Predicting recessions

This is a funny video posted today by Jason Kirby of Macleans.

It shows a variety of panel interviews over the last couple of years with some wall street loud mouths, really exposing how completely vacuous is the advice most of them give. Of the talking heads, only Peter Schiff had any real understanding that the American economy was in serious crisis. It's worth a watch.

When Schiff speaks of paper wealth versus real wealth and productive capacity, it reminds me a lot of Jim Stanford's argument in his very interesting book Paper Boom.