Black Monday 2: Electric Boogaloo – Ep 808
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 10 May 2022
⏱️ 42 minutes
🧾️ Download transcript
Summary
· The Fed can’t do the impossible.
· Housing foreclosures will go through the roof.
· Covid shutdowns were just a dress rehearsal for what’s coming next.
· Weak hands sold precious metals today.
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Transcript
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| 0:00.0 | Today's podcast was recorded yesterday. |
| 0:02.4 | If you want to listen to my podcast commercial free, |
| 0:05.1 | the day I record them, go to petershift.locals.com. |
| 0:08.9 | The petershift show. |
| 0:14.0 | Today's podcast is sponsored by the Jeff Burdon Law Group. |
| 0:21.8 | For more than 20 years, I've entrusted my personal estate planning and asset protection |
| 0:26.8 | to the Jeffrey Burdon Law Group. |
| 0:28.5 | And you should too go to jmvlaw.com and mention my name and get 50% off on your initial consultation. |
| 0:37.1 | As I said when I recorded my podcast on Friday, |
| 0:41.3 | CNBC's call for a market bottom was premature to say the least. |
| 0:46.8 | Now, I wouldn't exactly call what happened today a black Monday, certainly not as bad as that |
| 0:53.3 | Monday back in 1987 when the Dow Jones dropped 22% in a single day. |
| 1:00.3 | Although there were many stocks that were actually down more than 20% two day alone. |
| 1:05.7 | And these are stocks that had already been beaten up where nowhere near their highs. |
| 1:09.9 | And then they got clobbered again. |
| 1:12.0 | In fact, I really can't remember a day where so many stocks were down this much. |
| 1:18.0 | And I'm talking about including the dot com bubble popping, the 2008 financial crisis, |
| 1:25.8 | the 2020 COVID crisis, just the sheer number of stocks that really got taken out behind the |
| 1:33.1 | woodshed and not just shot, but mauled and then shot. |
| 1:37.5 | Now, the Dow Jones itself wasn't actually down that much. |
| 1:41.2 | It's only down about 2%, but still beneath the surface was a lot of carnage. |
| 1:47.3 | Now, based on all of the indiscriminate selling that I saw today, |
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