Christmas Snow Job on Wall Street – Ep. 39
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 25 December 2014
⏱️ 26 minutes
🧾️ Download transcript
Summary
* Dow ended Christmas Eve Day above 18,000 for second day
* Catalyst was bigger than expected revision to Q3 GDP to 5%
* Big disconnect between economic performance and expectations
* Consumer spending up mostly on healthcare
* Inventory increases in expectation of future sales
* Data for Q4 is lower
* Home sales continue to drop
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Transcript
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| 0:00.0 | about Peter Schiff show. |
| 0:08.7 | Well happy holidays everybody. |
| 0:10.3 | This is Christmas Eve Day and the market closed early in celebration. |
| 0:16.3 | It was a short session, but we did manage a small positive game. |
| 0:20.6 | The Dow was up about six points for its second consecutive close above 18,000. |
| 0:27.6 | The first time yesterday and the catalyst for the move up was the bigger than expected |
| 0:38.2 | revision to third quarter GDP, which had initially been reported, I think, is up 3.9%, which |
| 0:46.6 | had beaten the expectations that they had. |
| 0:50.2 | It had beaten my expectations too. |
| 0:53.8 | I had thought that the high water mark for GDP for 2014 would be in the second quarter, |
| 0:59.4 | but I was wrong because the third quarter was revised up to 5%. |
| 1:04.4 | That was much higher than the upward revisions that people were looking for. |
| 1:08.5 | They were paired for a revision up to maybe around 4.3 to 4.5. |
| 1:13.6 | Instead we got 5%. |
| 1:15.3 | Again, and this just fueled the fire of this wild optimism on Wall Street and then the |
| 1:21.7 | foreign exchange markets about the strength of the US recovery, the US economic miracle |
| 1:27.2 | that the central banks have pulled off. |
| 1:29.7 | Now we're the only economy that's growing in the world and every place else is a basket |
| 1:34.5 | case and everybody wants to buy the dollar. |
| 1:37.5 | They want to buy US stocks, money from all around the world, pouring in. |
| 1:43.2 | I think this is again the biggest disconnect I've ever seen between what people expect to |
| 1:47.8 | happen and what's going to happen. |
... |
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