Is Recovering from Depression to Recession a Recovery? – Ep 558
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 3 April 2020
⏱️ 45 minutes
🧾️ Download transcript
Summary
Art Laffer knows there’s no free lunch - calls stimulus taxation.
Nothing is as permanent as a temporary government program.
S&P reaffirms US AA+ rating.
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.0 | It is Friday. |
| 0:10.0 | Today was the day of the big monthly non-farm payrolls report, which normally the markets |
| 0:18.0 | really anticipate this number. |
| 0:20.5 | It's the most important number of the month as far as most traders are concerned. |
| 0:25.1 | Remember, I've been talking about the fact that in the past, people put more attention |
| 0:29.5 | to money supply and then the trade deficits. |
| 0:32.9 | But over the last, I don't know, 10, 20 years, it seems like the jobs numbers have been |
| 0:37.6 | the big number, the most anticipated market moving number of the month. |
| 0:43.3 | But today, really, it didn't even matter. |
| 0:45.0 | Nobody even cared really about the number, even though it was really bad. |
| 0:49.6 | We lost 700 and 1000 jobs officially in the month of March, which is the first time we've |
| 0:58.6 | actually had a negative sign in front of that number in about a decade. |
| 1:04.1 | So that's big news, 700,000 jobs, except everybody knows that that number means nothing, because |
| 1:09.0 | we've lost millions and millions of jobs since the data that was used to compile that number, |
| 1:15.8 | right, was calculated. |
| 1:18.2 | So everybody knows the big number is coming next month when we get the April number, |
| 1:23.5 | because that's going to have all the big losses in March that really happened after this |
| 1:28.8 | survey period. |
| 1:30.6 | And the job losses that are happening now, we know over the last two weeks, 10 million |
| 1:35.4 | people have filed for unemployment. |
| 1:37.5 | So obviously, that's 10 million people who have lost their jobs, only 700,000 of them |
... |
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