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The Peter Schiff Show Podcast

Debt Explodes as Stimulus Hopes Implode – Ep 617

The Peter Schiff Show Podcast

Peter Schiff

Business News, Business, Investing, News, Politics

4.65.9K Ratings

🗓️ 7 October 2020

⏱️ 50 minutes

🧾️ Download transcript

Summary

Trump temporarily dashes stimulus hopes.
National debt tops $27 Trillion.
Trade deficit in manufactured goods hits all time record high.
Jerome Powell either doesn’t understand the economy or is a liar.
Lower-skilled government workers retiring with multimillion dollar pensions paid for by private sector.
Donald Trump condemns white supremacy, but Joe Biden won’t condemn Socialism.

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Transcript

Click on a timestamp to play from that location

0:00.0

I want to start today's podcast by thanking my newest sponsor, Keeps.

0:13.9

Keeps makes easy and affordable hair loss treatment for men possible.

0:18.8

Get your first month of treatment for free by going to Keeps.com slash goal.

0:24.5

While I'm stimulating what's inside your head, Keeps can help stimulate what's on top

0:29.9

of it.

0:30.9

In fact, while I'm talking about stimulus, Donald Trump tweeted the stimulus rug right

0:36.7

out from under the stock market later today when he basically closed down negotiations

0:43.0

with Nancy Pelosi and the Democrats and temporarily dash the hopes that we will get a fresh

0:50.4

round of fiscal stimulus which would require more monetary stimulus before the election.

0:57.5

Now, of course, the election is just four weeks away.

1:00.8

Can the drug addicts on Wall Street hold off for another four weeks without going into

1:06.7

stimulus withdrawal?

1:08.8

So far, it doesn't look that way because when you got a drug habit as big as the one

1:14.9

that Wall Street has, anything that delays the next fix could really send you over the

1:20.8

edge.

1:21.8

In fact, from a technical perspective today, we had an outside reversal day.

1:27.0

The markets took out yesterday's high this morning when the market was up and not only

1:33.0

did we close lower on the day, but we closed below the lows from the prior day by definition

1:40.7

making an outside reversal day.

1:43.3

This is not a good technical pattern.

1:45.7

In fact, it's quite bearish.

1:47.7

I would expect to see some follow through.

...

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