Peter Schiff's Online Star Turn

"The government is trying to solve all these economic problems or at least prevent the crisis through creating inflation by printing a lot of money. And ultimately that's going to lead to a major collapse in the value of the dollar," Schiff said.

Schiff advocates buying gold bullion to beat the bear market. Gold has pulled 20% off its highs to around $800 an ounce, but the money manager says the yellow metal has "held up a lot better than other assets" and ultimately thinks it's the only "real store of value."

Economic commentator and television personality Ben Stein attacks Schiff's gloom and down scenario in the YouTube video, insisting that the subprime crisis is "a tiny problem." Stein has since apologized to Schiff in a New York Times editorial.

To the victor, goes the spoils. Even in a downturn.