In his latest podcast, financial expert Peter Schiff said that what we’re seeing right now in the economic climate is a typical bear market correction and a recession is right around the corner. Schiff said that optimism over a trade deal with China won’t stop the markets from going into recession.
According to Seeking Alpha, pundits on CNBC emphasized that the Dow has risen out of “correction” territory, meaning it is no longer 10% below its highs. They blasted this all day Friday. But Schiff took issue with this analysis and said the talking heads just don’t understand how it all works.
“First of all, we didn’t enter a correction. We entered a bear market. Now, bear markets have corrections too. They’re called rallies. Except the people and CNBC don’t get that. They think the only correction is a move down in a bull market.” -Peter Schiff via Seeking Alpha
And Schiff declared that the Federal Reserve is once again, the cause of this correction.
“As I’ve been saying, I began forecasting, even before the first rate hike in December of 2015, that if the Federal Reserve ever tried to normalize interest rates, it would never succeed. It would never be able to get rates back to normal because somewhere along the way they would tip the stock market into a bear market, cause a recession, and the Fed would back off. And that’s exactly what happened. The minute the stock market went into a bear market in the fourth quarter of last year, by early this year, everybody did an about-face, and all of a sudden, there are no more rate hikes, no more autopilot. They’re just, you know, being patient.” -Peter Schiff via Seeking Alpha
San Francisco Fed President Mary Daly said rate hikes are “on pause” last week, even though she sees no sign of a recession. But Shiff ponders what the Fed will do when an actual recession is staring these central bankers in the face. Many allege that during the next recession, there will be nothing the Fed or government can do to stop it. After all, they are responsible for all depressions and recessions in history.
“Of course, stock market investors are clueless about that. They’re just having a party because the Powell Put is back on the table. And they think simply because the Federal Reserve is no longer hiking rates that they no longer have to worry about the Fed pushing the economy into a recession. Well, it’s too late for that. The rate hikes of the past have already guaranteed that the economy is headed for recession. It doesn’t matter whether they continue to raise rates in the future. The recession is a done deal. It’s just now you have that calm between the storm while investors are still clueless and haven’t yet connected those, what should be, very obvious dots.” -Peter Schiff via Seeking Alpha
Schiff appears increasingly confident that the recession is a “done deal” and that it’s just around the corner. Take the time to prepare yourself the best you can before it hits.
Just more angst to use your teeth to trim your fingernails. What will come is gonna come ready or not.
been waiting 12 years. still waiting.
Maybe enough folks will get fed up and wake up… But probably not… Super Bowl is coming so damn the economy and lets watch tv…
Oh that’s right, the Super Bowl! That should keep the heathens pacified.
I’ve got no problem with organized sports, its those who make a lifestyle of it (or ANY hobby) to the detriment of their own future I take issue with.
In other words, have a beer and watch the game, just dont forget to get back to reality when its over.
Maybe. Professional(and I use the term loosely) sports has degraded over the years. The crap that takes place on and off the field of play is sickening. I wouldn’t watch one minute of it.
Me too, Reper. Haven’t watched that crap in over 30 years. Have better things to do with the most valuable commodity I possess, time. Wouldn’t even go to a game if given free tickets, too. Besides, virtually all the stadia, ball parks & arenas have been built with taxpayer $$$$$!
NFL No Fans Left !!!
I made it just fine through the last recession because I had over 2000 ounces of silver. And no debt and was out of my regular work for over a year. Heck I made out great on silver since I only paid about 5 bux an oz. for it. The bottom is here again… stockpile before it’s too late!
Everyday. “world ending” according to this web site and well educated experts. Psyops.
yet each day I wake up, sun shines, birds sing, wind breeze blows. “Oh…. .. what a beautiful life.” I love Lou Armstrong.
Bob Marley “Three little birds by my door step. tweet tweet tweet.”
Mike Tyson an orphan, to become Champion of the world. Go broke, loose it all, then get his life together.
What opportunity for men who overcome. Good day to be a black man in America. To be anyone in America. So very blessed we all are.
Life is so good in America. How good we have it.
We are all fortunate to be alive at this time in history.
Indoor plumbing, electricity, central air conditiong, central heating, internet training for knowledge skills, automobiles, motorcycles, air planes, safe travel, plenty of cold beer, friendly smiling women in short skirts, grocery stores full of food. Wow.
After being everywhere. I so love this great land of opportunity.
It is such a blessing to be alive today and be in America. Thank you God. What a great place.
Happy 2019. Remember your blessings.
“A few years from now, all this, this whole place, everything — it’s gone… just gone.”
~ Kyle Reese Sergeant Tech-Com. DN38416
Who on God’s green Earth wants to watch the Patriots in the SB again? No thanks.
Anonymous: Enjoy it. It ain’t gonna last.!!!
NFL= Not For Long.
maybe Schiff has a parrott in his office?
“Right around the corner. Right around the corner.”
All pro sports is My xiggers can beat your xiggers. Now the recession is caused by the Fed. I thought it was Trumps Tariffs? I think we really haven’t recovered from 2008. a Debt fueled recovery is a false recovery.
I never thought it would be possible, but they ruined football through political activism.
Where is Bart Starr when you need him?
Blacks ruined football and basketball ect. Their outlandish poor behavior was condoned because if you objected you where labeled as Racist. Every place Blacks are in majority or in charge becomes a shithole place. Best way to deal with Blacks is to shun them. Simply have nothing to do with them. If someone is a xigger operator don’t do business with them. Yes Im Racist. and theres nothing wrong with perfering my very own race and placing the welfare and interest of my own kind ahead of other,s
OJ is a poster boy example. They let him get away with Murder? Just because he was good at playing a stupid game where grown run around chasing a ball? WTF?