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1.
Economic advisor to President Ronald Reagan and one of many Keynesian morons who mocked Austrian economist Peter Schiff when Schiff accurately predicted the economic recession of 2007

Also famous for a correct, but totally worthless, truism known as the Laffer curve
Person 1: Hey, did you see that video from 2006 where Peter Schiff said that we would soon face a credit crunch and enter a recession and Art Laffer countered that the economy was in better shape than ever?

Person 2: Nope. Who's Peter Schiff?

Person 1: Just watch the video on YouTube...

Person 2: (Watches video) Wow! I bet that Art Laffer guy feels like a total moron now.
by SouthernAnCap December 05, 2011