The Fed doesn't learn from its mistakes

"The Fed doesn't learn from its mistakes, which is unfortunate because, you know, it makes so many mistakes. But I think that the Federal Reserve is going to taper the taper and eventually reverse it before it manages to get down to zero. You know, right now, we have a first quarter GDP that even by the government's initial estimates was flat. But I think when they come up with the revisions, we're going to see that the U.S. economy contracted in the first quarter. And of course, I think the size of the contraction is a lot larger than what the government will acknowledge, because I believe we're understating the true rate of inflation." - in Benzinga


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.