Peter Schiff: “Whatever Obama Was Calling Recovery… is OVER!”
BY VOICE OF REASON
THELASTGREATSTAND.COM
TUESDAY, JANUARY 26TH, 2016
Are we officially in bear market territory? Is the economy “officially” in a recession or not? These are the types of questions you hear on every financial show, including the video below with Peter, but the question I would have for anyone asking, is does it matter? Do current market conditions need a name for people to be suffering? Do the owners of the $3 TRILLION DOLLARS of American wealth that has evaporated since January 1st care what it’s called, if it doesn’t end in zeros in their account?
Nonetheless, everyone wants to label the current economic condition something, so as Peter explains, as of right now, “officially” we are in “correction territory,” which means the market is at least 10% off its highs. Even though a ton of stocks are off far more than the 20% required to be an official “bear market,” since the market as a whole is “only” down 13% since January 1st, it’s not officially a bear market yet.
I’m not sure which is worse, how badly Obama was lying when he made the comment “Anyone who says there is trouble in the economy is peddling fiction,” or what I bet he does to paper over the problem just long enough tor him to get out of office, and then watch every American get financially wiped out. If he can, I have no doubt he’ll do the latter, however I’m not so certain that’s even possible at this point.
As we’ve all learned for 7+ years, the best way stop a recession from getting worse (temporarily), or the best way to dupe Americans into thinking there is a recovery happening, is to do what Barack has done, drop interest rates to zero and print yourself roughly $7 TRILLION dollars out of thin air. Obviously Obama isn’t Fed Chair, but equally as obvious, is Janet Yellen, like all Obamabots, is a “Yes sir” kinda gal, and does whatever she’s told.
As Peter blurts out in the video, “Whatever Obama was calling a recovery is OVER, and what we’re in now, will be MUCH longer and MUCH deeper. Many sectors are already down over 20%, but the market in general isn’t, so people are whistling in the dark that everything will be fine. Guess what? It won’t. The smart money says get ready for QE4, which will make things seem better for a while, but we just keep prolonging a bigger and bigger crash every time you hear QE. Pray Obama man’s up, and we take the punishment now, but count on him at least trying to kick the can down the road by firing up the printing presses, that way he can blame someone else.
The Rest…HERE
