Multiple bubbles pricked by same pin – Ep 541
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 6 March 2020
⏱️ 33 minutes
🧾️ Download transcript
Summary
Fed’s days of bubble blowing are over. Next dose of stimulus will be the overdose. Coronavirus may be the pin that pricks stock market, bond market, and bitcoin bubbles.
More bad news expected as the only previously strong jobs market, travel and leisure, starts to suffer from coronavirus. Layoffs will trickle through the economy quickly.
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Transcript
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| 0:00.0 | What's the Peter Schiff show? |
| 0:09.1 | Well another day and another thousand point move in the Dow Jones. |
| 0:13.6 | This time it was a thousand points to the downside. |
| 0:16.4 | I think on the lows we were down better than 1100. |
| 0:20.2 | But we didn't quite close down a thousand. |
| 0:22.5 | We're only down 969 spot 58. |
| 0:26.1 | That's a 3.58% decline. |
| 0:29.8 | Of course the biggest carnage again is in the transports. |
| 0:33.2 | They were down over 500 points today. |
| 0:35.8 | 501. |
| 0:36.8 | That's 5.27%. |
| 0:37.8 | I can't remember the last time I saw that big a drop in one day. |
| 0:41.6 | We're now down better than 20% in the Dow Jones transport. |
| 0:45.5 | So that is officially a bear market. |
| 0:48.9 | I think we have about another 5% or so before we get to the low from December of 2018. |
| 0:56.0 | And once we take that out, I think it's a long way down. |
| 1:00.3 | The low from January 2015 is way way down there. |
| 1:03.6 | That would be about a 45% drop from the peak of this bull to that level. |
| 1:09.2 | Ultimately we could go lower than that. |
| 1:11.9 | But the carnage particularly heavy in the financials as well. |
| 1:15.4 | The banks really get and beaten up as yields are plunging. |
| 1:19.6 | The yield on the 10 year treasury got all the way down to 0.899 at the lows. |
... |
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