Peter Schiff
From Wikipedia, the free encyclopedia
| Peter Schiff | |
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| Occupation | author, economic adviser, fund manager, investor |
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| Website www.europac.net |
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Peter Schiff is the president of Euro Pacific Capital Inc., a brokerage firm based in Darien, Connecticut. Schiff frequently appears as a guest on CNBC, Fox News, and Bloomberg Television and is often quoted in major financial publications. He is known for his extremely bearish views on the United States stock market, bond market, the US dollar, and the United States economy in general for which he has earned the nickname "Dr. Doom."[citation needed] He is currently an economic adviser for the Ron Paul presidential campaign.[1] His father is tax protester Irwin Schiff.
Schiff has wrote a book called "Crash Proof" - 2007 (ISBN 978-0-470-04360-8) and also hosts a live internet radio show called "Wall Street Unspun."[2]
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[edit] Education
Peter Schiff was born in New Haven, Connecticut and was raised in Manhattan and Miami. He graduated from the University of California, Berkeley in 1987 with a degree in finance and accounting.
[edit] Career
Schiff began his career in financial consulting with Shearson Lehman Brothers.[3] He launched Euro Pacific Capital in 1996 when he bought a broker-dealer in Florida without clients or revenues and then reincorporated the business in California. In 2005 Schiff relocated to Darien, Connecticut in order to find brokers "who think like him," according to an article in The Advocate of Stamford, Connecticut. The New York Metropolitan Area, he said, has the biggest concentration of brokers in the country, making it easier to recruit them, he said.[2]
The company retains an office in Newport Beach, California as well as in Phoenix and Medford, Oregon. Schiff said in August 2006 that he planned to open offices eventually in Manhattan and somewhere in the Midwest.[2]
Schiff holds NASD Series 4, 7, 24, 27, 53, 55, and 63 licenses.[3]
In an August 2006 interview Schiff generated much controversy when he repeated his long-held investment thesis: "The United States economy is like the Titanic and I am here with the lifeboat trying to get people to leave the ship ...I see a real financial crisis coming for the United States." On May 16, 2006 in debate on Fox News, Schiff accurately had forecast that the U.S. housing market was a bubble that would soon come to bust.[4] On December 13, 2007 in a Bloomberg interview on the show Open Exchange, Schiff further added that he felt that the crisis would extend to the credit card lending industry.[5] Following this observation, it was soon reported on December 23, 2007 by the Associated Press that "The value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP... At the same time, defaults -- when lenders essentially give up hope of ever being repaid and write off the debt -- rose 18 percent to almost $961 million in October, according to filings made by the trusts with the Securities and Exchange Commission."[6]
Peter Schiff has heavily endorsed Republican presidential candidate Ron Paul[7] and started an e-mail campaign[8] asking his clients and colleagues to donate the legal maximum of $2,300 to the Ron Paul presidential campaign.[2] Schiff has more recently endorsed Murray Sabrin for the US Senate seat in NJ. [5]
[edit] Ron Paul 2008 Campaign
On January 25, 2008, Peter Schiff was appointed as an economic adviser in Ron Paul's presidential campaign. Schiff made the following statement concerning Paul's economic revitalization plan: “We need a plan that stimulates savings and production not more of the reckless borrowing and consumption that got us into this mess in the first place. Ron Paul’s plan is the only one that amounts to a step in the right direction. If you want meaningful change - for the better that is - Ron Paul is the only candidate capable of delivering it. The others merely promise to continue the failed policies that are at the root of our current economic problems.” RonPaul2008.com Press release
[edit] Footnotes
- ^ Peter Schiff Named Economic Advisor to the Ron Paul 2008 Presidential Campaign — Ron Paul 2008
- ^ a b c d "Prophet of Doom? Darien market bear says U.S. investors' ship is sinking," article by Julie Fishman-Lapin in The Advocate of Stamford, Business section, August 6, 2006, pp. F1, F6
- ^ a b [1]Official biographical sketch of Schiff at Euro Pacific Capital Inc. Web site, accessed August 20, 2006
- ^ [2] Peter Schiff's accurate forecast of the housing collapse
- ^ [3] Peter Schiff's accurate forecast of credit card market trouble
- ^ [4] December 2007 Associate Press Story on Credit Card Defaults validates Schiff's gloomy predictions
- ^ Peter Schiff's endorsement for Ron Paul
- ^ Peter Schiff's e-mail campaign asking for donations to Ron Paul
