Investors Call Bullard Bluff – Ep 706
The Peter Schiff Show Podcast
Peter Schiff
4.7 • 5.8K Ratings
🗓️ 22 June 2021
⏱️ 64 minutes
🧾️ Download transcript
Summary
* Markets begin to comprehend the Fed’s powerless against inflation.
* Oil prices may put the nail in the coffin of transitory inflation.
* Crypto traders unload their Bitcoin on Microstrategy. Microstrategy’s diamond hands are made of glass.
* Barry Silbert hesitates on buying GBTC shares.
* Tesla’s Bitcoin gamble enters into the red.
* Government creating moral hazards in rental housing markets.
* Why pay your rent when the government will pay it for you?
* The government has become our master and we’re all its servants.
* Liberals care about stacking the deck, not fairness.
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Transcript
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| 0:00.0 | I like to thank Indeed for supporting my podcast. |
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| 0:31.9 | job post at Indeed.com slash Peter. |
| 0:36.0 | This offers valid through June 30 terms and conditions do apply. |
| 0:41.7 | Well, what a difference a day makes or in this case, a weekend because everything they |
| 0:48.2 | were selling on Friday, they were buying back on Monday. |
| 0:54.0 | On Friday, the market suffered the bullard bust, right? |
| 0:58.7 | Because Jim Bullard came on CNBC and indicated that the Fed was actually talking about |
| 1:06.1 | talking about tapering or raising interest rates. |
| 1:09.9 | And they might actually start the talking in a few more meetings. |
| 1:14.1 | And a few more meetings after that, they might actually begin to let the markets know that |
| 1:19.4 | at some point in the future, they might actually nudge interest rates up slightly. |
| 1:24.8 | And so the market started to believe that interest rates may actually rise from zero to maybe |
| 1:31.2 | 25 or 50 basis points a little bit sooner than they expected. |
| 1:36.7 | Maybe by the end of 2022, we might actually get our first quarter point rate hike as opposed |
| 1:43.8 | to sometime in 2023 or 2024. |
| 1:48.3 | And the mere suggestion of that possibility sent the markets down. |
| 1:52.6 | And so everybody was selling the cyclicals, the economically sensitive stocks, value dividend |
| 1:58.8 | oriented stocks, dumping commodities, dumping gold, buying US treasuries, long term US |
... |
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