Outrageous Positive Spin on Negative GDP – Ep 804
The Peter Schiff Show Podcast
Peter Schiff
4.7 • 5.8K Ratings
🗓️ 29 April 2022
⏱️ 46 minutes
🧾️ Download transcript
Summary
· Markets rally on horrific economic news.
· Russia ranks higher than Ukraine in economic freedom.
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.1 | Today's podcast is sponsored by Bambi, HR Managers Ain't Cheap. |
| 0:13.6 | Their salaries average $70,000 a year. |
| 0:16.9 | So go to bambi.com slash gold, the schedule you're free, HR audit. |
| 0:21.8 | The big news for today was the release of the initial estimate for Q1 GDP. |
| 0:29.1 | And those of you who are regular listeners to my podcast will recall that I have been |
| 0:34.5 | warning for some time that I thought there was a good chance that Q1 GDP could end up |
| 0:40.6 | being negative. |
| 0:41.8 | In fact, when the estimates first started coming in, even the Atlanta Fed barely had GDP |
| 0:48.1 | as positive. |
| 0:49.1 | I think it started out maybe 0.2 or 0.3. |
| 0:52.6 | They gradually ratcheted it up. |
| 0:54.9 | But I continue to think that there was a strong chance that we would in fact see a negative |
| 1:00.3 | print for Q1 GDP, which would mean we were halfway into a recession because to technically |
| 1:07.1 | qualify for a recession, you need two quarters of negative GDP growth. |
| 1:12.6 | And so if Q1 was negative, well, we would be halfway to a recession because if we got |
| 1:17.8 | another negative print in Q2, we would be there. |
| 1:21.1 | Well, the estimate for Q1 was for 1.1 percent growth, not a very strong quarter. |
| 1:28.3 | And of course, for all the talk about how red hot this economy is, how this thing is |
| 1:32.9 | supercharged. |
| 1:33.9 | We have this blazing economy. |
| 1:36.5 | Why were the estimates so subdued? |
... |
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