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The Peter Schiff Show Podcast

Let’s Honor the Labor of the Entrepreneur – Ep. 385

The Peter Schiff Show Podcast

Peter Schiff

Business News, News, Investing, Business, Politics

4.65.9K Ratings

🗓️ 1 September 2018

⏱️ 54 minutes

🧾️ Download transcript

Summary

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What About Employers' Day?
Labor Day is coming up on Monday it it annoys me that we just have a Labor Day and we don't have an Entrepreneur Day.  We don't have a day to celebrate the employer. Why is that? The entrepreneurs are the unsung heroes of the American economy. I'm not saying that the workers don't make a contribution, but the assumption, when you talk about workers is that the boss doesn't work.  If you look at small businesses, in general, the owner of the business works harder that anybody else. They're usually the first one there and the last one to leave.
Employers Don't All Get the Luxury of a Paycheck
When someone owns a business, they don't have the luxury of collecting a paycheck.  They get paid only if there is a profit. They get paid only after all the workers get paid, the landlord gets a check, and if they borrowed money they have to pay interest to the creditor, they have to buy all the equipment, they have to pay all the bills.  Sometimes businesses lose money for years while the owner works 18-hour days.  So that's who we should be celebrating, but we don't do that.
Politicians Know Where the Votes Are
Why is that? Why do politicians try to get the votes of the employees? That's where all the votes are. Most people are employees. Few people have the know-how to run a business. Try to make a business run, try to organize all the pieces and get it to work, that's a very difficult thing to do, and that's why most people don't even try. Everybody gets a day off with pay, which is great for the worker, but the money to pay everybody not to work comes from the boss.
Thank Your Boss
But want to wish everybody a happy Labor Day, especially all you employers out there.  If you have a boss, thank him or her. Express thanks for all the hard work it takes to make sure your paycheck doesn't bounce.  Anybody can sign the back of a paycheck.  It is much harder to sign the front of a paycheck and to make sure that there is money in the bank so that those paychecks don't bounce. Our Sponsors: * Check out Chilipad and use my code sleep.me/GOLD for a great deal: https://sleep.me * Check out DBJourney and use my code Schiff15 for a great deal: https://dbjourney.com * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://plaud.ai * Check out Quince and use my code quince.com/gold for a great deal: https://www.quince.com * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy

Transcript

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0:00.0

The Peter Shiff Show.

0:08.8

What was another positive day for the US stock market continuing to chug along even though

0:14.8

the Dow finished slightly down 22 points.

0:18.7

The S&P was higher, Russell 2000 rose to a new record high.

0:24.1

The Nasdaq I don't think a record 81-09 up 21 points but we just closed out the month

0:31.2

of August and I read that this is the biggest August gain percentage gain that the Nasdaq's

0:37.9

had since 2000, the year 2000.

0:41.1

You all can remember what happened shortly after the year 2000 or in the year 2000 to the

0:48.0

Nasdaq declined by approximately 80% from peak to trough.

0:54.5

The fact that we haven't had a month this strong since 2000 should give people pause.

1:00.8

But again, everybody assumes that this time it's different.

1:04.3

Even though this is already the longest bull market in history, most people are acting

1:11.3

as if it's just going to continue.

1:13.2

I mean, a lot of people think that we're never going to have another bear market or if

1:16.6

we do it so far into the future that there's no point in thinking about it.

1:20.7

The same thing with a recession.

1:22.9

Even though this is the second longest economic expansion ever, instead of people being

1:27.8

worried that we're close to a recession, most people think that a recession is nowhere

1:33.0

inside.

1:34.4

Just playing the probabilities, you would think that people should be worried but people

1:39.8

are betting that we're not going to have another recession and we're not going to have

1:43.5

another bear market.

...

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