Stock Market: This Is Not A Lasting Bottom

We are not going to get a lasting bottom until the Federal Reserve makes that bottom. It is not going to be a Jamie Dimon bottom, it is going to be a Janet Yellen bottom. I think it is exactly what we are going to have to do to get a real low in this market. Remember, every single decline that the market has experienced since 2009, the bottom has been set by the Federal Reserve, not by individuals trying to pick it. It has been the Federal Reserve forming that bottom by coming to the rescue with interest rate cuts, QE programs, operation twist, hinting about another QE program. And so far the Federal Reserve has done none of that.

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.