Video of Schiff when he predicted this. I saw him predict this on Cavuto/FNC business and the others all laughed. Something told me he was making sense.
Watch the other guy offer him a bet that the economy is on the upturn (2006-2008 predictions).
http://www.youtube.com/watch?v=2I0QN-FYkpw
By the end of 2006, a lot of people within the mortgage industry were predicting this. That said, it was accurate.
In some ways, this was very easily predictable because the real estate boom had all the hallmarks of a speculative market. This ended like all speculative markets, badly.
Wow, one guy - Peter Shiff - got it right; the mobs are all dolts. Cavuto owes it to his viewers to show that clip on his show. So much for the FOX Saturday morning financial advice from that bunch of dummies.