Was the U.S. Oil Boom Just Another Fed Inflated Bubble and is it Contained? Ep. 34
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 12 December 2014
⏱️ 20 minutes
🧾️ Download transcript
Summary
* If oil goes down to $35/barrel we will not be able to produce oil for export at that price.
* It is no accident that oil prices are dropping as the Fed is ending QE.
* What are the implications for the U.S. Economy if the Oil Bubble bursts?
* Good jobs in the industry sector will go away.
* Oil sector business loans will default
* Investors will lose money.
* The fallout will be bigger than the dot com bubble.
* If oil was a bubble fueled by cheap Fed money, what's next?
* If the collapsing oil prices threaten recession, the Fed may launch QE4.
* If the Fed does not launch QE4, other bubbles will be affected.
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Transcript
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| 0:00.0 | about Peter Schiff's show. |
| 0:08.7 | I want to talk a little bit about the complacency with which most Wall Street observers, strategists, |
| 0:16.4 | investors are exhibiting when they discuss and contemplate the world of $50 oil or $40 |
| 0:25.5 | oil and how everybody just accepts the fact that it's a universal positive for the US economy. |
| 0:32.0 | After all, lower prices have got to be good because people can pay less money for gas. |
| 0:37.6 | Of course, these are the same people who tell us that deflation is bad. |
| 0:41.2 | So try to square that circle. |
| 0:43.5 | But listen to this interview that I heard this morning on CNBC with Kevin Illyrie. |
| 0:49.2 | We have a little snippet from it. |
| 0:51.8 | Some of you may know Kevin Illyrie is being one of the more vocal sharks in the TV show Shark Tank. |
| 0:58.4 | But here's Kevin very, very happy to see the price of oil going down. |
| 1:03.9 | Hope that goes down. |
| 1:05.3 | In fact, he says he hopes that goes down to what? |
| 1:07.9 | $40 a barrel and stays there. |
| 1:11.6 | If you could choose between two oil prices for 2015 as an S&P investor, which is what I am. |
| 1:17.0 | $100 or $40. |
| 1:19.1 | For getting about all of the noise around it, which would you prefer for this economy? |
| 1:23.6 | Which would you prefer? |
| 1:24.4 | Doesn't it matter what names you currently hold? |
| 1:26.5 | Okay, Carl, 20% of the names in the S&P are somehow associated with the transportation or exclusion of oil. |
| 1:32.6 | Those guys are toast, okay? |
| 1:34.2 | What about the other 80% that benefit from the low input cost of oil? |
... |
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