Wednesday, November 19, 2008

"The United States economy has never been in better shape. ... Monetary policy is spectacular." -- Arthur Laffer, 2006

My mom blogged this YouTube clip of Peter Schiff from 2006 through 2007, predicting the whole recession and financial crisis while all the other "experts" ridiculed him:

Note that the first wrong pundit in the clip is Arthur Laffer, the famous Reagan adviser associated with supply-side economics and the eponymous Laffer curve.

Aside from the relevance to our immediate situation, the clip is also instructive in demonstrating how to look like you're obviously right when you don't know what you're talking about. 2 key tips:

1. Be vehemently optimistic about whatever you're in favor of, and put down any expression of pessimism. (This can also work at the other extreme: be vehemently cynical about whatever you're against, and put down any optimism as being ridiculously naive.)

2. Heartily laugh at whoever disagrees with you, completely regardless of whether anything funny has been said. (Watch at 3:40.)