Schiff is 100% correct. The country has not had a true monetary policy in about 8 years. Unreasonably low interest rates proped up the stock market, but it also created the real estate bubble.
Yes, millions refinanced. And their home values went up and up. And then it all went to hell when some reality hit home when hundreds of thousands of borrowers could not pay off their mortgages, even with very low interest.
The Federal Reserve has not done it's job, partly due to Greenspan, partly due to the Bush administration.