The V-shaped recovery narrative is falling apart – Ep 587
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 27 June 2020
⏱️ 55 minutes
🧾️ Download transcript
Summary
Financial stocks lead lower by Goldman Sachs.
Companies that can’t make money need to go out of business.
Betting odds overwhelmingly favor Democrats victory in White House and Senate.
House of Representatives pass bill to make Washington D.C. the 51st state.
When Republicans lose the Senate in November, they may never get it back.
Elizabeth Warren has inside track on Secretary of Treasury in Biden cabinet.
Euro Pacific funds made up for 5 years of under performance in 6 months.
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Transcript
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| 0:00.0 | The Peter Ships Show |
| 0:09.0 | As I suspected when I recorded my last podcast on Tuesday, US stock markets continued to |
| 0:15.8 | be under pressure for the balance of the week, particularly today. |
| 0:19.8 | We had the Dow Jones closing down about 730 points. |
| 0:24.8 | Almost the low of the day. |
| 0:25.8 | I think we were down maybe 750 or a little bit more, but a very weak technical day and |
| 0:31.1 | week. |
| 0:32.1 | Nasdaq down just under 260 points. |
| 0:36.0 | In fact, if you look at the moves on the week, the Dow was the weakest of the major indexes |
| 0:41.3 | dropping 3.3% on the week. |
| 0:45.4 | S&P 500 and the Russell 2000 each down about 2.8% on the week with the strongest of the |
| 0:54.2 | indexes, once again, being the Nasdaq composite, which was down 1.9%. |
| 1:00.0 | Although some of the high-flying stocks, Facebook in particular, I've got Claubber today. |
| 1:06.0 | More advertisers are trying to signal their virtue by pulling their ads from Facebook. |
| 1:13.0 | That's taking a toll now on that stock. |
| 1:16.6 | The weakest index of the indexes is the Regional Bank Index. |
| 1:21.4 | I've been talking about the weakness in the banks. |
| 1:25.1 | In fact, one of the reasons that Tuesday's rally didn't look good to me was the weakness |
| 1:32.8 | in the banks. |
| 1:33.8 | The banks refused to participate in the rally and they closed near their lows. |
| 1:39.0 | The Regional Bank Index got Claubber again today down just over 6%. |
| 1:44.5 | That brings the decline for the week to 10%. |
... |
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