The Peter Schiff Show Podcast

First trading day of march - NASDAQ closed above 5000 for the first time in 15 years

Each time the market goes up with crazy valuations, pundits say, "This time it's different."

This time the Fed is under more pressure to create the illusion of prosperity

Today's rally came against the backdrop of weak economic data

The only way this bubble won't burst is if the Fed intervenes with more stimulus

Bubbles force you to make an important decision:

Look like a fool before they pop, or look like a fool after they pop

It doesn't matter how much money you make, it's how much money you keep

* Government released revised estimate for Q4 GDP

* Initial estimate was 2.6; revised down to 2.2

* Economic growth dipped from 5% in Q3 to 2.18% in Q4

* PMI was expecting 58.7 but plunged to 45.8, indicating contraction

* Alan Greenspan commented that the U.S. economy is weak

* Greenspan cites declining U.S. productivity

* Points to declining gross domestic savings brought on by entitlement programs

* Greenspan refuses to blame Fed policy for productivity and savings declines

* He predicts continued low interests rates to create the illusion of wealth

* In 1966, Alan Greenspan blamed the Fed and their cheap money policies for stock market bubble and economic imbalances

* Today, he still believes this to be true, but no longer cares about the consequences of reckless economic policy

* The Fed's job now is to just do whatever it takes to postpone the pain

* Inflating bubbles with the certain knowledge that the outcome will be bad, while pretending that they will eventually raise rates


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Government released revised estimate for Q4 GDP

Initial estimate was 2.6; revised down to 2.2

Economic growth dipped from 5% in Q3 to 2.18% in Q4

PMI was expecting 58.7 but plunged to 45.8, indicating contraction

Alan Greenspan commented that the U.S. economy is weak

Greenspan cites declining U.S. productivity

Points to declining gross domestic savings brought on by entitlement programs

Greenspan refuses to blame Fed policy for productivity and savings declines

He predicts continued low interests rates to create the illusion of wealth

In 1966, Alan Greenspan blamed the Fed and their cheap money policies for stock market bubble and economic imbalances

Today, he still believes this to be true, but no longer cares about the consequences of reckless economic policy

The Fed's job now is to just do whatever it takes to postpone the pain

Inflating bubbles with the certain knowledge that the outcome will be bad, while pretending that they will eventually raise rates

* Janet Yellen's prepared remarks were the most dovish yet

* If economy is improving, why do we still need "a high degree of accommodation?"

* There is still room for "substantial improvement in the labor market"

* Any modification of guidance will not necessarily indicate rate increase

* Yellen states lower energy prices is positive for the economy, yet looks for higher inflation

* The Fed says outlook is data dependent and the data is getting worse


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Janet Yellen's prepared remarks were the most dovish yet

If economy is improving, why do we still need "a high degree of accommodation?"

There is still room for "substantial improvement in the labor market"

Any modification of guidance will not necessarily indicate rate increase

Yellen states lower energy prices is positive for the economy, yet looks for higher inflation

The Fed says outlook is data dependent and the data is getting worse

* Patricia Arquette claims that there is a still an unfair gender wage gap in the labor market

* If that were true, all employers - male and female - would hire women first, because they are more cost effective employees

* But they don't

* Women who choose to balance family with career often accept lower-paying positions

* Women do not make less money for the same work

* They make less money for different work

* In Hollywood, youth is an asset for women - for men, not as much.

* Male action movie stars can earn more because action movies earn more.

* Liberal spin promotes a government "solution" for a free market system that is working


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Patricia Arquette claims that there is a still an unfair gender wage gap in the labor market

If that were true, all employers - male and female - would hire women first, because they are more cost effective employees

But they don't

Women who choose to balance family with career often accept lower-paying positions

Women do not make less money for the same work

They make less money for different work

In Hollywood, youth is an asset for women - for men, not as much.

Male action movie stars can earn more because action movies earn more.

Liberal spin promotes a government "solution" for a free market system that is working

* Two days of bad economic news this shortened week

* The Fed still says the economy is recovering

* Recent FOMC minutes maintains pretense they can raise interest rates

* FOMC members are worried about raising rates "too soon"

* The Fed is worried about how to remove the word "patient" from communications

* How confident can the Fed be in the "recovery" if they still fear raising interest rates?

* The "recovery" was just a bubble masquerading as a recovery

* If we had a real recovery the Fed could have already raised rates

* They are now concerned about weakness overseas

* They are worried about a strong dollar

* They expressed concerns about the risks of lower oil prices

* Low inflation causes concerns

* The Fed is clearly paying attention to the negative economic news

* Empire State Manufacturing down

* Home Builder Confidence at 4-month low

* Industrial production weak

* PPI number declined .8

* Eventually the economic numbers will force the Fed to acknowledge weakness and resume stimulus


Our Sponsors:
* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com
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Two days of bad economic news this shortened week

The Fed still says the economy is recovering

Recent FOMC minutes maintains pretense they can raise interest rates

FOMC members are worried about raising rates "too soon"

The Fed is worried about how to remove the word "patient" from communications

How confident can the Fed be in the "recovery" if they still fear raising interest rates?

The "recovery" was just a bubble masquerading as a recovery

If we had a real recovery the Fed could have already raised rates

They are now concerned about weakness overseas

They are worried about a strong dollar

They expressed concerns about the risks of lower oil prices

Low inflation causes concerns

The Fed is clearly paying attention to the negative economic news

Empire State Manufacturing down

Home Builder Confidence at 4-month low

Industrial production weak

PPI number declined .8

Eventually the economic numbers will force the Fed to acknowledge weakness and resume stimulus

* Friday 13th was not unlucky for Wall Street

* S&P 500 traded to an all-time record high

* The Dow closed above 18,000

* NASDAQ at almost a 15-year high

* Despite overall trend of weak corporate earnings

* Weak economic data does not dampen Wall Street's spirits

* Central Banks are behind the surge with excess liquidity

* Wednesday - Mortgage Applications plunged 9%

* Purchases declined 7% following a 2% decline prior week

* 10% decline in Mortgage Refinances

* Jobless claims up 25,000 from prior week

* Biggest back-to-back decline in Retail Sales since October of 2009

* Consumer Confidence is down 2 weeks in a row

* Business Inventories rose by just .1% contrary to expectations

* Inventory to sales ratio highest since July 2009

* Huge drop in Consumer Sentiment

* Jobs number is a lagging indicator

* Part-time economy is a double-edged sword


Our Sponsors:
* Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com
* Check out Plaud AI and use my code GOLD for a great deal: https://www.plaud.ai


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