The Laffer nonsense begins at 1:24.
Peter Schiff vs. the "experts". (Unforeseen Circumstances, 11/28/2008)
Stein, Laffer, and the rest cannot understand what is happening, and are now reduced to crying about "losses of confidence" and inadequate aggregate demand, as though the cure is big doses of Prozac and more of the Keynesian fiscal and monetary poison that brought us to this point. Economists who were caught off guard by the crisis didn't have sound theory to warn them, and don't have theory to explain what has happened. They can't explain how they could have been so wrong, but nevertheless they are quite confident in their competence to steer us out of this mess.
Source: Mayfield's Economics Blog