In August 2006, Schiff, the self-confident president of the Connecticut-based brokerage firm Euro Pacific Capital, warned viewers on CNBC that the U.S. economy would be hampered by "too much consumption and borrowing and not enough production and savings."
Schiff new the market was not going in the right direction two years before the 2008 fall. The common folk along with professional annalist on news channels were making fun of him; some called him a Communist. As it turned out Peters predictions were correct. As stated in The Crash Of 1929, many of the big investors such as Charles Mitchell, JP Morgan, and others worked together in order to trick the public and make more money. They would pool their money together to buy up one certain stock quickly. To the public this stock would then appear to be like a growing and attractive investment option. Mitchell, Morgan, and the others would then sell off the stock one the price got as high as they thought, essentially they inflated stocks. Although this was legal it was still not ethical to do to the American public. Unethical practices yet repeated in the years leading up to the Great Recession. Lenders were lending too much money for homes then the debtor would be able to make payments on. The American people were not protected or