Just like in Biblical times, people don’t like to listen to prophets who forecast bad news. While there are certainly kooks and cons who are false prophets to ignore, there are indeed wise men who presciently warn of trouble ahead. And those blinded by their gluttony or their own self-inflated ego glibly scoff at such wise prophets — like those who contemptuously dismissed Peter Schiff, who correctly predicted in 2006 and 2007 the impending crisis that has ravished our economy in 2008. As you watch this video, pay attention to the predictions of those who smugly scoff at Schiff’s warnings.
I posted this rather prescient letter from Obama to Bernanke and Paulson last March. The letter itself is dated March 22, 2007. As with Obama’s warnings about the possible consequences of occupying Iraq, I think this letter is worth considering as we face the consequences of the financial mortgage-rooted meltdown in the credit markets and consider the two candidates.
Here’s part of what Obama had to say in that letter:
We cannot sit on the sidelines while increasing numbers of American families face the risk of losing their homes.
And while neither the government nor the private sector acting alone is capable of quickly balancing the important interests in widespread access to credit and responsible lending, both must act and act quickly…
[A] consortium of industry-related service providers and public interest advocates may be able to bring quick and efficient relief to millions of at-risk homeowners and neighborhoods, even before Congress has had an opportunity to act. There is an opportunity here to bring different interests together in the best interests of American homeowners and the American economy. Please don’t let this opportunity pass us by.
That was over a year and a half ago. A true leader does more than react to the raging storm of an unfolding crisis; he wisely looks ahead for the coming storms.
Sullivan posts the entire letter which you can read here.
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