Peter Schiff on Facebook Decline

Less than a week after Facebook's (FB) IPO there are already rumors that Facebook is considering a move from the Nasdaq (NDAQ) to the NYSE (NYX). According to Peter Schiff switching exchanges will accomplish nothing for Facebook. "The problem isn't where it's listed—it's the valuation!" says Peter Schiff "I think Facebook is a lot more mature the people think , I mean it grew rapidly , How many people on earth are members? It's not like there's that much opportunity to grow. And of course eventually ..look at what happened to MySpace if somebody comes up with something newer and hipper you get competition , but what does this really shows you is how government regulation backfire ..... "

Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.