Reagan Economic Adviser vs. Ron Paul Economic Adviser

FROM CNBC, 2006:

Former Reagan economic adviser vs. Ron Paul economic adviser, Peter Schiff. Schiff, a follower of Austrian economics, predicts a recession coming in '2007 or 2008.' Art Laffer, former Reagan economic adviser, scoffs. Laffer ends up betting Schiff a penny that there will not be a recession. Guess who was right?