The Era of Big Government Never Ended – Ep 567
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 29 April 2020
⏱️ 65 minutes
🧾️ Download transcript
Summary
Confidence doesn’t drive an economy, but it does reflect bubbles.
Trade deficit imbalance getting worse.
You cannot consume what has not been produced.
We’re still paying taxes imposed to win WWII.
Jeff Gundlach blocked me.
RATE AND REVIEW the Peter Schiff Show Podcast on Facebook.
https://www.facebook.com/PeterSchiff/reviews/
SIGN UP FOR MY FREE NEWSLETTER https://www.europac.com/
Schiff Gold News: http://www.SchiffGold.com/news
Buy my newest book at http://www.tinyurl.com/RealCrash
Like and follow Peter Schiff on Facebook
http://www.Facebook.com/PeterSchiff
Follow me on Twitter: http://www.Twitter.com/PeterSchiff Our Sponsors: * Check out Chilipad and use my code sleep.me/GOLD for a great deal: https://sleep.me * Check out DBJourney and use my code Schiff15 for a great deal: https://dbjourney.com * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://plaud.ai * Check out Quince and use my code quince.com/gold for a great deal: https://www.quince.com * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy
Transcript
Click on a timestamp to play from that location
| 0:00.0 | What's up, Peter Schiff Show. |
| 0:09.0 | I want to start off the podcast today by talking about some of the economic data. |
| 0:14.4 | We got a lot of data that came out today. |
| 0:17.1 | Again, all the data that comes out is bad, but again, there's a pass now on bad data. |
| 0:23.8 | Nobody cares because they just blame it all on COVID-19 and just assume that as soon |
| 0:29.8 | as we just flip the switch and turn the economy back on, that all the bad data is going to be good data. |
| 0:37.4 | One of the data points that came out that was particularly weak was the Richmond Fed Manufacturing Index. |
| 0:43.0 | This is an April number, so really impacted by the slowdown. |
| 0:48.4 | The prior month was already pretty bad. |
| 0:50.7 | The March number was two, but at least there was a plus sign in front of the two. |
| 0:55.8 | The index was at positive two. |
| 0:57.8 | They were looking for minus 38, and the projections went from a high of minus 15 to a low of minus 45. |
| 1:06.8 | So the most barris of forecasters thought that the Richmond Fed might fall all the way down to negative 45. |
| 1:14.1 | The actual print was negative 53. |
| 1:18.1 | So by the old price's rights rule, everybody lost because everybody went over and overestimating the number because the number was weaker than even the most pessimistic number. |
| 1:31.3 | We also got another consumer confidence number. |
| 1:35.3 | Ultimately, I don't think it's confidence that drives the economy, but it certainly reflects the bubble. |
| 1:41.4 | And yes, if you have a bubble economy and people need to be confident enough or dumb enough to keep on borrowing and keep on spending, then confidence is important. |
| 1:51.9 | This is the April number. |
| 1:53.1 | Now the prior month was 120, which is still a pretty strong number for March. |
| 1:59.9 | That was revised down to 118.8. |
| 2:03.2 | The consensus was for fall to 90. |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Peter Schiff, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Peter Schiff and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.