Although Fox anchors and pundits like Ben Stein laughed him off, guest economic analyst Peter Schiffer accurately, and repeatedly, predicted a collapse of the financial markets:

About ten minutes long. If you have trouble with embeds, watch on Youtube here.

h/t Andrew Sullivan

BTW, I won’t be disabling comments. :-)

After the break Michael Lewis, who exposed Wall Street shenanigans in Liar’s Poker, talks about the current crisis.

The End

Somehow that message failed to come across. Six months after Liar’s Poker was published, I was knee-deep in letters from students at Ohio State who wanted to know if I had any other secrets to share about Wall Street. They’d read my book as a how-to manual.

In the two decades since then, I had been waiting for the end of Wall Street. The outrageous bonuses, the slender returns to shareholders, the never-ending scandals, the bursting of the internet bubble, the crisis following the collapse of Long-Term Capital Management: Over and over again, the big Wall Street investment banks would be, in some narrow way, discredited. Yet they just kept on growing, along with the sums of money that they doled out to 26-year-olds to perform tasks of no obvious social utility. The rebellion by American youth against the money culture never happened. Why bother to overturn your parents’ world when you can buy it, slice it up into tranches, and sell off the pieces?