Jobs are a lagging indicator. They do not tell you where the economy is going, they tell you where it has been. All the leading indicators that are forward looking are flashing recession and once this recession hits and all employers realize that they were wrong in anticipating a non-existing recovery, they will be laying off a lot of workers that they should never have hired in the first place. Then the unemployment rate is going to skyrocket, then all the non-farm payrolls are going to disappear and by then we will be deep in the recession.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 15, 2016
Jan 13, 2016
Lots Of Downside To Markets & Economy
We had the worst opening week in the history of the stock market and I think there is a lot downside to come both for the market and for the economy.
It is amazing that some people are trying to pretend that there is no problem or they are trying to say that it is contained to China, or that the problems of the economy are contained to manufacturing and everything else is OK. That is what they said when the mortgage bubble bursted. They said it was contained to subprime or when the Nasdaq bubble bursted that it was contained to tech. It is never contained but they never run out of excuses.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
It is amazing that some people are trying to pretend that there is no problem or they are trying to say that it is contained to China, or that the problems of the economy are contained to manufacturing and everything else is OK. That is what they said when the mortgage bubble bursted. They said it was contained to subprime or when the Nasdaq bubble bursted that it was contained to tech. It is never contained but they never run out of excuses.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 12, 2016
Markets: Is This A Buying Opportunity?
In the meantime the Great Recession that was interrupted by the Federal Reserve is about to resume unless the Fed comes back. Ultimately we are going to die of the Fed`s cure that is even worse than the disease.
But yes, this might be a buying opportunity, it all depends on how quickly the Federal Reserve comes clean. But I think they are going to wait a while, they are playing a game of chicken but this economy is in lousy shape. When people say, "Its contained to manufacturing, it is just an industrial recession", it is as contained as the mortgage problems were contained to subprime.
Related Exchange Traded Funds: Energy Select Sector SPDR ETF (XLE), Select Sector Financial Select Sector SPDR ETF (XLF), SPDR Barclays Capital High Yield Bnd ETF (JNK), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
But yes, this might be a buying opportunity, it all depends on how quickly the Federal Reserve comes clean. But I think they are going to wait a while, they are playing a game of chicken but this economy is in lousy shape. When people say, "Its contained to manufacturing, it is just an industrial recession", it is as contained as the mortgage problems were contained to subprime.
Related Exchange Traded Funds: Energy Select Sector SPDR ETF (XLE), Select Sector Financial Select Sector SPDR ETF (XLF), SPDR Barclays Capital High Yield Bnd ETF (JNK), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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