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The Peter Schiff Show Podcast

Trump damage control falls flat as stocks tank – Ep 583

The Peter Schiff Show Podcast

Peter Schiff

News, Business, Investing, Business News, Politics

4.65.9K Ratings

🗓️ 11 June 2020

⏱️ 39 minutes

🧾️ Download transcript

Summary

Wall Street sees a sea of red.
Fed is stealing your purchasing power and giving it to someone else.
Government should be lightening the burden it places on the economy.
Trump should make big cuts in government spending.
Market still in denial over likelihood of Democrats winning the White House and Senate in November.
Bernie Sanders won whether he’s on the ticket or not.
Democratic Socialism and slavery reparations are coming to America.
The crisis is just beginning for Bitcoin.

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Transcript

Click on a timestamp to play from that location

0:00.0

The Peter Shifx Show

0:09.0

A sea of red today on Wall Street, everything got hammered.

0:14.1

The Dow Jones down 1861.82 points.

0:21.1

That's 6.9% decline for the Dow.

0:25.8

It's now back in correction territory.

0:28.6

It's down 15% from its record high down 12% on the year.

0:35.6

Cardage a lot bigger in the small caps.

0:37.8

Russell 2000, clobbered by 7.58%.

0:43.2

It's now down almost 19%.

0:45.4

But from its record high, it's down about 21%.

0:49.0

So that puts the Russell 2000 back in negative territory.

0:53.9

The only major index not negative on the year now is the NASDAQ.

0:58.1

And that's only because of the FANG type name.

1:00.7

But NASDAQ was still down 5.27% on the day.

1:05.9

527 spot 62 points.

1:09.4

So we only had one close above 10,000.

1:13.1

Maybe that'll be the only close above 10,000.

1:15.9

At least until we have hyperinflation.

1:17.8

We'll see.

1:18.8

Today was certainly a big day.

1:21.4

We need to see if we get some follow through tomorrow.

1:24.4

But we should have expected some weakness today based on the reaction to Fed Chairman

...

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