Denial Runs Deep From Wall Street To Bitcoin – Ep 43
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 15 January 2015
⏱️ 33 minutes
🧾️ Download transcript
Summary
* Dow down 600 points in between Tuesday high and Wednesday low
* Stock market and real estate are pillars of the phony recovery
* Loose government lending standards encouraging mortgage defaults
* Dollar down and gold up on low retail sales numbers
* Fed not likely to sit out a U.S. recession, trading support for Wall Street over the dollar
* The next QE could be bearish for bonds and the dollar
* Demise of the recovery illusion will also hurt stocks
* Bitcoins down on more bad news
* Price does matter as investors seek value
* Irredeemable digital currencies will never be money
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Transcript
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| 0:00.0 | The US economy and Fed cheerleaders are still clinging to the recovery fantasy, the miracle |
| 0:15.9 | of the US economic recovery engineered by Fed policy despite all of the evidence that is |
| 0:24.6 | now coming to the fore that shows that the effects of all this monetary stimulus are already |
| 0:32.2 | wearing off, even before the Fed has come around to take away the punchball. |
| 0:38.2 | Just the mere fact that they're not serving up as much new alcohol and we're already going |
| 0:44.7 | into a hangover. |
| 0:46.6 | The Dow Jones was down about 186 points today on Wednesday and we were down about 330, |
| 0:54.4 | 340 on the lows before I think a late rally in the crude oil market crude ended up up about |
| 1:01.7 | 2 and a half bucks, probably the first update and crude in a long time and maybe somebody |
| 1:07.6 | bought stocks based on the rally and crude so we closed off the lows. |
| 1:12.4 | But considerably off of Monday's open or Tuesday's open rather because yesterday the Dow Jones |
| 1:18.6 | opened up 250 points higher right out of the gate we were up 300 or so in the first half |
| 1:24.2 | hour of trading and the market sold off. |
| 1:26.8 | We ended up down almost 100 at one point. |
| 1:28.7 | I think we closed down maybe 20, 25 points but between yesterday's high and today's low |
| 1:35.1 | the Dow sunk 600 points. |
| 1:38.2 | We're having a lot of volatility. |
| 1:40.2 | Most of it now to the downside. |
| 1:42.2 | The technicals are really worsening. |
| 1:44.2 | We have some support now around today's lows which are a key level because we also tested |
| 1:49.8 | the lows from a couple of days ago. |
| 1:51.8 | But if we take out those lows this week, we didn't make a new high and every time we've |
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