Peter Schiff: It's going to be a 'horrible Christmas'

``"I expect [job] layoffs to start picking up by the end of the year," Schiff said, pointing to retailers as the first victim. "Retailers have overestimated the ability of their customers to buy their products. Americans are broke. They are loaded up with debt," he said. "We're teetering on the edge of an official recession," and "the labor market is softening."'' -- A bold call in light of the recent data (headline data, at least)...