? Bad Policy Disables Economies in China and America - Ep 718
High roads don’t win votes. The road to hell is paved with good intentions and is wheelchair accessible. Bitcoin rallies on its slope of hope.China cracks down on private education.
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· Fed raises benchmark interest rates higher than it has in 20 years.
· Lyft stock hits 52 week low.
· Jerome Powell admires Paul Volcker, but not for his policies.
· New York Times argues for less courage and more cowardice.
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Peter Schiff discusses the American trade deficit and inflation on NTD News. Recorded 3/5/2021
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The Peter Schiff Show Podcast - Episode 66
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Peter Schiff on RT 5/23/2017
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The Peter Schiff Show Podcast - Episode 90
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The Peter Schiff Show Podcast - Episode 508
Recorded October 11, 2019
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Dow jumps 300 points -
U.S. stocks finished out the week on a strong note; in fact we broke a 3-week losing streak. This was the first time in 4 weeks that the major averages finished higher on the week. When I recorded my podcast earlier in the week, the week was off to a rough start. But we had a turnaround. In fact, today the Dow Jones was up 319 points on the day - about a 1.2% gain. The NASDAQ was up even more; 106 points, that's 1.34%. The Russell 2000, even better, up 1.8%. The Dow Transports were the stars of the day. They were up 2.23% - 224 points. Look at stocks like Apple, rising almost 3% to a new all-time record high.
Rumors and News Driving the Market -
There was a lot of news driving the market today. Initially, we got rumors of some type of Brexit deal that potentially was imminent. Of course, there have been all sorts of rumors that have never panned out regarding a Brexit deal. But this morning, there was a rumor that really was causing a lot of buying in the European markets and that spilled over into the U.S. futures, which helped the U.S. market. And of course there was a lot of brewing optimism over some kind of impending trade deal with China, although that news didn't come out until very close to the close
.U.S. Consumer Sentiment Climbs to 3-Month High in October -
But, earlier in the day, we got the Consumer Sentiment number for October, and the markets are already higher by the time we got this release, which comes out at 10am; the market opens at 9:30. The prior month was 93.2, and the consensus was for a slight drop in consumer sentiment to 92. After all, there are a lot of reasons for consumers to be less optimistic now than they were back then. But the consumer… surprise - ended up being more optimistic. The number came out at 96 and that sent the price of stocks much higher.
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A point I neglected to make is that while private sector compensation is not included in the GDP calculation, government compensation is. So if an engineer loses his job at IBM but gets hired as a janitor at the Pentagon, the GDP will go up by the amount of his government salary. WIth this new change, now the GDP will also go up if he get hired to pick up trash on a movie set!
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The Peter Schiff Show Podcast - Episode 448
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Jerome Powell Wades into the Deficit Debate -
This year Fed chairman Jerome Powell made his obligatory visit to Capital Hill, where he spoke to Senators and Representatives about monetary policy. Of course, this really just amounts to a press conference for Democrats and Republicans to either talk up the economy or talk down the economy, depending on who's got the White House. Trump is the President, so you have a lot of Democrats trying to talk about why the economy is actually weak and trying to get the Fed Chairman to say something negative about the economy, or negative about President Trump. And, of course you have the Republicans trying to get Powell to validate how great the economy is, and how Trump's policies are helping the economy.
Republicans Aren't Willing to Recognize Problems -
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Tracey Bailey, 1993 winner of the National Teacher of the Year & director of education policy at the Association of American Educators, on how teachers unions are destroying American education (2/25/2011)
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