Fast Money Crew Laugh at Peter Schiff

for being negative on the U.S. stock market and the government/Federal Reserve policy.

Huh?

Peter Schiff appeared in a segment in CNBC's Fast Money on August 12. I used to watch this show, but finally stopped doing so in disgust when they simply kept peddling stocks as the stock market crashed around them. I heard the host Dylan Ratigan departed since then, and Jeff Macke is no longer there. But I didn't know the extent of deterioration of the show until I saw this segment, which was posted by a member in the Yahoo SKF message board.


Let's see... The last trade I remember Joe Terranova (who was yelling at Schiff in the interview) said he did was to sell a straddle on oil around $100. He thought the price of oil is not going anywhere anytime soon, so selling the straddle and letting both sides (call and put) decay was a good strategy, he said. WRONG. The price of oil crashed from $110 to $35 in 3 months. The last trade I remember Karen Finerman (to whom the show's host turned right after she dismissed Peter Schiff and whispered "What do you think of Peter Schiffs 'ahhrrgument'?" with a strange look) said she did was to buy Washington Mutual, "a good brand name, with lots of upside potential", right before the company was seized by FDIC. The stock trades at about 10 cents these days, in pink sheet.

Other two are no better. I remember Guy Adami pushing SLB (Schlumberger) all the way down, Pete Najarian pushing on Nat City as a takeover target (the bank was taken "under" - i.e. at far less price).

What can you expect from a station owned by General Electric, who has been rescued by the U.S. government TARP money?

And they have the audacity to ridicule Peter Schiff. That's hilarious. The stock market may indeed be topping, because the last time money and stock market programs in cable television stations openly laughed at Peter Schiff was right before the start of the recession/depression we are currently in.

Peter Schiff may be wrong in short term trends in the U.S. dollar or stock market, but he's been right on on intermediate and long term picture. It literally pays to listen to him, not the Fast Money crew (unless your goal is to lose money for tax purposes).

Just my humble opinion, from my own limited experience.