Spring Has Sprung, But U.S. Economy Still Snowed In – Ep 79
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 2 May 2015
⏱️ 30 minutes
🧾️ Download transcript
Summary
* Markets on roller coaster ride final two trading days of this week
* Bad news parade marches on in April
* The players are still clinging to fantasy of U.S. economic recovery
* Dollar finished down substantially on the week - April was the first down month in 10 months
* Dollar has seen its highs and is heading lower
* Gold back below 1200
* Oil prices added to gains closed above $59 - moving opposite to the dollar
* Friday - March Personal Income & Spending flat below expectations
* Personal Spending also lower than expected; .4% gain
* Savings dropped from 5.7 to 5.3 - the lowest savings rate of the year
* April PMI Manufacturing Index - dropped more than expected to 54.1 even as weather warms
* ISM Manufacturing expected to rise to 52 - remained flat
* Employment Index dropped two points - the first drop in 2 years
* March Construction Spending fell by .6 missing expectations
* Atlanta Fed correctly forecasted Q1 GDP at .2, forecasting Q2 at .8
* Article on Zero Hedge: Goldman Sachs warning Europe about severe "Lowflation"
* Article in Bloomberg: Chinese can't "kick" savings habit
* Blames problem on "not enough government"
* The reason America is in so much trouble is that we don't save
* Once the Chinese have built up a cushion, then they will spend
* When our phony economy bursts, it will be apparent that we did not save enough and had too much debt
* America gives capitalism a bad name - we preach it but do not practice it
* We rely on a giant government-run ponzi scheme of socialized savings
* We are telling the Chinese they have too much free market capitalism
* We have been indulging our present and sacrificing our future
* The Chinese will be rewarded for their prudence
* The most ironic thing about the Bloomberg article is that they suggest Chinese would be better off under Communism
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Transcript
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| 0:00.0 | about Peter Schiff show. |
| 0:07.0 | Well, the markets were on a bit of a rollercoaster ride, the final two trading days of the week, |
| 0:15.8 | despite more bad economic news coming out since the release of the much lower than expected |
| 0:22.1 | GDP numbers on Wednesday. |
| 0:24.6 | If you haven't watched my video blog about that, make sure and do that because I spoke |
| 0:30.4 | extensively about the week GDP numbers and what was going on behind the scenes. |
| 0:38.0 | Of course, as I mentioned in that, everybody was blaming the bad news on the cold weather. |
| 0:46.2 | Of course, we got more bad news today in April when it was not quite as cold and it certainly |
| 0:51.6 | wasn't snowing, yet the bad news parade continued to march on. |
| 0:56.1 | Yet nobody seems to care. |
| 0:58.2 | The Dow Jones, which was down about 200 points on Thursday, was up 183 points today. |
| 1:04.3 | The Nasdaq, which was down, I think, better than 80, maybe 85 points, recouped about 64 |
| 1:09.8 | points. |
| 1:10.8 | So a real schizophrenic type market, I think the players are still ignoring reality |
| 1:18.4 | and still clinging to this fantasy of a recovering US economy. |
| 1:22.8 | The dollar did manage to claw back some of its losses, but still finished down substantially |
| 1:28.4 | on the week. |
| 1:29.4 | At the Euro closed the week at 112, that's the highest in Spain, I think, since early |
| 1:33.7 | January or sometime in January. |
| 1:35.6 | We did get up above 113 in today, but there was some profit taking. |
| 1:41.0 | The dollar was stronger against some of the commodity currencies as well. |
| 1:44.6 | But we finished out the month of April this month and April was the first down month |
... |
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