Self-inflicted Wounds Can Be Just as Fatal – Ep 562
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 16 April 2020
⏱️ 46 minutes
🧾️ Download transcript
Summary
Financials did not participate in yesterday’s rally, signaling trouble ahead.
Banks getting backdoor bailouts.
Lenders clamping down on mortgages as housing market prepares to collapse.
Donald Trump buys votes with voters’ money.
2020 Election comes down to a Democrat vs. a Democrat.
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.1 | Markets were very, very weak today. |
| 0:11.8 | We surrendered a lot of the gains that we had yesterday. |
| 0:15.9 | In fact, all of the gains, most stocks anyway. |
| 0:19.4 | One of the interesting things about yesterday's rally, and I didn't really have a chance |
| 0:24.6 | to comment on it yesterday because I didn't do a podcast. |
| 0:28.1 | And one of the things I noticed, a particularly weak point and a Achilles heel in yesterday's |
| 0:33.7 | rally, were the financials. |
| 0:36.4 | I mean, the financials were noticeably not participating in the rally. |
| 0:42.2 | They were very weak all day. |
| 0:45.3 | And the financials are really key to the U.S. economy. |
| 0:48.8 | Unfortunately, I mean, they shouldn't be the key, but they are because we have a bubble |
| 0:55.1 | economy. |
| 0:56.4 | We have an economy based on credit, based on debt. |
| 1:01.5 | So not people spending the money they earned, but spending the money they didn't earn, |
| 1:06.5 | but that they borrowed. |
| 1:07.6 | And what is at the heart of the bubble, other than the Federal Reserve, which is pumping |
| 1:12.9 | all the blood into the body of the economy, but it's pumping it through the heart of |
| 1:18.8 | the banking sector. |
| 1:20.4 | So when you're seeing this cardiac arrest in the banking sector, this is a something |
| 1:26.4 | of a line. |
| 1:27.4 | Right? |
... |
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