GDP Report: Its All Downhill From Q2

Related: Energy Select Sector SPDR ETF (XLE), Select Sector Financial Select Sector SPDR ETF (XLF), SPDR S&P 500 Index ETF (SPY), SPDR S&P Homebuilders (ETF) (XHB)

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

Earnings Season: Companies Are Having Trouble With Increased Costs

A lot of companies that are reporting earnings are having problems because of the increasing cost associated with producing and distributing their products. Of course, this should not be happening if there really wash`t any inflation like everybody is trying to convince us.

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

More Disappointing Earnings: Amazon (AMZN)

Amazon came out with its loss for the second quarter and it was pretty big. The interesting thing about the Amazon (AMZN) loss is that the loss is going to get significantly bigger next quarter. And this one was already pretty significant.

The loss was 126 million dollars, net loss, and next quarter they are projecting the loss to rise to between 410 and 810 million dollars. That`s a loss!

Also I think more importantly, their margins, their net margins have collapsed. I mean, they are selling a lot, but they are not making any money. And obviously this business model is not viable.

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