Peter Schiff: the "Bad News Bear" who's often right

Peter Schiff, president of Euro-Pacific Capital, has been downbeat on the U.S. economy for quite a while. He's generally been mocked for it by the usual hucksters of Wall Street.

But he's been uncannily right, too. Get a load of all the rosy predictions contra Schiff here:



Here's the CNBC edition:



I don't mean to fall down and worship Schiff. He's human, even though he's brilliant. I do mean to undercut the idea that this is some temporary downturn. We're headed for a huge, huge shakeup that will likely drag on for years. I don't buy the "recovery by the end of 2010" notion any more than I believe that running up unfathomable debt will save us (that's, er, insane).