Peter Schiff 1/23/09 - CNBC Kudlow & Company

January 24, 2009
Peter says that U.S. banks like BofA and CITI have no value. "People who buy stock in financials might as well flush their money down the toilet." He also points out that Obama says Americans need to sacrifice, but all he's trying to do is get Americans to blow money at the mall, and that's not sacrifice. Also, you don't solve problems by spending money and getting into debt. You solve problems by saving money and producing goods.

Predictions: Oil will rebound and skyrocket upward just as fast as it fell. This year the DOW will be worth 7oz of gold, and next year 5oz of gold (was 9oz at time of interview).