Fed buying junk bonds to reward speculators – Ep 584
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 17 June 2020
⏱️ 74 minutes
🧾️ Download transcript
Summary
Fed beholden to Wall Street speculators.
The nail is in the coffin. We are the future generation that has to pay for the Fed’s profligacy.
We’re in the lull before the storm. Dollar crash looming.
I touched the third rail and the mob has come to get me fired.
The bar has been lowered, letting real racists off the hook.
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Transcript
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| 0:00.0 | The Peter Shifx Show. |
| 0:09.2 | It's been three trading days since my last podcast and a lot has happened. |
| 0:13.9 | Unfortunately, I've just been tied up the last couple of days. |
| 0:16.6 | So this was the first time that I've had a chance to sit down at the microphone and |
| 0:21.4 | interject some comments on what's been going on. |
| 0:24.2 | But let me wind the clock back to Friday because I recorded my last podcast on the |
| 0:29.6 | Thursday where the Dow plunged by 1800 points. |
| 0:34.6 | And the following day, we actually had a bit of a bounce. |
| 0:37.5 | The market tried to rally, but it really was not that impressive a rally. |
| 0:42.1 | Although we did take the major indexes out of closing below the prior weeks low, which |
| 0:49.4 | would have been an outside reversal. |
| 0:52.4 | What happened with the markets is they took out the previous weeks high and they took |
| 0:57.8 | out the previous weeks low. |
| 0:59.6 | Now they closed very close to the low, but they didn't close below the low. |
| 1:04.2 | So it was a week week technically, but it wasn't as weak as it could have been had it |
| 1:10.1 | close below the lows of the prior week. |
| 1:13.6 | But it didn't look very good. |
| 1:15.5 | And then on Sunday night, the market immediately started selling off. |
| 1:19.7 | I think as soon as Asia trading began, we were down to 300 points, then we were down 500. |
| 1:26.2 | I think by two in the morning, New York time, which is probably late in the day, Asia |
| 1:30.8 | trading before Europe really started going, the Dow was down as much as a thousand points. |
| 1:37.0 | And then by the time the US market officially started trading, I think we were still off |
... |
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