Bailout spreads nationwide – Ep 547
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 14 March 2020
⏱️ 50 minutes
🧾️ Download transcript
Summary
Trump announces beginning of national bailout including open-ended moratorium on student interest loans, allowing debtors put their loans into deferment indefinitely and never pay them again. Trump leaves door open to bailout any industry in the country.
Lawsuits driving many shutdowns across the country.
Gold’s recent late day buys a sign of illiquid investors trying to get in at lows.
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Transcript
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| 0:00.0 | The Dow ended a very volatile week with a record breaking point gain. |
| 0:15.8 | 1985 points, almost 2,000 point move in the Dow. |
| 0:21.7 | That is an all time record for point gains. |
| 0:24.2 | I think percentage wise the 9.36% gain is in the top 10. |
| 0:30.7 | And of course most of the other days where you had moves anywhere close to this size was |
| 0:36.3 | in the protracted bear market during the 1930s. |
| 0:41.1 | Of course even despite this 1985 point rally we were still down better than 2600 points on the week. |
| 0:49.8 | But a lot of stuff that happened this week hadn't happened since the 1930s or 1930s. |
| 0:56.5 | This was the first week that the Dow had a 4% move in either direction every day of the week |
| 1:05.2 | since November of 1929 and that was during the stock market crash. |
| 1:11.9 | And the last time the Dow had two days where the market moved by 9% back to back. |
| 1:19.1 | And that's what we had yesterday and today that hadn't happened since October of 1929. |
| 1:28.4 | Now the catalyst for the rally was a speech given by President Trump in the final hour. |
| 1:37.0 | Going into the final hour I think we were only up about maybe 4, 500, 600 points I forget. |
| 1:43.2 | It was a pretty volatile day. |
| 1:44.5 | In fact the Dow Jones opened almost 1,000 points higher. |
| 1:49.0 | And then sold off and at the low point it was only up about 200. |
| 1:53.7 | The Russell 2000 which by the way significantly lagged on the upside. |
| 1:58.5 | It was the only major index that wasn't up more than 9%. |
| 2:01.8 | It was up 7.77%. |
| 2:04.5 | But it actually went negative by about 1.5% to 2%. |
| 2:07.5 | It gapped way up and sold off negative. |
... |
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