SchiffRadio Podcast Episode 8
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 28 October 2014
⏱️ 13 minutes
🧾️ Download transcript
Summary
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Episode 8 Segment 1:
* Contrary to GDP number, consumers are still struggling.
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Transcript
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| 0:00.0 | Now, I've been saying that the economy is a lot weaker than everybody believes, and we're |
| 0:14.8 | going to be getting later this week. |
| 0:16.8 | We're going to be getting the first look at the third quarter GDP. |
| 0:20.8 | But all of the anecdotal evidence suggests that the number is going to be a lot weaker |
| 0:25.4 | than people think. |
| 0:27.2 | Certainly, a lot weaker than the 4.6% we got in the second quarter. |
| 0:31.5 | People are looking for 3, 3.5% for the third quarter. |
| 0:35.5 | But remember that the GDP, at least the way they measure it, is driven 70% is consumer |
| 0:41.8 | spending. |
| 0:42.8 | That's not what drives the economy, but it's certainly what drives the GDP, which is |
| 0:45.6 | not the same as the economy. |
| 0:47.7 | But if you look at a lot of the evidence coming out of corporate America in the past week, |
| 0:52.2 | you can see that the consumer is, in fact, struggling. |
| 0:55.1 | Look at some of the big companies that reported earnings in the past week. |
| 1:01.4 | Those that deal with average Americans are showing a big drop in their earnings. |
| 1:08.3 | Look what happened with McDonald's. |
| 1:09.8 | McDonald's came out and missed their numbers and their earnings are under pressure. |
| 1:16.2 | They're actually blaming it on price increases, which again, for those people who claim that |
| 1:22.0 | price increases are good. |
| 1:24.0 | It's certainly not working out that way for McDonald's because McDonald's is having to |
| 1:27.8 | raise prices. |
| 1:28.8 | Why? |
... |
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