Consumer Sentiment Just Hit an All-Time Low. Trump Calls it Best Economy Ever.
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 23 May 2026
⏱️ 42 minutes
🧾️ Download transcript
Summary
Trump says best economy in 250 years. Consumer sentiment just hit an all-time low. Saylor just went underwater on $64B. Pick a story.
Kevin Warsh was sworn in as Fed Chair today while the Dow hit a record 50,700 — and Peter Schiff fact-checked virtually every claim Donald Trump made at the ceremony in real time. Trump called it the greatest economy in 250 years of American history; consumer sentiment responded by hitting 44.8, the lowest reading ever recorded. Year-ahead inflation expectations surged to 4.8% and 10-year expectations hit 3.9%, demolishing the Fed's claim that expectations remain "well anchored" at 2%.
Gold closed the week at $4,508 with silver at $75.39, both pressured by rising bond yields — with the 30-year still above 5% and the 10-year above 4.5%. Schiff argues these pullbacks are buying opportunities as real rates continue to collapse. Bitcoin dropped below Michael Saylor's $75,700 average cost basis for the first time, meaning five years and $64 billion of buying has produced zero return — while the Stretch preferred stock continues to compound an 11.5% annual obligation regardless. Schiff dissects Trump's lies about job creation, tariff benefits, government spending cuts, and the claim that fired federal workers are now earning double or triple in the private sector.
Chapters:
00:00 Warsh Takes the Helm
01:38 Dow 50K Hype Check
03:42 Gold and Silver Pullback
05:12 Yields Mortgages and Oil
07:44 Bitcoin Decouples and Strategy Risk
11:00 Consumer Sentiment Hits Record Low
16:11 Trump Speech Fact Check Begins
16:30 Massie Lies and Deficit Hypocrisy
21:30 Jobs Numbers Reality Check
22:07 Fed Independence Spin
23:11 Booms Bubbles and Inflation
24:31 Dow Rally Credit Grab
26:16 Spending Cuts Claim Debunked
26:48 Fired Workers Fairy Tale
29:33 Foreign Investment and China Deals
32:26 Tariffs and the Mythical Boom
33:50 Pessimism vs Trump Prosperity
35:43 Crisis Warning and Gold Pitch
37:00 Bitcoin Exit and Mining Stocks
39:25 Rates Tailwind and Sign Off
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hi, this is Peter Schiff for the Schiff Gold Friday market wrap. Well, today was the day that Kevin |
| 0:08.0 | Warsh got sworn in as the new Fed chairman. And, you know, the fact that there was so much media |
| 0:15.7 | attention on this, there was this, you know, big press conference at the federal, not at the White House and |
| 0:22.5 | Donald Trump spoke. Of course, he didn't waste the opportunity to make it all about himself |
| 0:28.8 | and all of the great accomplishments he's had as president. Of course, most of them, |
| 0:35.9 | probably all of them were lies. In fact, I refer to him as |
| 0:39.1 | the liar in chief. But he made the press conference more about him than about Walsh. And to the |
| 0:45.6 | extent that he was complimenting Walsh, it was more about complimenting himself for, you know, |
| 0:51.9 | being smart enough to have chosen him for this coveted job. |
| 0:56.3 | And he was sworn in by Clarence Thomas. |
| 0:59.9 | The markets were celebrating, at least the stock market. |
| 1:03.4 | The Dow Jones hit an all-time record high maybe just while he was up there or just before, I think maybe 10 or 15 minutes before he started |
| 1:13.9 | talking, the Dow hit a record high trading above 50,700 for the first time ever, something the |
| 1:20.7 | president mentioned during his talk to take credit for this historic accomplishment that everybody told him was impossible. |
| 1:30.4 | You know, Trump tells a lot of lies. Again, I'm going to get to those later in this weekly |
| 1:37.0 | gold wrap. But one of the lies he likes to tell is that when he was first sworn in as president, all of the experts, |
| 1:48.0 | all of the greatest pundits in the world, stock market pundits, told him that it was an |
| 1:54.1 | impossible feat, that there's no way, sir, that the Dow can ever hit 50,000 in your term. I mean, you're only going to be president |
| 2:02.4 | for four years, and it's impossible. So don't even think about it, sir. I mean, we know you're |
| 2:09.0 | great in all, but there's no way the Dow can ever get the 50,000 in just four short years. |
| 2:16.7 | And now here it is already there. |
| 2:18.7 | And he's taking credit for something that everybody told him was impossible. |
... |
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