Most of the Lost Jobs Aren’t Coming Back – Ep 571
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 9 May 2020
⏱️ 74 minutes
🧾️ Download transcript
Summary
Decimated gig economy isn’t even factored in.
Majority of service industry jobs are not coming back.
If nobody’s producing, nobody’s consuming.
Market’s now factoring in negative interest rates.
Second wave of layoffs coming.
Businesses now at risk of regular shutdowns.
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Transcript
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| 0:00.0 | What's the Peter Ships Show? |
| 0:09.0 | Well, today we got the official government non-farm payroll report. |
| 0:16.4 | I guess it was the weakest jobs report in the history of jobs reports. |
| 0:23.0 | And of course, the stock market rallied on the news. |
| 0:25.8 | In fact, the NASDAQ was up 141.66. |
| 0:31.2 | That's just over 1.5%. |
| 0:33.5 | No, almost 1.6%. |
| 0:35.6 | The NASDAQ is now positive on the year. |
| 0:37.9 | It's back above 9,000. |
| 0:39.9 | In fact, we're at 9,121. |
| 0:44.1 | The highest we got on the NASDAQ was what? |
| 0:48.8 | 98, 100 in change. |
| 0:50.3 | So let's say 10% or so from a new all-time record high on the NASDAQ. |
| 0:57.6 | But imagine that the NASDAQ is actually positive on the year. |
| 1:01.5 | Think about that. |
| 1:02.7 | Think about all the things that have happened since the beginning of this year. |
| 1:07.8 | Think about how optimistic everybody was on the U.S. economy and on corporate earnings |
| 1:14.1 | when 2019 came to an end. |
| 1:18.1 | Now think of what's happened. |
| 1:19.6 | Now enter the depression. |
| 1:22.0 | The economy has imploded. |
| 1:24.2 | In fact, I'm looking at the Atlanta feds now. |
... |
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