“I couldn’t understand why people were buying subprime mortgages. I couldn’t understand why people were buying dot-com stocks that had no revenues, let alone earnings. People do a lot of foolish things, until they stop. And eventually a light bulb is going to go off in somebody’s head and they’re going to realize that we can’t pay our bills. That buying a 30-year treasury at a 4% yield is a sucker’s bet. There’s no way you’re going to get your money back in real terms.”
Related ETFs: ProShares UltraShort 20+ Year Trea (ETF) (Public, NYSE:TBT), iShares Barclays 20+ Yr Treas.Bond (ETF) (Public, NYSE:TLT)
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.