The Economy is Far Weaker than Investors Believe – Ep 570
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 6 May 2020
⏱️ 56 minutes
🧾️ Download transcript
Summary
Tech stocks strong on hope.
Government ready to sacrifice other businesses to save Boeing.
Fed feeding the same BS from 2008 about unwinding stimulus.
Financial stocks are the canaries in the coal mine, and they’re dropping dead.
National Debt passes 25 trillion dollars.
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Transcript
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| 0:00.0 | The Peter Ships Show. |
| 0:09.0 | Well we're continuing the decline now in the stock market. |
| 0:13.5 | As I speculated on my last podcast, I think that the bear market relief rally has likely |
| 0:22.7 | ended. |
| 0:23.7 | The Fed can only buy so much with its QE and rate cuts. |
| 0:29.2 | And of course there was a lot of optimism surrounding the rally that the recovery was |
| 0:35.1 | going to be swift. |
| 0:36.3 | Right after all we turned it off, we can turn it on. |
| 0:39.8 | It's not like this is a real recession, we did this to ourselves and we could just undo |
| 0:45.2 | it. |
| 0:46.2 | And I think now that kind of the fog is kind of lifting. |
| 0:51.4 | People are starting to realize that that narrative really wasn't true and that this is |
| 0:58.1 | going to be a much deeper, much longer lasting, protracted recession than a lot of people |
| 1:05.6 | initially believed. |
| 1:07.5 | And I still don't think people have come to terms with how weak the economy was before |
| 1:14.7 | we even had the COVID-19 situation. |
| 1:17.6 | But before I even get into the economics, I wanted to talk a little bit about what's |
| 1:21.9 | been going on in the market. |
| 1:23.2 | The Dow was down about 218 points today. |
| 1:27.4 | We closed on the lows. |
| 1:29.9 | We still had some strength in the tech stocks. |
| 1:33.0 | The Nasdaq was slightly positive today. |
... |
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