called me to ask if the numbers "made sense." The numbers didn't make sense in my opinion and in the end this person ended up renting, so I asked if they were glad they decided not to buy that house. The response I got was "Oh dear God, yes!!!" Maybe I should start a testimonials section here on this site.

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Peter Schiff warnings from August 2006 ..

Too bad more people didn't listen to him. He talks about over-spending, over-borrowing, the real estate bubble bursting and the consequences of the collapse of all that "phony" wealth. What he describes is essentially what we are staring right in the face two years later. According to the video he will also be appearing for the full hour of the Glenn Beck show this evening. I'm sure he'll have plenty more to say then about how we get out of this mess so tune in to see what he has to say and perhaps even educate yourself just a bit.

Don't forget to check back to Dan's Deep Creek Blog for future updates.