Markets, Rate Hikes, and Student Loans – Ep. 60
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 11 March 2015
⏱️ 17 minutes
🧾️ Download transcript
Summary
* The NASDAQ 5,000 party ended nearly the day it began
* NASDAQ down more than 80 points
* Dow Jones down 332 points
* Outside reversal week a reliable pattern signaling a downturn
* The market believes optimistic non-farm payrolls will trigger Fed rate hike
* Dollar hitting new highs
* Janet Yellen is the victim of too much success, allowing for rate hike assumptions
* All data other than jobs numbers are weak
* If we continue along this path, we are heading toward recession
* Stock market and real estate bear markets will trigger QE4
* Stock market will drop dramatically if rate hike notion is not dispelled
* Obama Administration floating trial balloon on student loan debt discharge for bankruptcy
* This moral hazard would force education prices even higher
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:08.8 | Well that was quick, the Nasdaq 5,000 party ended pretty much the day it began. |
| 0:15.4 | The Nasdaq was down better than 80 points. |
| 0:19.0 | We're now at 48.67 and we're leaving 5,000 rapidly in the rear view mirror. |
| 0:26.5 | The Dow Jones down 332 points. |
| 0:29.0 | Remember, on last week's podcast, I mentioned that the Dow and the S&P were still up on the |
| 0:35.8 | year but ever so slightly and I thought they would surrender their gains this week. |
| 0:40.7 | Well it happened on Monday, both the S&P which was down better than 35 points and the |
| 0:45.8 | Dow which closed on the low of the day down 332, have wiped out all their gains and are |
| 0:51.9 | now negative on the year. |
| 0:53.5 | I mentioned in last week's podcast the outside reversal week that we had in the Nasdaq on |
| 0:59.1 | the weekly chart where we took out the previous week's high and closed beneath the previous |
| 1:04.6 | week's low that is a reversal sign, a very reliable, technical pattern and so far that reversal |
| 1:11.7 | is on cue with the big plunge in the Nasdaq today. |
| 1:15.3 | The catalyst of course is the continued belief thanks to the bogus non-farm payrolls |
| 1:22.8 | number on Friday with a 295,000 low paying jobs being created and the unemployment rate |
| 1:28.9 | dropping to 5.5%. |
| 1:30.8 | Everybody now believes that a rate in price is a faded complete. |
| 1:33.8 | It's baked in the cake. |
| 1:35.1 | There is no wiggle room and so the markets are reacting as they should to a fed rate |
| 1:40.6 | hike. |
| 1:41.6 | They are going down and going down fast. |
... |
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