U.S. Economy: We Are Already in A Recession

I think we are already in recession. I think it began last year in the fourth quarter. Although I believe we have been in a recession for the entire recovery. I never believed that this was a legitimate recover. I think the government has been understating the amount of inflation and therefore overstating the amount of growth. That game is over.

The economy was so weak in the forth quarter that by the time they redo the numbers later in the year they are going to go back and revise that 1 percent growth to negative. And there is a very good chance that we are going to have another negative number for the first quarter of this year.

(Select Sector Financial Select Sector SPDR ETF (XLF), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY), Nasdaq 100 Index ETF (QQQ))

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