"I think we have been getting overly optimistic [GDP] assessments from the government," says Peter Schiff . "They want to make GDP appear bigger than it
normally would be, and growth to appear bigger. So this is government
propaganda."
To back up his claim, Schiff points to the fact that ever since the
Great Recession in 2008, two-thirds of the BEA's preliminary estimates
of GDP have been revised downward, while noting that "the size of the
downward revisions has also been 50% greater than the upward revisions. I
don't think this is an accident.""there's not a word of protest" decrying this practice or about the recent revision that were unveiled, which he says changed the very definition of GDP."They weren't trying to be more accurate, they were trying to get a bigger number," - in Yahoo Finance
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.
