December 10, 2007

Here's a first - Ben Stein publicly apologizes to Peter Schiff

Now if "The Biggest Idiot in the Room" Mike Norman would do the same. And then David Lereah. And then Greg Swann. And then Lawrence Yun. And then Nicholas Retsinas. And then Catherine Reagor. And then Angelo Mozilo. And then Bob Toll. And then Kendra Todd. And then Neil Cavuto. And then Larry Kudlow.

And then every other REIC cheerleader who ignored the truth, and lied and spun (or simply made an ignorant mistake) these past few years would apologize to Schiff and to HP'ers and to America.

I'm not holding my breath.

I've gotta say though, cheers to Ben Stein. Very classy move. You're OK by me. Thanks Ty for the link...

Next, here’s a lesson I learned in a 12-step program and should have learned better: avoid contempt prior to investigation.

When the financial stock meltdown started, I was on a television show with Peter Schiff of Euro Pacific Capital, who warned that Merrill Lynch could be in very bad shape. I glibly said that I thought that its problems were limited and that the stock was a buy.

Mr. Schiff was completely right and I was wrong. I had no idea that Mother Merrill, where I have been a happy stockholder for years, had been turned into a such a wild house of high-stakes gambling.

I apologize to Mr. Schiff for my dismissal of his views, which turned out to be far superior to mine in this area. (I could do without his acolytes sending me endless hate mail, though.)


Anonymous said...

Will Ben Stein quietly go back to doing movies now instead of acting as an economics expert?

Eric said...

They won't admit he was right and they were wrong but these "experts" are going to turn into little Peter Schiffs and act like they saw this mess coming all along.

michael said...

i don't know really what it is about ben. i disagree with thim allot and he is no expert but i do beleive he is a stand up guy and for some reason i just like him.

could be just the ferris beuller thing.

Anonymous said...

WOW! way to go B.S.

Anonymous said...

Where o where has senor "Dopes!" gone?

Anonymous said...

good of him to do this

Paul E. Math said...

mBen Stein is a pompous know-nothing know-it-all.

The self-proclaimed genius did no better than stock indices - this guy was class valedictorian of yale law school in 1970? He's more of a class clown in 2007.

Notice how he takes credit for expressing "doubt about private equity and how it could keep making super returns", what a genius! Shit, we all express doubt about alot of things - sometimes I doubt my own mother's love.

But only a few people can confidently predict the failure of private equity (among other things). Peter Schiff is one such person. Ben Stein, you are not.

Anonymous said...




Anonymous said...

Ben Stein said back in 2005 that gold would NEVER hit $500 in his lifetime.

Well, gold is stitting at $808 now.

How about them apples Ben !

I know, you're not a financial advisor, but you play one on tv.


Anonymous said...

Ben Stein is the Second Biggest Idiot In the Room.

stuff said...

Eric said "these "experts" are going to turn into little Peter Schiffs and act like they saw this mess coming all along."

With the difference being that Peter Schiff has actually been talking about this mess for the last while. All of his commentaries and weekly radio shows are archived on his website ( and you can go back and listen to what he's said in the past and see if his predictions have been accurate.

I think the main reason for his accuracy is his familiarity with Austrian economics. I know my brokerage account is better off for me getting familiar with the work of Ludwig Von Mises.