Our latest podcast (Housing is not coming back) makes use of an extraordinary video of Peter Schiff giving a speech to the Western Region Mortgage Bankers in 2006. This was before the housing collapse, before the subprime crisis and before the current recession. Schiff's insights into the current crisis, which unlike most economic thinkers were made long before-the-fact, provide a deep understanding as to why the housing market was not real and, subsequently, why it is not coming back. (In fact, it is going to get much, much worse).

For public officials stuck in the belief that they need to hang on for a "recovery" that is going to look at lot like 2005, this video is essential viewing.