This Time It Is Different – It’s Worse – Ep. 57
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 3 March 2015
⏱️ 26 minutes
🧾️ Download transcript
Summary
* First trading day of march - NASDAQ closed above 5000 for the first time in 15 years
* Each time the market goes up with crazy valuations, pundits say, "This time it's different."
* This time the Fed is under more pressure to create the illusion of prosperity
* Today's rally came against the backdrop of weak economic data
* The only way this bubble won't burst is if the Fed intervenes with more stimulus
* Bubbles force you to make an important decision:
* Look like a fool before they pop, or look like a fool after they pop
* It doesn't matter how much money you make, it's how much money you keep
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:07.0 | Well, this is the first trading day of March and the Nasdaq closed above 5,000 for the |
| 0:17.2 | first time in 15 years. |
| 0:19.2 | It was March 2000. |
| 0:21.5 | The last time the Nasdaq was above 5,000. |
| 0:26.4 | But of course, by November of 2002, less than two years later, the market was 4,000 points |
| 0:36.1 | lower. |
| 0:37.1 | The Nasdaq was all the way down to about 1100. |
| 0:39.8 | It was an 80% collapse, the bubble burst. |
| 0:44.8 | And now here we are 15 years later, back above 5,000. |
| 0:51.7 | And everybody is convinced that this time it's different. |
| 0:57.0 | And the most dangerous words in an investor's dictionary are this time it's different. |
| 1:04.2 | But it really never is. |
| 1:05.8 | Although everybody thinks it is. |
| 1:07.6 | That's all I heard today on the various investment shows was why it's different this time. |
| 1:14.2 | I even was on a little bit debate today with a guy on a CNBC Asia. |
| 1:19.4 | They were telling me all the reasons why it's different this time, why it's not a bubble |
| 1:23.3 | because it's different this time. |
| 1:24.8 | Well, the companies are different. |
| 1:26.5 | There are different companies in the Nasdaq. |
| 1:28.6 | The technology is different. |
| 1:30.3 | It's revolutionary. |
... |
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