Financial Media Surprised by the Obvious
The Peter Schiff Show Podcast
Peter Schiff
4.7 • 5.8K Ratings
🗓️ 24 March 2023
⏱️ 45 minutes
🧾️ Download transcript
Summary
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Transcript
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| 0:00.0 | The Peter Ships Show. |
| 0:08.6 | Today's podcast is sponsored by NetSuite, the Business Management Software that handles |
| 0:13.0 | every aspect of your business in an easy-to-use cloud platform. |
| 0:17.1 | If you've been sizing NetSuite up to make the switch, then you know this deal is unprecedented. |
| 0:22.4 | No interest, no payments, take advantage of the special financing offer at NetSuite.com |
| 0:27.4 | slash gold. |
| 0:29.8 | Hi everybody, welcome again to another live Peter Ships Show podcast. |
| 0:36.5 | The unspoken 2023 financial crisis continues this week. |
| 0:44.9 | In fact, it kicked maybe into a higher gear. |
| 0:47.7 | It's hard to say this morning. |
| 0:50.1 | We've got some more bad news coming out of European banks, specifically Deutsche Bank. |
| 0:56.9 | It started this sell-off, although there was a pretty big recovery late in the day. |
| 1:01.7 | So all these financials closed off their lows. |
| 1:04.6 | And in fact, the Dow Jones was down about 350 points early in the morning before they |
| 1:11.6 | rang the opening bell based on the weakness in European stocks. |
| 1:16.2 | The Dow ended up closing positive, 130 points on the day. |
| 1:19.6 | In fact, the entire stock market turned around. |
| 1:22.4 | And a lot of these financials like Deutsche Bank, which was down on the day, finished considerably |
| 1:27.8 | off the lows. |
| 1:28.8 | But what really started it going was the news that the cost for credit to fault swaps on Deutsche |
| 1:37.4 | Bank sort. |
| 1:39.1 | And what that is is people who want to hedge the risk, because they have Deutsche Bank |
... |
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