Powell Finally Admits Inflation Isn’t Transitory – Ep 756

The Peter Schiff Show Podcast

Peter Schiff

Business, Politics, Business News, Investing, News

4.7 • 5.8K Ratings

🗓️ 1 December 2021

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

* Dow down over 1300 points in 2 days over Omicron variant concerns.
* Bubble market found its pin.
* Powell is essentially a member of the Biden administration.
* The only tools the Fed has left will destroy the bubble economy if they use them.
* Powell lies about the credit worthiness of the US.
* Ray Dalio says the only thing the Fed will successfully raise will be prices.
* Build Back better targets the middle class with new bank account monitoring.

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Transcript

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0:43.5	After a small 236 point bounce on Monday, the Dow Jones and Doxerl average dropped another
0:51.5	652 points today.
0:55.7	That means it's now fallen by over 1300 points in the last three trading days.
1:02.7	It all got started on Black Friday, Black and Blue Friday in the markets as a result of concerns
1:11.4	over the Omicron variant of the COVID virus.
1:16.2	But the reality is the market has been extremely overvalued and maybe virus fears were the
1:24.9	pin.
1:26.3	But the fact of the matter remains the market is and has been a gigantic bubble for a long
1:33.1	time in search of a pin.
1:35.8	So when it finally finds one, it's not really the pins fault.
1:40.8	It's the bubbles fault because all bubbles eventually find a pin.
1:45.9	So it doesn't really matter what ends up being the pin, what matters is the bubble.
1:52.2	And I think investors are beginning to acknowledge the fact that the overpriced stock market
1:59.7	is completely dependent on the Fed.
	...

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