Peter Schiff on recession warning: It’s going to be worse than 2008

Peter Schiff on recession warning: It’s going to be worse than 2008


KEEP DOMINATING THIS ECONOMY. CONNELL: COVERAGE CONTINUES HERE. ON A DAY THE DOW IS DOWN 800. WHETHER A RECESSION IS COMING. WHAT THE PRESIDENT SHOULD DO AND THE FED, WHAT HAVE YOU. YOU I KNOW YOU HAVE A DIFFERENT AND UNIQUE PERSPECTIVE. WHAT’S THE PETER SCHIFF TAKE ON THIS?>>EVERYTHING THE FEDERAL RESERVE HAS DONE SINCE THE 2008 FINANCIAL CRISIS WAS A MISTAKE. ALL THEY DID WAS SUCCEED IN MAKING ALL THE PROBLEMS THAT MAKE THAT CRISIS WORSE. THEYED IT UP BY INFLATING AN EVEN BIGGER BUBBLE THAN THE ONE HAT POPPED IN ’08. BY TRYING TO SHRINK THEIR BALANCE SHEET THEY PRICKED THAT BUBBLE. NOW WE’LL COMPLETE ECONOMIC CRISIS THEY INTERRUPTED IN TWEET. IN — IN 2008. BUT THE BACK HALF WILL BE WORSE. WE ARE HEAD FOR A RECESSION. IT WILL BE WORSE THAN ’08, THE FED IS GOING BACK TO ZERO. THEY ARE GOING TO DO QE AGAIN. BUT IT’S NOT GOING TO WORK. ALL THE INFLATION IS GOING TO THE SUPER MARKETS AND THE GAS STATION. IT WON’T GO INTO THE STOCK MARKET. THE DOLLAR WILL GO THROUGH THE FLOOR, IT WILL TAKE THE BOND MARKET WITH IT. THE NEXT CRISIS IS NOT STUBB PRIME MORT AGES, IT WILL IN THE TREASURY MARKET. THIS WILL BE INFLATIONARY WHERE THERE IS NO WAY OUT. THE RECESSION WILL START BEFORE HE FINISHES HIS TERM WHICH MEANS HE WON’T HAVE A SECOND TERM. BUT THE WORST PART OF THE RECESSION WILL TAKE PLACE ON THE WATCH OF THE NEXT PRESIDENT.>>IS THIS BILL MAHER? CONNELL: HOW DO WE GET THERE FROM HERE? IF THERE ARE SO MANY PROBLEMS AROUND THE WORLD WHICH WE KNOW THERE ARE. AND THE CAPITAL IS FLOWING INTO THE UNITED STATES FOR THE TIME BEING. THAT SUPPORTS OUR CURRENCY. SO HOW DOES THAT ALL — WHAT HAPPENS?>>THAT CAPITAL IS GOING TO FLEE. PEOPLE MADE THE MISTAKE. INITIALLY EVERYBODY BELIEVED FED WAS GOING TO NORMAL SIZE RATES. I KNEW THEY COULDN’T DO THAT. THE FEDS FINALLY ABORTED THE PROCESS. THE MARKET STILL BELIEVE WE SOMEHOW HAVE A BETTER ECONOMY AND OUR RATES WILL BE HIGHER AND WE’LL AVOID RECESSION BUT WHEN THEY REALIZE THAT’S NOT TRUE. WHEN THE FED SLASHES RATES, THEY WILL FLEE FROM THE DOLLAR. ESPECIALLY WHEN INFLATION CONTINUES TO RISE. AS WE MOVE INTO THIS RECESSION, CONSUMER PRICES WILL RISE EVEN FASTER. EVEN IF THE DOLLAR STARTS TO FALL, IT WILL PUSH PRICES UP EVEN MORE. CONNELL: HOW DO YOU EXPLAIN THE FACT THAT WE HAVEN’T SEEN WHAT WE WOULD BY NOW HAVE SEEN ACTUAL INFLATION, MORE THAN WHAT WE HAVE SOONER IN GOVERNMENT DATA, THAT IT HASN’T BEEN MORE THAT THAN IT IS.>>YESTERDAY WE GOT THE FIRST BACK-TO-BACK FIRST 3-POINT GAIN. SINCE 2001. BUT A LOT OF THE INFLATION THE FED CREATED SHOWED UP IN ASSET PRICES, STOCKS, HE’LL ESTATE BONDS. BUT THAT INFLATION IS GOING TO MOVE FROM ASSETS PRICES TO GOODS PRICES AS CONFIDENCE IN THE DOLLAR AND U.S. ECONOMY IS LOST AND WHEN THE MARKETS PRICE IN A TRUMP LOSS. RIGHT NOW EVERYBODY THINKS A TRUMP VICTORY IS A SURE THING. JUST LIKE EVERYBODY THOSE COULDN’T WIN IN 2016, EVERYBODY THINKS HE CAN’T LOSE IN 2020. CONNELL: YOU THINK THERE IS AN INVESTMENT BET ON THE ELECTION.>>I REMEMBER NOBODY THOUGHT HE COULD WIN IN REALITY. PEOPLE THOUGHT IT WAS CRAZY. I WAS ONE OF THE FEW PEOPLE WHO CAME ON TELEVISION AND SAID I THINK HE CAN WIN. NOW I THINK HE’S GOING TO LOSE. I THINK THE RECESSION IS GOING TO START BEFORE THE END OF HIS TERM AND IT WILL BE BLAMED ON HIM. GEORGE BUSH WAS ABLE TO GET RE-ELECTED. THE FED BOUGHT BUSH A SECOND TERM AFTER THE DOT COM BUBBLE BURST. WE ELECTED OBAMA. NOW THE FED WON’T BE ABLE TO INFLATE ANOTHER BUBBLE TO SAVE TRUMP. IT WILL BLOW UP ON HIS FIRST TERM AND THE DEMOCRATS WHO FOLLOWS HIM WILL BE A SOCIALIST AND WILL BE MUCH WORSE FOR THE ECONOMY THAN OBAMA. CONNELL: YOUR POINT IS THE MARKET WILL TRY TO PRICE THAT IN, IF YOU ARE RIGHT. WE’LL SEE. ONE THING YOU ARE RIGHT ABOUT, THE TIMING OF THESE POLITICAL EVENTS. HIS FATHER WOULD HAVE LOVED BETTER TIMING BEFORE THE ’92

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About the Author: Oren Garnes

100 Comments

  1. Sounds like this is a SET UP BY THE DEMORAT'S!ย  They will never give up trying to get rid of TRUMP AND THE NEW WORLD ORDER WILL TAKE OVER!ย  They are too greedy to loose!

  2. Of course. Dems force idiotic minimum wage. Jobs get destroyed, businesses go under, unemployment skyrockets, government get control of low income people again…just the way they like it, people get nervous and stop spending, more businesses suffer, more layoffs occur and more businesses fail, more unemployment. Guess what, somehow the MSM will spin it 100% Trump's fault despite it being 100% Democrats fault.

  3. MSM admitted the federal reserve indicators are the cause of the rumors of recession. I'll just buy up your failed stocks and 401k investments when you panic. Thanks for the last dip that made me debt free for life. Can't wait ๐Ÿ’ฐ

  4. What if someone intentionally crashed the economy because Trump is showing to lead in the elections ๐Ÿค”๐Ÿง

  5. the Federal Reserve will never ever ever allow America to succeed in its own abundance it it will never allow it people believe they have control over their wealth and if you have your money in anything here it's a Gamble and they all do what they want unless your money is safe at home in growing in other ways and to say we will have a recession and that he will not be president I actually picture Venezuela in America if that happens

  6. I'm sorry in reality we knew he could win for the simple fact the clintons are corrupt nobody wants to trust criminals to run their lives so I knew highly likely Trump was going to win and I do not believe you when you say he will not win 2020 look at how evil and corrupt the Democratic party and the Congress is the only way he wouldn't win is corruption it's fixed its scammed

  7. Itโ€™s easy to slam Fed or someone else. What would this guy do if he was Fed chairman? Probably the same thing.

  8. It's disgusting that the democrats so badly want a recession that they are now beating recession drums to create a self-fulfilling prophecy! They will do ANYTHING to regain power, ANYTHING. As Pelosi says "collateral damage" Yeah, hard working American's lives get destroyed. Sick!

  9. Peter Schiff reminds me that a broken clock is accurate twice a day…. At least heโ€™s consistent, The gold bugs love him

  10. Peter Schiff reminds me that a broken clock is accurate twice a day…. At least heโ€™s consistent, The gold bugs love him

  11. The last time the market started going up and down like a roller coaster was in mid September 1929. Can anybody guess what happened in October of 1929? What is yet to come might possibly be worse than a recession. Hold on to your pants everyone, because we might be getting sucked into a DEPRESSION.

  12. All that thinks the BEST guy / President for managing recession is Trump say I ..
    โ˜๏ธ๐Ÿง"I"

    A democrat (like (zero) bama) say : "naaaaaaaaaaaaaaaaay"

    โ˜๏ธ๐Ÿ˜• Naaaay

  13. Soros is another one that hedges against western civilization. If they canโ€™t take Trump down with fake Russia, rogue FBI/DOJ/CIA Operations, and a relentless fake media bombardment 24/7/365, they try an economic scheme.

  14. Trump is handing the election to Sanders…on a silver platter…fulfilling his promise to "make America great again".

  15. In other words, the Deep State is going to sink the economy in order to keep President Trump from being re-elected!

  16. It's all made up
    ๐Ÿ’„๐Ÿ’‹๐Ÿ‘‘ it's a good time to make it
    ยฎ๐Ÿ“ง๐Ÿ…ฐ๐Ÿ•’ PETE is right in the FANTASY WORLD CALLED THE FED and STOCKS and GOLD just like ๐Ÿ’Ž are, RARE all will be NULLIFIED A JUBILEE IS COMING.
    NO MORE FANTASY WORLD๐ŸŒPHONY FED RESERVE PRINTED
    WORTHLESS DEBT NOTES
    THAT'S WHAT'S REALLY COMING TURNING THINGS RIGHT SIDE โฌ†UP AGAIN. SORRY LONDON YOUR
    S. O. L
    IS THIS ADAM OR PETER ๐Ÿ’ฉ Tell your ๐Ÿ‡จ๐Ÿ‡ณ๐Ÿ‘ฒMASTERS YOU FAILED๐Ÿ‘Žโ˜น๐Ÿ‘Ž
    IN GOD WE TRUST
    ๐ŸŒŸ๐ŸŒŸ๐ŸŒŸ๐Ÿ‡บ๐Ÿ‡ธ๐Ÿ’ฏ๐Ÿ‡บ๐Ÿ‡ธ๐ŸŒŸ๐Ÿ–โ˜โ˜๐Ÿ–๐Ÿ‘๐Ÿป

  17. Correction: It's an incoming depression.
    Every depression starts with a recession but this is just the tip of the ice berg.
    Americans have been living beyond their means for far too long.

  18. Schiff, where's the capital going to flee to? Having you seen the bond rates in Germany, France, or Japan?
    So the foreign money is going to flee where? China, who are now nationalizing their banks under a Marxist premier?
    I think you have a few screws missing in your theory.
    Bonds won't crash until inflation hits.
    But where will the money go?
    Cash? Bitcoin? Commodities?

  19. is peter schiff any relation to adam schiff the fraud mr shifter from congress ? if so don`t listen to him he will be like adam a loser, a bum, a plonka, a crook and liar.

  20. 30% of greenhouse gases in the atmosphere right now where put there by the USA. Are you an anti-abortion-puta? Because the stupidity exhibited by you grotesquely WASP-skinned bladders of corrupted genetic diarrhea like the scum Oregon h*nky, cr*cker senators who run away; is common for cowardly Trumpholes who are anti-abortion-putas. Your insanity is based on this one "abortion" Satanic insane edict. You mass-murdering, rabid-WASP-dogs have placed upon yourselves. Given to you by Satan and a televangelist con-man. AGW is real and here now. Only a chemically feminized MANgina refuses to protect his family from harm.

  21. Ray Dalio is said itโ€™s not going to be as bad as 2008 i read his big debt crisis itโ€™s going to difficult to handle socially. I take his word

  22. This Idiot last week was saying how Trump was a genius with what he was doing with China and Canada were too stupid too deal with him.

  23. Good. If you garbage WASP civilization goes into a depression. Maybe your lead-brain-and DNA-damaged, chemically-feminized-MANgina, mass-murdering-international-terr*rist, rabid-WASP-dogs will finally cut all offensive miliFAIRY spending to ZERO!!!

  24. All the top people predicted this 2 years ago. We gotta make a deal with China n usa is going to pay eventually. It wont b trumps fault either, baby boomers are to blame. They spent too mch money n borrowed n borrowed n borrowed n took took took til they were 18 trillion in debt but now they're old n millenials will get stuck with their outta control spending. Thanks baby boomers!!

  25. Here are some rules of thumb for recession. Recession usually occurs when businesses cease to expand, the GDP diminishes for two consecutive quarters, the rate of unemployment rises, and housing prices decline. Now, GDP of the second quarter of 2019 declined a little bit, but the businesses are thriving, the unemployment rate is still quite low and the housing prices are still higher than a year ago. There's no reason to be panic when the US economy is doing well.

  26. Problem Pete's got is all his customers in Asia have been fleeing his business for years and with China's fake economy being further exposed by tensions in Hong Kong he just another trying to turn this trend around. Consider the following: as of 19 September EU residents will no longer be able to invest in U.S. ETFs nor ETNs as they EU seeks to stem this outflow of capital to the U.S. Main thing Pete said on which I agree is that the election of a Dem for president in 2020 will spell disaster for both the U.S. economy broadly and the markets specifically.

  27. Why can't we just do a one time tax of $50.00 per citizen, once a year, for five years. $50.00 ร— 327 million Americans = $16,350,000,000! And that money can never be touched in those five years.

  28. How is the Fed still a private organization that still has not been audited? This country will not allow a Socialist into the White House… people are smarter than Wall Street.

  29. The idiot 45 is doing to America what he did I to
    His companies ruin them
    When you have a dumb racist bigot this is what we get

  30. Still voting Trump. Gotta have faith in the man. Heโ€™s been calling out the elite and has been doing what heโ€™s been promising.

  31. One President shouldn't be responsible for the last 30 yrs of other Presidents allowing our country to be robbed of our industries like China has been doing forever.
    President Trump is reversing that trend finally a President with guts, hopefully not to late.

  32. Wow! Another-piece-of-Schiff? Tsk-tsk! Since I remember sometime ago when a Schiff comes out in the fake news to have that Russian collision evidence for over two years but amazingly haven't found even just a single moment to present it to Mueller… I think it's just good to take some precaution. LOL!

  33. Schiff has never said that it must happen before a certain date, he has said in the past that it definitely could take time before it finally happens, the point is that it's unavoidable that it will happen, contrary to what many other economists say.

  34. Peter Schiff is like a guy that tells a person that if you keep eating like an unhealthy person, you'll get sick and die. The people who judge him are like "I'm not sick". Just because the recession hasn't happened yet doesn't mean that Schiff is wrong. Making the argument that Schiff is wrong is like saying that eating unhealthy won't make you sick because you're not sick at the moment. People who live paycheck to paycheck and spend all their money will eventually have a hard time financially….I've been saying it forever…am I wrong? I'm wrong because somebody been living paycheck to paycheck and buying nice things all the time will continue to do well becuase they had no problems for 10 years?

  35. Any one who says Peter Schiff is predicting this for years does not listen well to this guy. petwr Schiff actually is a very credible and reliable source with good vision skills ….

  36. There are many who wants America's great economy to tank – to get rid of Trump like this moron schiff who is trying to scare investors. Mild recession is actually good to keep inflation in check. There are many knobs to control recession so keep your cool. shiff and many liberals want economy to crash.

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